Coforge, Life Insurance Corporation of India (LIC), Adani Green Energy and Meesho have been added to the MSCI Global Standard Index in its November 2026 review. PI Industries is the only stock to be excluded from the index.
The changes are expected to increase India's weight in the MSCI Emerging Markets Index to 11.7% from 11.5%, with incremental passive inflows of around $2 billion expected on Nov. 30.
The MSCI Global Standard Index will have 168 constituents after the reshuffle, up from 165. The four additions are expected to attract estimated inflows of $630 million for Coforge, $468 million for LIC, $348 million for Adani Green Energy and $307 million for Meesho.
Index Changes
PI Industries is the sole exclusion from the MSCI Global Standard Index. Its removal is estimated to trigger outflows of $119 million.
The review will also alter the weightings of several existing constituents, leading to changes in their expected passive flows.
Groww is expected to attract the largest inflows from an increase in its index weight, at $97 million. Lenskart is next at $85 million, followed by JSW Steel at $69 million and Adani Energy at $60 million.
On the other hand, NTPC is expected to see the largest outflow of $97 million following a reduction in its weight. Eicher Motors could see outflows of $65 million, Grasim Industries $64 million and REC $45 million.
Small-Cap Changes
The MSCI Smallcap Index will see 11 additions and 29 exclusions from India. Its constituent count is expected to decline to 432 from 450.
Sharp volatility towards the end of October led to price declines across several stocks, resulting in multiple exclusions from the Smallcap Index, according to Nuvama Alternatives.
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