MSCI India rejig: Eternal likely to see highest inflows at $648 mn; Lenskart, Groww among Nuvama’s expected inclusions

MSCI’s upcoming rebalancing of its India Standard Index could see Zomato and Blinkit-parent Eternal account for the highest inflows at $648 million owing to an increase in weightage, according to Nuvama, which named five high conviction inclusions and three high conviction exclusions.

The MSCI India Standard Index rejig is all set to be announced next month, with changes taking effect from August 31 onwards. The actual cut-off date used by MSCI will only be known on August 13, when the review announcement is released.

Nuvama Alternative & Quantitative Research named Laurus Labs, Adani Energy Solutions, Lenskart and Groww as its high-conviction inclusions.


According to the firm, 32 million shares of Laurus Labs will likely be added to the index next month, leading to an expected inflow of $518 million. Adani Energy Solutions meanwhile is expected to see inflows of $324 million, while Lenskart and Groww-parent Billionbrains Garage Ventures will likely see inflows of $272 million and $260 million respectively.

Will Biocon shares be included?

Nuvama put Biocon on the borderline, expecting the company to be included in the index only if its market price crosses Rs 447 apiece, compared to its previous closing price of Rs 436.50 apiece on NSE. If included, the pharma major will see inflows of $262 million, according to the brokerage.

Biocon shares have gained around 6% in one month and 13% in 2026 so far, trading at around Rs 439.35 apiece on NSE on Tuesday morning. The stock has gained 11% in one year and 67% in three years.

Eternal shares likely to see $648 million inflows

Meanwhile, Nuvama expects food delivery and quick commerce giant Eternal to see $648 million in inflows as a result of an expected weight increase in the MSCI India Standard index next month.

While naming its high-conviction exclusions, Nuvama said Balkrishna Industries will likely face the biggest outflows at $162 million, followed by SBI Card and Payment at $141 million and Astral as $133 million. Notably, these stocks have fallen 2-25% in 2026 so far.

Also read: MSCI rejig could bring $2.3 billion into Indian stocks

JM Financial’s MSCI rejig expectations

JM Financial also expected Groww, Laurus Labs, Adani Energy Solutions and Biocon to be among the key inclusions and migrations, along with Adani Green Energy. Lenskart, SAIL, Glenmark Pharma and Uno Minda were named in the low probability bucket.

On the exclusion side, the domestic brokerage named Astral, SBI Cards and Balkrishna Industries as the key candidates, with net passive income ranging from $138-167 million. “On aggregate, the high‑probability inclusions and exclusions could drive net passive inflows into India of about $2.3 billion,” the report said.

Also read | MSCI India rejig: Why Adani Green, Groww and Laurus Labs are on investors’ radar

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)