MSCI November Update: BSE, Voltas Among 5 Additions; India Set for $2.5 Billion Passive InflowsMSCI November Update: BSE, Voltas Among 5 Additions; India Set for $2.5 Billion Passive Inflows

The MSCI Global Standard Index has added BSE, Voltas, Alkem Laboratories, Kalyan Jewellers, and Oberoi Realty in its latest update. This inclusion is set to channel approximately $2.5 billion in passive inflows to India, as projected by Nuvama Alternative & Quantitative Research.

Voltas is poised to receive the largest share of this inflow with an estimated $312 million, while BSE is expected to garner about $259 million. Smaller yet significant inflows will benefit Kalyan Jewellers, Oberoi Realty, and Alkem Labs, receiving $241 million, $215 million, and $204 million respectively.

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Despite expectations, Adani Energy was not included in the index due to concerns over its free float availability, as highlighted by MSCI. This exclusion was a focal point given the high anticipation surrounding its potential listing.

HDFC Bank is set to experience an increase in index weightage through a two-stage adjustment initiated in August, enhancing its position further following this November reshuffle. Other beneficiaries of increased weightage include Tata Power, JSW Energy, and several others.

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Conversely, heavyweights like Reliance Industries, ICICI Bank, Infosys, TCS, and Bharti Airtel will see their index weightage decrease. These adjustments reflect ongoing market evaluations and realignments within the MSCI index.

Additionally, the MSCI India Smallcap Index will welcome 13 new stocks, including Eureka Forbes and Signature Global, expected to draw significant inflows. Overall, these new entries are projected to bring around $71 million in combined inflows, boosting India’s presence in the MSCI Emerging Market Index to nearly 19.8%.