India's weight on the MSCI Global Standard index, which tracks emerging market stocks, has risen to another record high, which is likely to attract inflows of about $3 billion into its equity markets.

India has further narrowed the gap with China on the key MSCI index. While China's weightage on the index will fall to 24.2% from 24.8%, India's weight will rise to 19.8% from 19.2%, according to Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.

The changes in the index weights will come into effect after markets close on August 30. India's weight could likely rise above 20% at end November.

This will lead to about $2.7 billion-$3 billion inflows into India, according to Nuvama.

HDFC Bank, India's top private lender and the heaviest stock in the benchmark NSE Nifty 50, will see an increase in its weightage, triggering potential inflows of $1.8 billion, Nuvama said.

"Given the current pace and momentum in domestic equities, India could potentially cross 22% weightage by year-end" on the MSCI index, Mr. Pagaria said.

Bharti Airtel, Coal India, Mphasis are among the companies that will also see an increase in their weightage on the index, while Maruti Suzuki India , LTIMindtree, Ambuja Cements, Adani Enterprises, Yes Bank and SRF will see a reduction.

Dixon Technologies, Vodafone Idea, Oil India, Zydus Lifesciences, Rail Vikas Nigam , Prestige Estates Project and Oracle Financial Services will be added to MSCI Emerging Markets index while Bandhan Bank will be excluded.

About 25 stocks will be added to the MSCI India Small-cap index. They will see likely inflows of $3 million-$26 million, according to Nuvama.