MSCI Adds Federal Bank, Indian Bank, MCX And Nalco To Global Standard Index; Four Stocks Excluded

MSCI wrapped up its May 2026 periodic review on Wednesday, adding four Indian stocks to its Global Standard Index and dropping four others. The changes will take effect at market close on 29 May 2026 and are expected to drive passive inflows of nearly $1.38 billion.

Federal Bank, Indian Bank, Multi Commodity Exchange of India and National Aluminium Company are coming in. Hyundai Motor India, Jubilant FoodWorks, Kalyan Jewellers India and Rail Vikas Nigam are going out.

Expected Index Changes Could Trigger Strong Passive Flows

According to estimates from a domestic brokerage, the inclusion of four stocks in the MSCI Standard Index could trigger inflows ranging from $209 million to $491 million per stock, taking the total to about $1.38 billion overall.

Federal Bank is expected to attract the highest inflows among them.

• Federal Bank: $491 million

• Multi Commodity Exchange of India: $373 million

• National Aluminium Company: $308 million

• Indian Bank: $209 million

On the exclusion side, the four stocks being removed are expected to see combined outflows of around $715 million:

• Hyundai Motor India: $281 million

• Jubilant FoodWorks: $161 million

• Kalyan Jewellers India: $137 million

• Rail Vikas Nigam: $136 million

Adani Energy Solutions Misses Out

Adani Energy Solutions had been provisionally identified as a candidate for inclusion but did not make the cut. The reason is that the stock is currently under the National Stock Exchange's Additional Surveillance Measure framework, which makes it ineligible for index addition under MSCI's rules. The provisional flag has been withdrawn.

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India's Weight And Constituent Count

India's weight in the MSCI Global Standard Index sits at 12.3%, down marginally from 12.4% after the February review. The total number of Indian constituents stays at 165, unchanged, since the four new additions directly replace the four stocks being removed.

Passive funds that track the index will need to rebalance their portfolios ahead of the 29 May effective date, buying into the four additions and selling out of the four exclusions. That mechanical flow is what drives the inflow and outflow estimates, separate from any fundamental view on the stocks themselves.

Sources:

CNBC

Moneycontrol