The NSE’s index services subsidiary, India Index Services & Products (IISL), has on Wednesday launched the Nifty Equity Savings Index.
The index will serve as a benchmark for the equity savings funds offered by various mutual funds. Similar to the investment philosophy of equity savings funds, this index captures performance of a portfolio having exposure to equity, equity arbitrage and debt instruments. This index is a total return index capturing price-return and dividend/coupon income.
“The newly launched Nifty Equity Savings Index appropriately fills the gap that was there due to the absence of a relevant benchmark for performance comparison of the popular equity savings funds category offered by mutual funds in India,” said Mukesh Agarwal, CEO, IISL.
It is a total return index capturing price return and dividend or coupon income.
The index components are 30 per cent exposure to Nifty 50 Total Return Index; 30 per cent exposure to equity arbitrage (long position) in Total Return Index and equivalent short position in Nifty 50 Futures Index; 30 per cent exposure to Nifty Short Duration Debt Index; and 5 per cent exposure to Nifty 1D Rate Index.
The market witnessed some profit booking after the recent gains. Both Sensex and Nifty ended lower amidst weakness in global stock markets.
Belying market expectations, Wipro, India's third largest software services firm, on Wednesday posted a more than 20 per cent decline in its consolidated profit at Rs 1,800.8 crore for the Ma
Bharti Infratel has drawn up an agreement to merge with privately held Indus Towers to create the world’s second largest telecom tower company with an estimated equity value of $14.6 billion.
Stung by Rs 13,000 crore fraud, state-run Punjab National Bank (PNB) would hire detective agencies to locate crooked borrowers who owe the bank hundreds of crores or rupees.