Also, the weightage of ICICI Bank is set to increase as the legroom for foreign portfolio investor (FPI) investment in the stock has gone up
India has the fifth-biggest weight in the index at 11.1 per cent, after South Korea at 14.6 per cent and Taiwan at 13 per cent
Reports peg the outflow from Indian shores at around $700 million as a result of the MSCI Emerging Market index rejig.
MSCI is the largest index provider globally; scores of ETFs track its indices
It added that the equity market will attract more foreign fund inflows going ahead