MUMBAI, Jan 6: India Index Services & Products Ltd. (IISL), a NSE group company, in its continuous efforts to expand the suit of indices for Indian capital market, has today launched index that is designed to reflect market performance of private sector banks in India. The index will track 10 largest private sector banks listed on NSE.
“The index will complement the existing Nifty Bank and Nifty PSU Bank indices and provide the investors with gamut of banking sector indices catering to different investment needs” said Mukesh Agarwal, CEO, IISL.
Nifty Private Bank index is calculated using free float market capitalization method and stock weights are capped at 25%. The base date of this index is April 1, 2005 and base value is 1000. The index will be maintained by IISL and calculated on an end-of-day basis. The closing values of Nifty Private Bank index will be available on www.nseindia.com.
The Nifty Private Bank Index will be available for licensing for the launch of fincial products such as exchange traded fund and structured products. This was stated in a press release.