FTSE announced on March 5 a slew of additions and deletions to its indices due to take place later on Friday. Although it did not announce how the weightage of existing index members would change, traders speculate Axis could benefit.
The speculation on FTSE offsets pressure earlier in the day, when Axis Bank shares fell as much as 2.6 percent, as the government has raised more than $900 million by selling a 9 percent stake in Axis Bank.
State Bank of India (SBI) is also up 1.3 percent, on hopes of gaining weightage in FTSE index series, dealers say.
By contrast, stocks whose weightage in FTSE indices are expected to fall are being hit: Reliance Industries (RIL) down 1.8 percent, while Oil and Natural Gas Corporation slumps 2 percent.
Compare: Maruti Suzuki Celerio vs Alto