Jindal Stainless, PNB and BHEL among stocks that may enter MSCI Standard Index

Stock market news: As of January 4, India's share in the MSCI Emerging Markets Index (EM), an index that captures large and mid-cap representation across 24 emerging market countries, increased to 17.1 per cent and the share is expected to reach 20 per cent by mid-2024, according to Nuvama.

As the global cut-off period for MSCI rejig approaches (February 24), the brokerage has reaffirmed its conviction picks for the MSCI Standard Index. It must be noted that the cut-off date for joining the index is January 18–January 31. The changes will be announced by MSCI on February 13 and released on February 29.

Jindal Stainless, Punjab National Bank, Bharat Heavy Electricals (BHEL), NMDC, and Oberoi Realty are some of the strong contenders listed by Nuvama for inclusion in the MSCI Standard Index.

Further, names such as Alkem Laboratories, Union Bank, Solar Industries, and Prestige Estate will be closely monitored in February and May, and if they rise 2 per cent to 6 per cent more then could be included in the MSCI Standard Index.

Additionally, Dalmia Bharat, NHPC, GMR Airports, and FSN E-Commerce Ventures, the parent company of Nykaa, require an 8–12 per cent rally to be included in the index.

Meanwhile, Canara Bank, Mankind Pharma, BOSC, and Vodafone Idea require 15 to 20 per cent more gains to become a part of the standard index.

The report also mentions the names of stocks that can be listed under the MSCI Small Cap index. IREDA, Honasa Consumer, the parent company of Mamaearth, J. Kumar Infraprojects, Fedbank Financial Services, and CSB Bank are among the 22 potential contenders.

Meanwhile, GMR Infra and Prestige Estate could be dropped from the MSCI Small Cap Index. On a positive note, no stocks are expected to be dropped from the MSCI Standard Index, but if there is a fall of 3 to 4 per cent, Indraprastha Gas may be removed from the MSCI Standard Index.

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