This marks "a significant increase over the past three years, almost doubling its weight," Nuvama Alternative & Quantitative Research said in a note.

Foreign portfolio investors use the MSCI indexes as a gauge to allocate their passive flows.

MSCI added nine Indian stocks to the index in its November review on Tuesday, with changes to come into effect from market close on Nov. 30. Post the rebalance, India's stock count will rise to 131.

Indian automaker Tata Motors, cables maker Polycab India, real estate firm Macrotech Developers, IndusInd Bank and Paytm-parent One 97 Communications were among the nine stocks to be added. No Indian stocks were deleted to accommodate the new additions.

According to Nuvama's calculations, India is likely to receive passive inflows of close to $1.5 billion post the rejig.

IndusInd Bank, Suzlon Energy, Persistent Systems, and APL Apollo Tubes will each receive maximum inflows of $355 million, $289 million, $255 million and $228 million after the inclusion, the domestic brokerage said.

MSCI added One 97 Communications and Polycab India to its India Domestic Index, an index focussed on the large- and mid-cap segments of the domestic market.

Power Finance Corp, REC, IDFC First Bank, Supreme Industries and Max Healthcare Institute have been included in the domestic index.

MSCI's small-cap index, which accounts for approximately 14% of the market capitalisation of Indian stocks in MSCI indexes, also witnessed an inclusion of 41 stocks while 13 stocks were excluded.

(Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)

By Kashish Tandon and Bharath Rajeswaran