NSE group firm India Index Services & Products (IISL) on Tuesday launched the Nifty 50 Equal Weight index — an alternative weighting strategy to its market capitalisation-based parent index Nifty 50 index.

The index includes the same companies as its parent index, but weighted equally. “Nifty 50 Equal Weight index is a smart yet simple index strategy — which allocates equal weight to all companies in the index, instead of considering their economies or market capitalisation as the sole criteria for weight allocation.

This gives fund managers an alternative index strategy to explore,” IISL CEO Mukesh Agarwal said in a statement. The index will be calculated on an end-of-day basis.