NSE Indices Launches Nifty India Defence Equal Weight Index With 19 Stocks

NSE Indices, a subsidiary of the National Stock Exchange (NSE), has launched the Nifty India Defence Equal Weight Index, giving investors a new benchmark to track 19 companies from India's defence sector.

The new index uses an equal-weight methodology. Unlike a market-cap-based approach, each of its 19 constituents gets broadly the same weight, bringing smaller companies in the basket closer to the larger names in terms of index representation.

All 19 stocks are part of the parent Nifty India Defence Index. The parent index draws companies from the Nifty Total Market Index that operate in eligible defence-related industries or generate at least 10% of their revenue from the defence sector.

Base Date And Value

The new benchmark has a base date of 2 April 2018 and a base value of 1,000. NSE Indices will reconstitute the index twice a year. The weights of the stocks will be reviewed and rebalanced every quarter in March, June, September and December. The top constituents currently include:

Capital Goods Dominate Index

Capital goods companies account for 88.98% of the Nifty India Defence Equal Weight Index, according to the index factsheet. Chemicals have a 5.56% weight, while automobile and auto components account for 5.46%.

NSE Indices said the benchmark can be used as a reference for passive investment products, including exchange-traded funds(ETFs), index funds and structured products. It will also provide asset managers with a dedicated benchmark for India's defence sector.

Nifty India Defence Equal Weight Index Returns

The index has posted a 31.05% annualised total return since its base date of 2 April 2018, according to the factsheet. Its annualised total returns over one year and five years stand at 32.71% and 55.09%, respectively.

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