MSCI November Review: Here's What Changed For India Stocks
These Indian stocks were added and deleted from MSCI indices in the quarterly rejig for November.
Index provider MSCI Inc. added nine Indian stocks to its Emerging Markets Index in its November review Wedensday. The changes will come into effect from market close on Nov. 30.
As per the latest rejig, Tata Motors A, IndusInd Bank, Polycab India, Macrotech Developers were added to large-cap index, whereas Paytm parent One 97 Communications and Tata Communications were added to the mid-cap index.
Meanwhile, APL Apollo Tubes, Persistent Systems, Suzlon Energy were upgraded to mid-cap index from small-cap index.
Under MSCI Domestic Indexes, Polycab India and One 97 Communications were added to the mid-cap index. Power Finance Corp., REC, IDFC First Bank, Supreme Industries and Max Healthcare Institute were upgraded to mid-cap index from small-cap index.
SJVN and NLC India were among the top additions to the MSCI Emerging Markets Small Cap Index and MSCI Domestic Small Cap Indexes.
Major Deletions
Vodafone Idea, Linde India, Indian Bank were removed the MSCI Emerging Markets Small Cap Index.
MSCI India Domestic Index
The index provider added seven stocks to MSCI India Domestic Index, while there were no deletions from the list. The overall one-way index turnover stood at 2.49%, it said.
Max Healthcare Institute, REC, Power Finance Corp., IDFC First Bank, Supreme Industries, Polycab India and One 97 Communications have been added to the index.
There were eight additions to the MSCI India Domestic Large Cap Index, and no deletions. The overall one-way index turnover is 4.43%, MSCI said.
Post-rebalance, India's stock count will rise to 131, and the weights are set to move close to 16.3%, compared to the current 15.9%, said Nuvama Institutional Equities in a note. India's representation in the EM index will reach an all-time high, marking a significant increase over the past three years, almost doubling its weight, it said.
India should receive passive inflows of close to $1.5 billion after the rebalance, said Nuvama Institutional Equities in a note.
The inclusions in the standard index could result in inflows to the tune of $1.69 billion, said IIFL Alternative Research.
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