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

BSE, Voltas, and others join MSCI Global Index, boosting India’s passive inflows by $2.5B. HDFC Bank's weight increase triggers $1.87B inflow. Thirteen new small-cap stocks will attract $71M.
MSCI 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.

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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.

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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%.

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