India Index Services launches Private Sector Bank Index

MUMBAI: India Index Services & Products Ltd. (IISL), a NSE group company, launched an 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 Mr. 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 01, 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 the NSE website.