Market Mastery
Webinar by Vishal Malkan
Find the weak links
in your portfolio by Vishal Malkan
MSCI has added Life Insurance Corporation of India (LIC), Adani Green Energy, Coforge and Meesho to its India Standard Index as part of its November 2026 review, while removing PI Industries. The changes will take effect after the market close on November 30, the global index provider announced on November 11.
The review resulted in four additions and one deletion for India in the MSCI Global Standard Index. LIC also featured among the three largest additions to the MSCI Emerging Markets Index by full company market capitalisation, alongside China's Zhongji Innolight H and Taiwan's Nan Ya Printed Circuit Board Corporation.
India's weight in the MSCI Standard Emerging Markets Index is expected to increase to approximately 13.15 percent from around 12.9 percent following the review, CNBC-TV18 reported.
The changes extend to the smaller companies universe. MSCI's India Small Cap Index will see 11 additions and 29 deletions, according to the index provider's published constituent list.
New entrants to the small-cap index include E2E Networks, Apollo Micro Systems, Housing and Urban Development Corporation, AXISCADES Technologies, Shadowfax Technologies and PI Industries. Coforge, meanwhile, will move out of the small-cap index following its inclusion in the Standard Index.
MSCI said its November review was based on share prices as of October 20, 2026. The index provider added that the announced changes could be adjusted to account for corporate events or other developments before implementation.
LIC's inclusion follows the government's August 2026 offer for sale, through which it divested a 6.5 percent stake in the insurer for Rs 31,552 crore. The transaction reduced government ownership to 90 percent and increased public shareholding to 10 percent.
Ahead of the review, Centrum Broking had identified LIC as an inclusion candidate, citing the increase in its investable free float following the stake sale.
Nuvama Alternative & Quantitative Research had projected potential passive inflows of approximately $1.7 billion across the four additions. Its estimates included $653 million for Coforge, $498 million for LIC, $300 million for Adani Green Energy and $254 million for Meesho.
The brokerage had also anticipated the removal of ICICI Prudential Life Insurance alongside PI Industries. However, MSCI's final list retained ICICI Prudential Life and excluded only PI Industries. The projected flows were estimates made before the announcement, not confirmed investments.
The latest changes follow MSCI's August 2026 review, when Laurus Labs, Lenskart, Adani Energy Solutions and Groww entered the Standard Index, while Balkrishna Industries, SBI Cards and Astral were removed.
