MSCI India Index Rejig for May 2024: Everything You Need to Know

Introduction

The MSCI India Index undergoes a rejig in May, with several significant changes taking place. These alterations will be implemented from May 31, impacting various segments of the index.

13 Stocks Added to the Global Standard Index:

Thirteen Indian stocks have been added to MSCI Inc.’s Global Standard Index during the quarterly review for May. Among these, JSW Energy Ltd., Canara Bank, and Indus Towers Ltd. are included in the large-cap segment of the Emerging Markets index. Additionally, Mankind Pharma Ltd., Bosch Ltd., NHPC Ltd., Solar Industries India Ltd., Torrent Power Ltd., Thermax Ltd., Jindal Stainless Ltd., and Sundaram Finance Ltd. are added to the mid-cap index. Phoenix Mills Ltd. and PB Fintech Ltd. have been upgraded from small cap to mid-cap index.

Changes in MSCI Domestic Indexes:

Several stocks have been added or removed from MSCI’s domestic indexes. Indus Towers, Mankind Pharma, NHPC, Solar Industries India, Torrent Power, NMDC Ltd., and Sundaram Finance have been added to MSCI domestic indexes. Berger Paints India Ltd. has been removed from the Emerging Markets index, while Indraprastha Gas Ltd. and Paytm parent One 97 Communications Ltd. have been downgraded to small cap from mid-cap. Jubilant FoodWorks Ltd. and these three stocks have also been removed from the MSCI domestic indexes.

Addition in MSCI Emerging Markets Small Cap Index:

Housing Urban Development Corp., Indraprastha Gas, Waaree Renewable Technologies Ltd., and One 97 Communications are newly added to the MSCI Emerging Markets Small Cap Index.

5 Stocks Excluded from Domestic Small Cap Indexes:

Tata Technologies Ltd., Housing Urban Development Corp., Jubilant FoodWorks, Bandhan Bank Ltd., and Waaree Renewable Technologies have been added to the domestic small cap indexes. Meanwhile, Oil India Ltd. has been deleted from these indexes.

Addition in MSCI India Domestic Index and Increase in Weight Stocks:

Under the current reassessment, Sundaram Finance, Indus Towers, NHPC, Torrent Power, NMDC, Mankind Pharma, and Solar Industries India have been added to the MSCI India Domestic Index. MSCI has also increased the weight of these stocks, alongside ITC Ltd., Zomato Ltd., and Vedanta Ltd. Punjab National Bank is the sole addition in the MSCI India Domestic Index.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.