MSCI announced several additions and exclusion of Indian stocks to its indices, increasing India’s overall weight in the MSCI Emerging Markets Index to 11.7%, which Nuvama believes will lead to passive inflows of around $2 billion. The brokerages listed out which stocks may see the biggest inflows and outflows following the changes that will take effect from November 30 onwards.
Coforge
MSCI will add Coforge shares to its standard India index. Nuvama expects the IT services company to attract the largest inflows, worth $630 million, following its inclusion in the international index. Subsequently, Coforge shares will be excluded from the Smallcap Index. Nuvama expects its exclusion to result in outflows worth $97 million. Coforge shares have fallen more than 2% in one week but gained over 10% in one month and 22% in 2026 so far. In the longer term, the shares of the company delivered positive returns of more than 97% in three years and 87% in five years.
Also read | MSCI rejig: LIC, Meesho, Coforge set to gain from index inclusion. How much inflows could they attract?
Life Insurance Corporation (LIC)
LIC was also among the stocks added by MSCI to its standard index. The insurance behemoth is likely to see inflows worth $468 million as a result of the inclusion, Nuvama estimates. The stock has fallen over 1% in one week but gained 3% in one month. It however fell 11% in one year but gained over 32% in three years.
Adani Green Energy
Adani Green Energy is expected to see inflows worth $348 million as a result of its inclusion in the MSCI standard index, according to Nuvama. The shares of the company have gained around 12% in a month and 39% in 2026 so far. In the longer term, Adani Green Energy shares have delivered positive returns of more than 50% in three years and 10% in five years.
Meesho
MSCI announced that Meesho will be added to its standard index following the November rejig. Nuvama sees the e-commerce firm seeing inflows worth $307 million as a result. The stock has gained more than 9% in a week, 10% in one month and over 40% in 2026 so far.
PI Industries
PI Industries meanwhile will be excluded from the MSCI standard index during the rejig. Nuvama said the stock may see outflows worth $119 million as a result of their exclusion. The stock will be added to the MSCI Smallcap index, which will lead to inflows worth $18 million. It has fallen around 18% in a month and 46% in 2026, dropping 51% in one year. In the longer term, the shares of the company have dropped 53% in three years and 36% in five years.
Smallcap inflows
Apart from PI Industries, other key additions to the smallcap index and their expected inflows include Shadowfax Technologies (15million),ApolloMicroSystems(11 million), HUDCO (9million),DiamondPowerInfra(8 million), Aequs (7million),ViyashScientific(6 million), E2E Networks (6million),SGMart(6 million), Molbio Diagnostics (5million)andAxiscadesTechnologies(4 million).
Smallcap outflows
Apart from Coforge which would see $97 million outflows as a result of exclusion from the smallcap index, other stocks set to exit and their expected outflows include Hindustan Construction (5million),PrajIndustries(5 million), Arvind Fashions (4million),IonExchange(India)(4 million), Happiest Minds Technologies (4million),IndiaCements(4 million), TTK Prestige (3million),ShaktiPumps(3 million), Aditya Birla Fashion (3million)andSandurManganeseandIronOres(3 million), among others.Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.
