MSCI Inc. has added 13 Indian stocks to its Global Standard index under quarterly review for May. The changes will come into effect from May 31, before the markets close. After the latest adjustment, India's weight in MSCI global standard indices will rise to a new record of 18.8% from the current 18.3%. China, which is the nation that leads the ranking of emerging markets in Asia, will see its weight fall from 25.7% to 25.4% after the end of May. The Asian emerging markets group has a weight of 78.5% in emerging markets tracked by MSCI, which will slowly increase to 78.6% after rebalancing.
JSW Energy Ltd., Canara Bank and Indus Towers Ltd. have been added to the large-cap segment of the Emerging Markets index in the rebalancing, according to a statement from the global index provider. Mankind Pharma Ltd., Bosch Ltd., NHPC Ltd., Solar Industries India Ltd., Torrent Power Ltd., Thermax Ltd., Jindal Stainless Ltd. and Sundaram Finance Ltd. have been added to the mid-cap index. Meanwhile, Phoenix Mills Ltd. and PB Fintech Ltd. have moved from small-cap indices to mid-cap indices.
According to Nuvama Alternative and Quantitative Research, India can see $2 billion of passive entries once changes to their rates come into effect.
