MSCI November rejig to reshape India basket

The upcoming November 2026 review of the MSCI Global Standard Index is expected to trigger notable shifts in Indian equity positioning, with four domestic stocks projected to enter the index and two to exit. Coforge, Life Insurance Corporation of India (LIC), Adani Green Energy and Meesho are seen as likely additions, while ICICI Prudential Life Insurance and PI Industries are expected to be removed. The announcement of the November review is scheduled for November 12, 2026, at around 3:30 am IST, and the revised index constituents are expected to become effective on November 30, 2026.

Nuvama Alternative & Quantitative Research estimates that the four potential Indian additions could collectively attract approximately $1.7 billion in passive inflows, or more than ₹14,000 crore. Coforge is projected to receive the largest inflows at about $653 million, followed by LIC at $498 million, Adani Green Energy at $300 million and Meesho at $254 million. These estimates are based on expected index weights and passive fund rebalancing linked to the MSCI Global Standard Index.

The projected inflows are also significant when compared with each stock’s average daily trading volume (ADV). The potential inflow into Coforge is estimated at around 11 times its ADV, while the corresponding figures for LIC, Adani Green Energy and Meesho are about 16 times, 12 times and six times their respective ADVs. Such multiples suggest that execution of index-related trades could represent a sizable share of regular turnover in these names around the implementation date.

On the exclusion side, ICICI Prudential Life Insurance and PI Industries are expected to leave the MSCI index in the same review. Estimated passive outflows from ICICI Prudential Life Insurance stand at about $145 million, while PI Industries is projected to see outflows of roughly $118 million. Combined, the two exclusions could experience outflows of around $263 million, or approximately ₹2,200 crore.

Relative to trading activity, the forecast outflows are also large. For ICICI Prudential Life Insurance, the estimated $145 million is equivalent to about 19 times its average daily trading volume, while the projected $118 million outflow from PI Industries corresponds to around seven times its ADV. These ratios highlight the potential for concentrated selling pressure as index-tracking funds align portfolios with the revised MSCI Global Standard Index composition.

Ahead of the review, the four stocks seen as likely entrants have shown varied share price performance in 2026. Coforge shares were recently trading 0.9% lower at ₹2,030.10 but have gained around 23% so far this year. LIC shares were up 1.5% at ₹405, although the stock is down about 5% in 2026. Adani Green Energy shares gained 0.8% to ₹1,460, extending their rise to around 42% for the year, while Meesho advanced 4.5% to ₹249.20, taking year-to-date gains to about 37%.

The November 2026 reshuffle follows an August 2026 review in which Laurus Labs, Lenskart, Adani Energy Solutions and Groww entered the MSCI Standard Index, while Balkrishna Industries, SBI Cards and Astral were excluded. With the latest projected changes, India’s weight in the index is expected to increase to 11.9%, with the number of constituents rising to 166. Actual inflows and outflows in the November 2026 review may differ from estimates, depending on final index weights and how fund managers adjust their portfolios.