Index provider Morgan Stanley Capital International (MSCI) announced the results of its February 2024 Index Review for its equity indexes, including the MSCI Global Standard Index and MSCI Global Small Cap Index, on February 12.

All changes will come into effect from the close of February 29, 2024. MSCI has scheduled its next review in May 2024. 

MSCI has added five Indian stocks to the MSCI Global Standard Index, namely, Punjab National Bank (PNB), NMDC, BHEL, Union Bank of India, and GMR Airports. 

The index provider has also increased the weights of 12 stocks, including Zomato, MRF, Hero MotoCorp One 97 Communications, and Bandhan Bank. At the same time, Jio Financial Services and Container Corporation of India will see a reduction in their weightage in the index.

At the end of December 2023, India held approximately 17.9% representation in the MSCI Emerging Market index. Post the February rejig, India’s weight will increase to more than 18.2%, marking a historic high.

Twenty-seven stocks were added to the MSCI Smallcap index, including Cello World, Honasa Consumer, Indian Renewable Energy Development Agency, KPI Green Energy, RR Kabel, Spicejet and IIFL Securities. 

At the same time, Barbeque Nation, GMR Airports, Prestige Estates, Privi Specialty Chem, Rail Vikas Nigam and Torrent Power will be deleted from the MSCI Smallcap Index.