MSCI rejig today: Indian stocks to see $2.5 billion inflows, spotlight on HDFC Bank
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Sensex rallied over 1135 points on Monday morning as MSCI November 2024 index review came into effect from today with Indian stocks expected to attract about $2.5 billion in passive foreign institutional investor (FII) flows. Banking heavyweight HDFC Bank would also be in the spotlight, with its weightage in the index slated to increase, bringing in a projected $1.9 billion in inflows. The quarterly MSCI revision strengthens India's position in the Emerging Markets (EM) Index, highlighted by notable additions and adjustments that have captured market interest. With five new entries and no exclusions, India's stock count in the MSCI Standard/EM Index will rise to 156. India's weight in the MSCI EM Index will rise from 19.3% to nearly 19.8%, making it the largest gain in basis points among EM countries during this update, according to Nuvama Institutional Equities. BSE, Voltas, Alkem Laboratories, Kalyan Jewellers, and Oberoi Re...