These changes will be implemented on August 26.
These anticipated inclusions are expected to attract strong passive inflows, with Vishal Mega Mart and Swiggy leading the way at an estimated $287 million and $285 million, respectively.
Hitachi Energy could see inflows of $240 million, while Waaree Energies may draw $217 million. These additions are likely to be closely watched by market participants due to the strong potential to move index-linked flows.
On the exclusion side, Sonacom and Thermax are predicted to be removed from the MSCI Standard Index. Sonacom may witness an outflow of approximately $186 million, while Thermax could see exits worth $154 million.
Further, Paytm, which had initially qualified for inclusion during the early part of the review period, is now expected to miss the August cut due to timing around the cut-off period.Nuvama notes that although Paytm met the eligibility on Day 4 of the review window, the cut-off may have preceded this, thereby pushing its potential inclusion to the November 2025 review. If included in the next cycle, Paytm could attract estimated inflows of USD 270 million, equivalent to about three days of trading activity for the stock.In the MSCI Smallcap Index, Nuvama has projected twelve high-conviction inclusions and four exclusions.
Among the names likely to be added are Inventurus Knowledge, Capri Global Capital, Brainbees Solutions (FirstCry), Lumax Auto Technologies, Belrise Industries, Transrail Lighting, Ather Energy, Csb Bank, India Glycols, Lloyds Enterprises, Yatharth Hospital, and Zinka Logistics.
These inclusions are expected to generate moderate inflows, with Inventurus Knowledge topping the list at $12 million, and most others in the $4–7 million range. Ather Energy, which has recently shown strong operating momentum, could see inflows of about $4 million.
On the exclusions list are Bharat Dynamics, Bondada Engineering, Hikal, and Kennametal India, which are likely to see moderate outflows led by Bharat Dynamics at an estimated $29 million.
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