Six additions made to MSCI India standard index in November review

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The MSCI on November 11 announced new additions to its global standard indices as part of its semi-annual quarterly index review for the Asia Pacific.

For India, there are no deletions, while six stocks have been added to the list.

The additions are: ABB India, Bajaj Holdings, Indian Hotels, Tube Investment, TVS Motor and Varun Beverages.

These revisions will be effective November 30.

As per Nuvama Alternative & Quantitative Research, $225 million inflow is estimated for Tube Investments, $208 million for Indian Hotels, $201 million for Varun Beverages, $172 million for TVS Motor, $124 million for Bajaj Holdings and $123 million for ABB India.

This indicates cumulative inflow of $1 billion, after addition of these stocks.

MSCI India Domestic Index

For the domestic index, MSCI has deleted Power Finance Corp, while additions include: ABB India, Adani Power, Ashok Leyland, Astral, AU Small Finance Bank, Indian Hotels, Tata Elxsi, Trent, Tube Investment, TVS Motor Company and Varun Beverages

MSCI India Domestic Small Cap Index

Additions: Apar Industries, Arvind Fashions, Astec Lifesciences, Barbeque Nation, BLS International, Borosil, CMS Info Systems, Craftsman Automation, Data Patterns India, Elecon Engineering, Elgi Equipments, Fineotex Chemical, Garden Reach Shipbuilders, Himadri Speciality Chemicals, Hinduja Global Solutions, Hindustan Foods, Ingersoll-Rand India, JK Tyre & Industries, Kennametal India, Kirloskar Ferrous Ind, Kirloskar Oil Engines, KRBL, La Opala, Latent View Analytics, LT Foods, Meghmani Finechem, Mirza International, Neogen Chemicals, Paradeep Phosphates, PC Jeweller, Power Finance Corp, Rainbow Children's Medicare, Rajratan Global Wire, Reliance Infrastructure, RITES, Rolex Rings, Safari Industries, Sansera Engineering, Tarsons Products, Tata Coffee, Tatva Chintan Pharma, VRL Logistics, West Coast Paper Mills

Deletions: Ashok Leyland, Astral, AU Small Finance Bank, Canara Bank, CG Power, Gujarat Fluoro, Indian Hotels, Lloyds Metals, Polycab India, Schaeffler, Spicejet, Tata Elxsi, Trent, Tube Investment, TVS Motor Co, Varun Beverages

"One month and two months after the rebalance, on an average, 60 percent of the times stocks have settled with losses. It is quite evident that most bets can be made through pre-emptive bets only," according to Nuvama Alternative & Quantitative Research.

On adjustment day, 52 percent of the time stocks have settled flat while 48 percent of the time they have closed in red, it added.

Meanwhile, MSCI has disclosed the dates for February 2023 quarterly index review. Announcement will be made on 9 February, 2023 and adjustments will be made on 1 March, 2023.