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The Congress party alleges insider trading by foreigners ahead of the BJP's predicted victory in the exit polls on May 31, resulting in a surge in stock market activity. FPIs made significant purchases linked to the MSCI's quarterly rebalancing, impacting global indices and passive funds.
India's weight in the MSCI Emerging Market Index will be around 18.8 percent, marking a significant leap from just around 8 percent in early 2020.
The MSCI Global Standard Index and MSCI India Smallcap Index are expected to result in significant inflows due to adjustments that could surpass a couple of billion dollars on May 31st in the Indian equities markets. The weight of India in the MSCI Emerging Markets Index will rise from its current 18.3 percent to 19 percent.
FIIs reduced their long positions by 80 percent in a single session, dropping from 257,000 contracts to 51,000.
Indian rupee weakens slightly against US dollar amid dollar demand, Asian currency gains, and anticipation of national election results.