NSE Introduces Four New Indices
The National Stock Exchange has introduced four new indices that will open for trade on April 8.
The new indices include Nifty Tata Group 25% Cap, Nifty 500 Multicap India Manufacturing, Nifty 500 Multicap Infrastructure and Nifty MidSmall Healthcare.
The Multicap indices will follow a structure of 50:30:20, according to a press release issued on Wednesday. The weightage will be based on each stock's free-float market capitalisation, with overall weight to the large-cap segment fixed at 50%, mid-cap at 30% and small-cap segment at 20%.
The stock weights are capped at 10% at the time of the index rebalancing, the release said. However, this doesn't apply to the Nifty Tata Group 25% Cap.
Nifty500 Multicap India Manufacturing
The index will track the performance of select large-cap, mid-cap and small-cap stocks, representing the theme of manufacturing from the Nifty 500 index.
The index will have 75 companies, with Reliance Industries Ltd., Sun Pharmaceutical Industries Ltd. and Tata Motors Ltd. being the top companies in terms of weightage.
Additionally, automobile and auto components will have the highest representation in this index.
Nifty500 Multicap India Infrastructure
The index will track the performance of select large-cap, mid-cap and small-cap stocks, representing the theme of infrastructure from the Nifty 500 index.
The index will have 75 companies with Larsen & Toubro Ltd, Reliance Industries and Bharti Airtel Ltd. being the top companies in terms of weightage.
Additionally, oil, gas and consumables, construction and telecommunication will have the highest representation in this index, while consumer durables, textiles and realty will have the lowest representation.
Nifty MidSmall Healthcare
This index will track the performance of select mid-cap and small-cap stocks in the healthcare sector. The index will have 30 companies, with Max Healthcare Institute Ltd., Lupin Ltd. and Aurobindo Pharma Ltd. being the top companies in terms of weightage.
Nifty Tata Group 25% Cap
This index will track the companies belonging to Tata Group. At the time of rebalancing of shares and change in index constituents, the weightage of the index constituent will be capped at 25%. This index can be used for launching of index funds, benchmarking fund portfolios and for structured products.
The Nifty Tata Group 25% Cap will have 11 companies, with Tata Consultancy Services Ltd., Tata Motors and Titan Co. being the top companies in terms of weightage.
This is the second Tata Group index on the Nifty. The first one was the Nifty Tata Group, which comprises 21 companies. The other corporate indices include Nifty Aditya Birla Group and Nifty Mahindra Group.
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