MSCI Rejig: MCX, Federal Bank, NALCO enter Global Standard Index; RVNL, Hyundai Motor, Kalyan Jewellers removed
MSCI has excluded Hyundai Motor India, Jubilant FoodWorks, Kalyan Jewellers and Rail Vikas Nigam Ltd (RVNL) from the MSCI India Index, which is a part of Global Standard Index.
Federal Bank, Indian Bank, Multi Commodity Exchange of India (MCX) and National Aluminium Company shares have been added to the MSCI Global Standard Index as part of MSCI’s May 2026 index review, the global index provider announced on Tuesday.
On the other hand, MSCI has excluded Hyundai Motor India, Jubilant FoodWorks, Kalyan Jewellers and Rail Vikas Nigam Ltd (RVNL) from the MSCI India Index, which is a part of Global Standard Index.
MSCI had initially also included Adani Energy Solutions in MSCI’s May 2026 review. However, the provider later said the stock will not be added to its indexes as it remains on the NSE’s short-term watchlist for unusual trading activity.
Under the methodology, no additions to the Investable Market Index are implemented for securities placed under India’s Short-Term or Long-Term Additional Surveillance Measure lists.
The changes in constituents for the MSCI Global Standard Indexes will take place as of the close of May 29, 2026.
India’s weight in the MSCI Standard Index will remain steady at 12.3% as against 12.4% earlier with the total number of represented companies remains static at 165.
Inflows and Outflows
The inclusion of the four stocks in the MSCI Standard Index will result in potential inflows between $209 million to $491 million, according to Nuvama Alternative & Quantitative Research.
Federal Bank is estimated to see the highest inflow of $491 million, followed by MCX at $373 million, National Aluminium at $308 million and Indian Bank at $209 million.
On the other hand, the exclusions of the four stocks will result in potential outflows ranging from $136 million to $281 million. The highest outflows is estimated from Hyundai Motor India at $281 million, followed by Jubilant Foodworks at $161 million, Kalyan Jewellers at $137 million, RVNL at $136 million.
Meanwhile, the weightage of stocks like Adani Power, Bharat Petroleum Corporation Ltd (BPCL), FSN E-Commerce Ventures (Nykaa), Oracle Financial Services Software and Trent will increase in the MSCI Standard Index.
Around 75 stocks will see their weight decline in the index. These include Bajaj Finance, Coal India, Hindustan Unilever (HUL), Infosys, ONGC, Tata Consultancy Services (TCS), UltraTech Cement, Hindustan Aeronautics (HAL), Mahindra & Mahindra, Nestle India, among others.
MSCI Smallcap Index Rejig
The MSCI Smallcap Index saw inclusion of 16 stocks, while 30 stocks were deleted from the index.
Aditya Infotech, Anthem Biosciences, Anupam Rasayan India, Bluestone Jewellery and Lifestyle, Emmvee Photovoltaic, Escorts Kubota, Fractal Analytics, Indian Renewable Energy, Jain Resource Recycling, Jubilant FoodWorks, Kalyan Jewellers India, PhysicsWallah, Pine Labs and Tenneco Clean Air India have been added to the MSCI Small Cap Index during the May 2026 review.
The changes in constituents for the MSCI Global Small Cap Indexes will also take place as of the close of May 29, 2026.
About the Author
Ankit Gohel is the Deputy Chief Content Producer at Livemint, specialising in financial markets, macroeconomics, and regulatory developments. With a strong focus on equity markets, primary issuances, and policy-driven market movements, he brings clarity to complex financial developments for investors and market participants. <br><br> With nine years of experience in business and financial journalism, Ankit’s approach is rooted in the belief that market reporting should go beyond headlines — connecting data, policy, and ground realities to deliver actionable insights. His work consistently bridges the gap between institutional analysis and investor understanding. <br><br> Ankit has spent three years at Livemint, where he currently helps drive market coverage, editorial strategy, and high-impact financial stories. Prior to this, he worked with leading business news networks such as CNBC-TV18, ET Now, TickerPlant News Service where he built deep expertise in stock market analysis, macroeconomic trends, primary markets, and coverage of key regulators including the RBI and SEBI. <br><br> Over the years, he has covered market cycles across bull and bear phases, IPO booms, liquidity shocks, and major policy shifts that reshaped investor sentiment. He has interviewed fund managers, corporate leaders, and policymakers, translating their perspectives into sharp, data-backed narratives. Ankit combines speed with accuracy — ensuring timely, credible, and insight-driven financial journalism that empowers both retail and institutional audiences.
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