MSCI Index Rejig: MCX and Indian Bank Join, RVNL and Kalyan Jewellers Exited

On May 13, 2026, MSCI announced significant changes to its India segment indices. The Multi-Commodity Exchange of India (MCX) and Indian Bank have been added to the MSCI Standard Index, while Rail Vikas Nigam Limited (RVNL) and Kalyan Jewellers have been removed.  

This adjustment keeps India's representation steady at 165 stocks. 

MCX and Indian Bank Gain Inclusion 

MCX and Indian Bank are the latest additions to the MSCI Standard Index. These changes will take effect after market closure on May 29, 2026, potentially attracting foreign passive inflows as global funds realign to accommodate the new additions.  

The inclusion of MCX and Indian Bank signifies their growing influence in the market landscape amidst a broader reshuffle in MSCI indices. 

Removal of RVNL and Kalyan Jewellers 

Conversely, the removal of RVNL and Kalyan Jewellers from the MSCI Standard Index may prompt passive selling as index trackers adjust their holdings.  

Such exclusions often impact stock performance, prompting stakeholders to evaluate their positions. These changes align with MSCI's criteria and influence on market trends. 

Small Cap Index Sees Major Changes 

Beyond the Standard Index, MSCI has implemented significant changes in its Small Cap Index, affecting over 12 Indian stocks.  

This reshuffle will see the number of Indian stocks drop from 474 to 459. Companies such as IREDA and Emmvee Photovoltaic have been added, while others like Cello World and Blue Jet Healthcare are being excluded. This suggests a broader re-evaluation of stock performance and potential in the Indian small-cap sector. 

Read More: JioBlackRock Flexi Cap Fund Exits 17 Stocks Including 3 AMC Stocks & HAL, Adds 27 New Stocks in April 2026 Portfolio Rejig! 

Float Methodology and Weight Adjustments 

MSCI's changes also include adjustments to its float calculation methodology. These technical tweaks impact the weight of individual stocks within indices, potentially influencing passive flows despite companies remaining in the same index.  

Such adjustments reflect MSCI's ongoing efforts to provide accurate weightings, although the overall country weight for India remains relatively stable. 

Conclusion 

The MSCI May 2026 review brings significant updates to its indices, impacting several Indian companies. The inclusion of MCX and Indian Bank, alongside the exclusion of RVNL and Kalyan Jewellers, highlights shifting market dynamics. The comprehensive changes, particularly in the Small Cap Index, demonstrate MSCI's ongoing evaluation of market trends. 

For daily market updates and regular stock market news in Hindi, stay tuned to Angel One's share market news in Hindi. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.