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Five New Additions to India Standard Index Including PNB, BHEL, and NMDC; Small Cap Index Sees Inclusion of 27 Stocks

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MSCI Rejig: PNB, BHEL, NMDC, among five additions to India Standard Index; 27 stocks added to Small Cap index

Punjab National Bank (PNB), NMDC, BHEL, Union Bank of India, and GMR Airports have all been added to the MSCI Global Standard Index, as per the February quarterly review. Alongside, the index provider also increased the weights of 12 stocks and decreased the weightage of 2 stocks from the index. The weights of Zomato, DLF, MRF, Hindalco Industries, Interglobe Aviation, Dr Reddy’s Laboratories, Hero MotoCorp, HDFC AMC, Lupin, Astral, One 97 Communications, and Bandhan Bank have been increased while Jio Financial Services and Container Corporation of India have seen their weight decrease in the MSCI Global Standard Index. The adjustments are expected to result in a significant FII passive inflow of over $1.2 billion into India.

Additionally, MSCI has added 27 stocks and removed six stocks from the Small Cap index. Following the February rejig, India’s representation in the MSCI EM Index is expected to increase to over 18.2%, marking a historic high. The next MSCI review is scheduled in May 2024, with Canara Bank, NHPC, and Jindal Stainless being the top three probable names to be added to the MSCI Standard index.

The calculations made by Nuvama Alternative & Quantitative Research suggest that India could experience significant FII passive inflow after the adjustments scheduled for February 29. This adjustment is expected to take place on February 29 and will result in significant changes to the MSCI Global Standard Index.

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According to Nuvama Equities, India’s representation in the MSCI EM Index will rise to over 18.2%, marking a historic high. The next MSCI review is scheduled in May 2024, with Canara Bank, NHPC, and Jindal Stainless being the top three probable names to be added to the MSCI Standard index.

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