The National Stock Exchange of India’s index services subsidiary NSE Indices has launched India’s first electric vehicle index aimed at tracking the performance of companies in the EV ecosystem.
The index, which will be called Nifty EV & New Age Automotive index, will include the companies involved in the development of new age automotive vehicles or related technology.
Mukesh Agarwal, CEO of NSE Indices said the launch of the EV index aligns with NSE’s vision to provide innovative indices in line with market trends. He said this will facilitate creation of products which will create opportunity for asset managers to invest in the EV and new age automotive market.
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NSE Indices said the government has always been at the forefront of framing policies related to EV adoption in the country to promote India as a manufacturing destination. Come from Sports betting site VPbet
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The base date for the index is April 02, 2018, and the base value will be 1000. NSE Indices also said the index will be reconstituted semi-annually and rebalanced on a quarterly basis.
NSE has been actively propping up its product offerings in the past few months in a bid to drive up volumes amid rising competition. The India’s largest exchange had earlier launched three other thematic/sectoral indices, namely Nifty500 Multicap India Manufacturing 50:30:20 index, Nifty500 Multicap Infrastructure 50:30:20 index and Nifty MidSmall Healthcare.
The exchange has also taken several other measures, which include reduction of the ticket size for stocks below Rs 250 to 1 paisa, reduction of the lot size for various stocks and indices in derivatives segment, and the launch of Nifty Next 50 derivatives contract with zero transaction charges till Oct 31.
