NSE Indices launches new index; 21 stocks including Zomato, Paytm

National Stock Exchange (NSE) subsidiary NSE Index introduced the ‘Nifty India Internet & E-Commerce Index’. This thematic benchmark tracks those companies

New Delhi(Team Newsbuddy): National Stock Exchange (NSE) subsidiary NSE Index introduced the ‘Nifty India Internet & E-Commerce Index’ recently. This thematic benchmark tracks those companies which operate primarily through online platforms.

This index consists of 21 stocks taken from the Nifty Total Market and follows free-float market capitalization-based weighting. The limit for individual stocks in this is 20 percent. The base date is October 1, 2021, which is set at 1,000 points.

Among the 21 stocks, Zomato has the highest weightage of 20.3 percent. After that Info Edge has 18.83 percent and PB Fintech has 16.72 percent. Paytm (One97 Communications), Nykaa (FSN E-Commerce Ventures) and IRCTC have a weightage of 7-8 percent. Angel One, Motilal Oswal, Swiggy and Indiamart Intermesh have a weightage of less than 5 percent.

Consumer services have a share of 65.32 percent in the index. This is followed by financial services with a share of 33.48 percent and media, entertainment and publications with a share of 1.21 percent.

Will be reviewed twice a year

The index will be reviewed twice a year in March and September. In this, average data of six months ending in January and July will be used. Quarterly investigation will ensure compliance with SEBI’s portfolio concentration norms for ETFs and index funds. Also, corrective action will be taken if necessary.