NSE Indices Launches Nifty Next 100 To Track Emerging Large-Cap Companies

NSE Indices, a subsidiary of the National Stock Exchange (NSE), has launched the Nifty Next 100 Index, a new broad-based benchmark that tracks the performance of emerging large-cap companies and is expected to widen the universe for passive investment products.

The new index consists of 100 stocks. It includes all 50 constituents of the Nifty Next 50 and the top 50 companies from the Nifty Midcap 150 based on their six-month average free-float market capitalisation. The benchmark follows a free-float market capitalisation-weighted methodology.

A Reference Index For ETFs

NSE Indices said the benchmark is expected to serve as a reference index for exchange-traded funds (ETFs), index funds and structured products. It also aims to provide fund managers with a broader benchmark to track companies that are moving towards the large-cap segment.

The Nifty Next 100 has a base date of 1 October 2010 and a base value of 1,000. The index will undergo a semi-annual review in March and September. According to the index factsheet, the benchmark has delivered an annualised total return of 13.42% since inception. Its one-year annualised total return stands at 11.03%, while the five-year annualised total return is 15.77%.

Sector Composition And Top Constituents

Financial services account for the biggest share of the index, with a weight of 22.23%. Capital goods follow at 13.95%, while healthcare contributes 9.34%. Other major sectors include:

The benchmark also has exposure to consumer services, oil & gas, chemicals and metals. The top five constituents of the index as per weight are:

• Divi's Laboratories: 2.47%

• TVS Motor Company: 2.45%

• Tata Motors: 2.20%

• Federal Bank: 2.14%

• Hindustan Aeronautics: 2.13%

• Expansion In Passive Investing

The launch comes as passive investing continues to expand in India, with ETFs and index funds attracting increasing investor interest. By combining the entire Nifty Next 50 with the largest stocks from the Nifty Midcap 150, the benchmark creates a wider pool of companies that could graduate into the country's frontline large-cap universe.

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