New Delhi: Asia Index, a BSE stock exchange subsidiary, unveiled a new index named Sensex Next 30 on Monday. The latest index monitors the largest companies from the BSE 100 that are not included in Sensex, India's oldest index.
According to a statement by Asia Index, Sensex Next 30 is made up of 30 companies representing nine sectors including Financial Services, Consumer Discretionary, Energy, Commodities, Healthcare, Industries, FMCG, Information Technology, and Utilities. Every component must have a fundamental derivative agreement.
Asia Index stated that the 30 stocks in the index are weighted according to their free-float market capitalization. June 20, 2014 marks the initial value date, with a Base value of 10,000. It also comes in a USD version called BSE SENSEX Next 30 USD. The upcoming index will be reconstructed twice a year and adjusted every three months.
This new index provides a distinctive investment opportunity for investment managers and investors seeking to expand their investments beyond Sensex to the next group of top performers. It can be utilized to compare PMS strategies, mutual fund schemes, and fund portfolios. It can also be utilized for implementing passive approaches like ETFs and Index Funds, as well as assessing the performance of companies across the nine sectors. Asia Iindex mentioned that investors are able to explore a wider range of market possibilities, enhancing their investment tactics with the new index added to BSE's collection.
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