The next rung of liquid securities after S&P CNX Nifty is the CNX Nifty Junior. It may be useful to think of the S&P CNX Nifty and the CNX Nifty Junior as making up the 100 most liquid stocks in India.

As with the S&P CNX Nifty, stocks in the CNX Nifty Junior are filtered for liquidity, so they are the most liquid of the stocks excluded from the S&P CNX Nifty. The maintenance of the S&P CNX Nifty and the CNX Nifty Junior are synchronized so that the two indices will always be disjoint sets; i.e. a stock will never appear in both indices at the same time. Hence it is always meaningful to pool the S&P CNX Nifty and the CNX Nifty Junior into a composite 100 stock index or portfolio.
 

• The CNX Nifty Junior Index represents about 11.68% of the free float market capitalization of the stocks listed on NSE as on December 30, 2011.

• The total traded value for the last six months of all index constituents is approximately 13.73 % of the traded value of all stocks on NSE.

• Impact cost for CNX Nifty Junior for a portfolio size of Rs.25 lakhs is 0.13%.