Apart from these three stocks, which Emkay said have high probability to get included are Persistent Systems and APL Apollo Tubes.
The effective date for the changes will be December 1, 2023.
The domestic brokerage said that it has assessed the probable changes to the MSCI India standard Index assuming the price cut-off date of September 29, 2023.
If the prices of Persistent Systems and APL Apollo increase by another 6-8% in the next 1 month, both would become its high probability inclusion candidates, the report said. “Since their full market cap lies on the borderline of our expected size cut-off, we have qualified them as a low probability inclusion candidate,” EMKAY reasoned.
Canara Bank, Polycab India and PNB IN have gained 19%, 17% and 40% respectively since August 2023, the report said.
If they continue to trade above the price levels which are at a 5-7% discount to CMP, they would still qualify the inclusion size cut-off by a comfortable margin, the report said further, while expecting no exclusions in the November Semi-annual review.Shares of Canara Bank (0.64 %), Polycab (0.54%), PNB (1.81%) and APL Apollo Tubes (0.30%) were trading with gains on the NSE around 1 pm while those of Persistent Systems were down by 0.30%.
Indian frontline indices were trading weak on Tuesday amid selling pressure in auto, bank and energy stocks. While the S&P BSE Sensex was 65,530.65, down by 297.76 points or 0.45%, the broader Nifty50 was lower by 105.60, or 0.54% and trading at 19,532.70. Banking gauge Nifty Bank was hovering around 44,370.85, declining by 213.70 points or 0.48%.
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