NSE Index Limited, the indices services subsidiary of NSE, today launched a new sectoral index ‘Nifty Chemicals’. The objective of the Nifty Chemicals Index is to track the performance of stocks in the Nifty 500 that are part of the chemicals sector. The top-20 stocks are selected on the basis of 6-month average free float market capitalization, giving preference to stocks available for trading in the derivatives segment on NSE. The weight of each stock in the index is based on free float market capitalization. The base date of the index is April 01 and the base value is 1,000. The weight of each stock in the index is 33% and the weight of the top-3 stocks is capped at 62%. The base date of this index is April 01, 2005 and the base value is 1,000. The index will be reconstituted on a semi-annual basis and rebalanced on a quarterly basis. New index a benchmark for asset managers The new index is expected to serve as a benchmark for asset managers. It will also be a reference index tracked by passive funds in the form of exchange traded funds (ETFs), index funds and structured products. Nifty rose 37 points today Today, on Tuesday (March 11), the Sensex closed at 74,102 with a marginal decline of 12 points. Nifty rose 37 points. It closed at 22,497. Realty stocks saw the biggest rise. The Nifty Realty Index closed with a gain of 3.63%. The Oil & Gas Index rose 1.21%. The Metal Index closed with a gain of 0.53%. Private bank stocks saw the biggest decline. The Private Bank Index fell 1.38%.
