Nifty Chemicals Index Launch: On the third trading day of the week, today (Wednesday, March 12), the stock market is seeing a boom. The Sensex is trading at 74,350 with a gain of about 250 points, while the Nifty has gained 50 points to 22,550.
Earlier, NSE Index Services Subsidiary NSE Index Limited launched a new sectoral index 'Nifty Chemicals'. The purpose of this index is to track the performance of shares included in the Nifty 500, which are part of the chemical sector.
The top 20 shares are selected on the basis of the average free float market capitalization of the last 6 months. Under this, shares available for trading are given priority in the derivative segment on NSE. The load of each share in the index is based on free float market capitalization.
The weight of each share in the index is 33% and the weight of top-3 shares is limited to 62%. The base date of this index is 01 April 2005 and the base price is 1,000. The index will be formed on a semi-annual basis and will be reinforced on a quarterly basis.
The new index will serve as a benchmark for asset managers. In addition, it will also create a reference index for exchange traded funds (ETF), index funds and structured products, allowing passive funds to track it.
On Tuesday (March 11), the Sensex closed at 74,102 with a slight fall of 12 points. The Nifty increased by 37 points. It closed at 22,497. Realty stocks saw the highest rise.
The Nifty Realty Index closed up 3.63%. The oil and gas index rose by 1.21%. The metal index closed up 0.53%. Private bank shares saw the biggest decline. Private bank index declined by 1.38%.
