Shares of Glenmark Pharmaceuticals and Indiabulls Housing Finance Ltd. recovered sharply

Shares of Glenmark Pharmaceuticals Ltd. and Indiabulls Housing Finance Ltd. recovered sharply from intra-day lows as fund buying ahead of their addition in the MSCI India Index too ahead.

The quarterly rebalancing of the MSCI India Index saw the additions of Glenmark and Indiabulls Housing.

As a result, Glenmark recovered from its Monday's low of 1,135.15 rupees per share to quote at 1,172.50, still down 2.25 rupees on the National Stock Exchange. A similar trend was also visible on Indiabulls Housing Finance, which dipped to 734.50 rupees but recovered to quote at 762.85 rupees, still down 14.30 rupees.

Analysts expect 94 million dollars worth of fund buying in Glenmark and $100 million worth of buying in Indiabulls Housing from funds who are bench marked to the MSCI India Index.

Image credit: Indiatimes