Index Overview
The MSCI India index closed at 2,918.72 on 30 June 2026, placing it roughly in the middle of its recent trading range. Over the past year the index has swung from a low of 2,629.64 (1 April 2026) to a high of 3,117.29 (4 January 2026). These figures illustrate a market that has experienced notable volatility, yet remains within a range that reflects both underlying economic resilience and external pressures such as commodity price swings and currency fluctuations.
Recent ETF Performance
Amundi MSCI India Swap II UCITS ETF USD Acc (CI2G)
- Net Asset Value (NAV) per share: USD 920.4983
- Number of shares in issue: 85,665
- Dealing date: 1 July 2026
- ISIN: LU1681043XXX
The announcement, released by EQS Group on 2 July 2026, reports the ETF’s NAV for the preceding day (30 June 2026). The figure reflects the market value of the underlying index exposure held by the fund, underscoring the continued demand for passive exposure to Indian equities in the European UCITS framework.
Amundi MSCI India Swap UCITS ETF USD Acc (INRU)
- Net Asset Value (NAV) per share: USD 29.1558
- Number of shares in issue: 6,677,452
- Dealing date: 1 July 2026
- ISIN: FR0010375XXX
This French-listed ETF, also disclosed by EQS Group on 2 July 2026, provides a second vehicle for investors seeking access to the MSCI India index. Its NAV per share is markedly lower than that of the CI2G vehicle due to currency denomination and fee structure differences, yet it remains an important channel for capital allocation into the Indian market.
Global Fund Activity
On 1 July 2026, Reuters reported a reversal in the selling pressure exerted by global funds on Indian equities. The article highlighted two primary catalysts for this shift:
Oil price stabilization. Oil prices had fallen sharply to pre‑Iran war levels, reducing the import cost burden on India, which sources roughly 90 % of its crude oil from the Middle East. This decline alleviated the macro‑economic pressure that had previously dampened investor appetite.
Rupee stabilization. Measures taken to support the Indian rupee helped to curb the record lows reached in May, thereby improving returns for foreign currency investors.
The confluence of these developments led to a notable slowdown in daily selling by global funds. In contrast, inflows into U.S.-listed, India‑focused exchange‑traded funds (ETFs) turned positive for the first time in more than a month. Portfolio manager Todd McClone of William Blair Investment Management described India as “one of the most oversold markets we track,” emphasizing that the easing of oil and currency risks, combined with a more attractive valuation premium, strengthens the case for increased exposure to Indian equities.
Market Context
The MSCI India index’s recent performance mirrors the broader sentiment captured by the global fund flows. As oil prices normalize and the rupee steadies, the index has avoided the steep declines observed in late 2025, remaining within a range that suggests potential upside as market participants reassess valuation levels. The simultaneous announcement of NAVs for two Amundi ETFs indicates sustained institutional interest in the index, reinforcing the narrative that Indian equities are regaining traction among passive and active investors alike.
