Nykaa, Eternal Stocks Witness Large Trades Ahead Of MSCI Rebalancing

Nykaa parent FSN E-Commerce Ventures Ltd. and Eternal Ltd. (earlier named Zomato) witnessed high trading activity near market close on Friday, ahead of a rejig in New York-based MSCI indices.

Eternal saw 33 block trades with nearly 0.6% equity changing hands, according to Bloomberg data. Nykaa saw nearly 50 lakh shares traded in two block deals.

The MSCI's May rebalancing event, which will take effect on May 30 at the close of trading, involves adjustments to various indices, including the addition of Coromandel International Ltd. and Nykaa to the MSCI Global Standard Index.

In the MSCI India Domestic Index, Coromandel and GMR Airports Ltd. were added, while Sona BLW Precision Forgings Ltd. was excluded. Additionally, Coromandel International and FSN E-commerce Ventures were included in the MSCI India Mid Cap Index.

Nykaa may see inflows of $181 million, according to IIFL Research.

Besides, the MSCI reduction of Eternal's weightage in its indices will likely trigger an outflow of $460 million by or on May 30.

Shares of Eternal ended by nearly 5% higher and Nykaa dropped 1.8%. The benchmark BSE Sensex closed 0.22% lower.