15/11/2023
MSCI index rejig adds Paytm, IndusInd Bank, Persistent Systems, excludes none from India
IDFC First Bank, Max Health, Paytm, Polycab, PFC, REC and Supreme Industries have been included in the MSCI Domestic Index. No exclusions were made from the India index this timeNo exclusions were done from the MSCI India index.
IndusInd Bank, Suzlon Energy, Persistent Systems and Paytm parent One97 Communications were among nine stocks to enter the MSCI Global Standard Index following a recast by Morgan Stanley Capital International (MSCI) on November 15. No Indian stocks were excluded from the index this time.
In addition, IDFC First Bank, Max Health, Paytm, Polycab, PFC, REC and Supreme Industries have been included in the MSCI India Domestic Index. The adjustments will come into effect from market close on November 30.
Post the rebalance, India's stock count will rise to 131, and its weights are set to move close to 16.3 percent, compared to the current 15.9 percent. "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," Nuvama Alternative & Quantitative Research highlighted in a note.
According to Nuvama Alternative & Quantitative Research, IndusInd Bank's foray into the MSCI Standard Index will usher inflows worth $290 million into the counter, while Suzlon Energy may drive home $264 million.
