Sharp fall in Nifty and broader markets linked to MSCI rebalance expectations.

India likely to see: • 4 additions & 4 exclusions in MSCI Standard Index • Total constituents unchanged at 165 • India weight broadly stable at 12.3% Nuvama estimates USD 800 mn–1 bn foreign passive outflows due to India-related changes. Small caps may face bigger pressure: MSCI Small Cap Index could see 15+ exclusions, reducing constituents from 474 to 459 post-rejig. Explains today’s weakness in select largecaps & broader small-cap space.