NEW DELHI, Aug 5: Asia Index, a subsidiary of BSE stock exchange, on Monday announced the launch of a new index, Sensex Next 30.
The new index tracks the performance of the largest companies from the BSE 100 that are not a part of Sensex, India’s oldest Index.
Sensex Next 30 comprises 30 companies from the nine sectors such as Financial Services, Consumer Discretionary, Energy, Commodities, Healthcare, Industries, FMCG, Information Technology and Utilities, Asia Index said in a statement.
All the constituents must necessarily have an underlying derivative contract.
Asia Index said that the weight of the 30 stocks in the index is based on their free-float market capitalization. The first value date is June 20, 2014, and the Base value is 10,000. It has a USD variant namely BSE SENSEX Next 30 USD.
The new index will be reconstituted semi-annually and rebalanced on a quarterly basis.
This new index offers a unique investment proposition for investment managers and investors looking to diversify beyond Sensex into the next set of leaders It can be used for benchmarking of PMS strategies, mutual fund schemes and fund portfolios.
It can also be used for running passive strategies such as exchange-traded funds (ETFs) and Index Funds as well as gauging the performance of companies in the nine sectors.
Asia Index said that investors can now access a broader spectrum of market opportunities, further enriching their investment strategies with this latest addition to BSE’s suite of indices. (PTI)
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