One of the reasons for the sudden spurt has been the expectation that the MSCI (Morgan Stanley Capital International) indices will upgrade the weightage of ICICI Bank in their model portfolio. The reason this upgrade is important is that a whole lot of international exchange traded fund (ETFs) actually peg their investments into India on the MSCI weightage. As per latest estimates put out, the higher weightage will result in another $800-$900 million worth of funds flowing into ICICI Bank and that is expected to take the stock sharply higher.

The stock has rallied on this news and analysts are expecting that even going ahead the stock could continue to attract attention. One can look forward to more upsides on the stock.