NSE Indices Adds Nifty Sugar & Ethanol, Nifty Small Finance Banks & MFIs To Its Index Suite

NSE Indices, a subsidiary of the National Stock Exchange (NSE), has added two new benchmarks to its index family.

The Nifty Sugar & Ethanol Index and the Nifty Small Finance Banks & Microfinance Institutions (MFIs) Index have been launched to track the performance of two distinct but growing segments of the Indian economy.

Both indices are expected to serve as the basis for passive investment products such as exchange-traded funds, index funds and structured products.

What Each Index Tracks

The Nifty Sugar & Ethanol Index covers 15 FMCG stocks directly involved in sugar or ethanol manufacturing. Selection is based on six-month average free-float market capitalisation, with the index designed to capture the largest eligible companies in this space.

The Nifty Small Finance Banks & Microfinance Institutions Index tracks 10 listed small finance banks and microfinance institutions. It includes the most liquid stocks from this segment of the financial sector.

For both indices, constituent weights are determined by free-float market capitalisation, with a cap of 15% on any single stock. Both share a base date of 31 March 2021 and a base value of 1,000. Reconstitution will take place semi-annually, with quarterly rebalancing in March, June, September and December.

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How They Have Performed

As of 29 May 2026, the Nifty Sugar & Ethanol Index has delivered a total return of 18.98% since inception. Over five years, it has returned 11.24%, though on a one-year basis it has declined 9.42%.

The Nifty Small Finance Banks & MFIs Index has returned 5.37% since inception. The 1-year return is 14.79% and the 5-year return is 7.07%.

Source:

Business Standard