Sectoral Indices
CNX Auto Index
The CNX Auto Index is designed to reflect the behaviour and performance of the Automobiles sector which includes manufacturers of cars & motorcycles, heavy vehicles, auto ancillaries, tyres, etc. The CNX Auto Index comprises of 15 stocks that are listed on the National Stock Exchange.
Methodology
The CNX Auto Index is computed using free float market capitalization method with a base date of January 1, 2004 indexed to a base value of 1000, wherein the level of the index reflects the total free float market value of all the stocks in the index relative to particular base market capitalization value. The method also takes into account constituent changes in the index and importantly corporate actions such as stock splits, right issue, new issue of shares etc. without affecting the index value.
Market Representation
-
The CNX Auto Index represents about 6.57% of the free float market capitalization of the stocks listed on NSE and 94.43% of the free float market capitalization of the stocks forming part of the Automobiles sector universe as on March 28, 2013.
- The total traded value for the last six months ending March 2013 of all index constituents is approximately 6.52% of the traded value of all stocks on NSE and 95.96% of the traded value of the stocks forming part of the Automobiles sector universe.
Selection Criteria
The criteria for the CNX Auto Index include the following:
- Companies must rank within the top 500 companies by average free-float market capitalisation and aggregate turnover for the last six months.
- The company's trading frequency should be at least 90% in the last 6 months.
- The company should have reported a positive net worth.
- The company should have a listing history of 6 months. A company which comes out with an IPO will be eligible for inclusion in the index, if it fulfils the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
- Final selection of 15 companies shall be done based on the free-float market capitalization of the companies.
- The review will take place on a semi-annual basis.
CNX Bank Index
The Indian banking Industry has been undergoing major changes, reflecting a number of underlying developments. Advancement in communication and information technology has facilitated growth in internet-banking, ATM Network, Electronic transfer of funds and quick dissemination of information. Structural reforms in the banking sector have improved the health of the banking sector. The reforms recently introduced include the enactment of the Securitization Act to step up loan recoveries, establishment of asset reconstruction companies, initiatives on improving recoveries from Non-performing Assets (NPAs) and change in the basis of income recognition has raised transparency and efficiency in the banking system. Spurt in treasury income and improvement in loan recoveries has helped Indian Banks to record better profitability. In order to have a good benchmark of the Indian banking sector, India Index Service and Product Limited (IISL) has developed the CNX Bank Index.
CNX Bank Index is an index comprised of the most liquid and large capitalised Indian Banking stocks. It provides investors and market intermediaries with a benchmark that captures the capital market performance of Indian Banks.The index will have 12 stocks from the banking sector which trade on the National Stock Exchange.
Methodology
CNX Bank Index is computed using free float market capitalization method with base date of Jan 1, 2000 indexed to base value of 1000, wherein the level of the index reflects total free float market value of all the stocks in the index relative to a particular base market capitalization value. The method also takes into account constituent changes in the index and importantly corporate actions such as stock splits, rights, new issue of shares etc. without affecting the index.
Market Representation
- The CNX Bank Index represent about 15.64%of the free float market capitalization of the stocks listed on NSE and 88.60% of the free float market capitalization of the stocks forming part of the Banking sector universe as on March 28, 2013.
- The total traded value for the last six months ending March 2013 of all the Index constituents is approximately 14.02% of the traded value of all stocks on the NSE and 80.93% of the traded value of the stocks forming part of the Banking sector universe.
Selection Criteria
Selection of the index set is based on the following criteria:
- Company free float market capitalisation rank in the universe should be less than 500.
- Company's turnover rank in the universe should be less than 500.
- Company's trading frequency should be at least 90% in the last six months.
- Company should have a positive networth.
- A company which comes out with a IPO will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
CNX Energy Index
Energy sector is universally recognized as one of the most significant inputs for economic growth. The growth of a nation, encompassing all sectors of the economy and all sections of society, is contingent on meeting its energy requirements adequately.
As a fast-growing economy, India has become one of the largest energy intensive countries in the World. Energy is a crucial input for India's development process. The need of the hour, therefore, is to meet the energy needs of all segments of India's population in the most efficient and cost-effective manner while ensuring long-term sustainability. IISL has developed CNX Energy Index to capture the performance of the companies in this sector.
Energy sector Index will include companies belonging to Petroleum, Gas and Power sub sectors.
Methodology
Effective October, 11, 2010, CNX Energy Index is computed using free float market capitalization weighted method, wherein the level of the index reflects the total free float market value of all the stocks in the index relative to a particular base period. The method also takes into account constituent changes in the index and importantly corporate actions such as stock splits, rights, etc without affecting the index value. The CNX Energy Index has a base date of Jan 1, 2001 and a base value of 1000.
Market Representation
- The CNX Energy Index represents about 10.94% of the free float market capitalization of the stocks listed on NSE and 83.94% of the free float market capitalization of the stocks forming part of the Energy sector universe as on March 28, 2013.
- The total traded value for the last six months ending March 28, 2013 of all index constituents is approximately 6.61% of the traded value of all stocks on NSE and 67.04% of the traded value of the stocks forming part of the Energy sector universe.
Selection Criteria
Selection of the index set is based on the following criteria :
- Companies must rank within the top 500 companies ranked by average free-float market capitalisation and aggregate turnover for the last six months.
- Companies should form a part of energy sector.
- The company’s trading frequency should be at least 90% in the last six months.
- The company should have reported a positive net worth.
- The company should have an investable weight factor (IWF) of at least 10%.
- The company should have a listing history of 6 months. A company which comes out with an IPO will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
- Final selection of 10 companies shall be done based on the free-float market capitalization of the companies.
- The review will be carried out on a semi-annual basis
*CNX Energy Index was computed using market capitalization weighted method from the launch date till October 08, 2010
Download List of CNX Energy Index Stocks (.csv)
CNX Finance Index
The CNX Finance Index is designed to reflect the behaviour and performance of the Indian financial market which includes banks, financial institutions and housing finance and other financial services companies. The CNX Finance Index comprises of 15 stocks that are listed on the National Stock Exchange (NSE).
Methodology
The CNX Finance Index is computed using free float market capitalization method with a base date of January 1, 2004 indexed to a base value of 1000, wherein the level of the index reflects the total free float market value of all the stocks in the index relative to particular base market capitalization value. The method also takes into account constituent changes in the index and importantly corporate actions such as stock splits, right issue, new issue of shares etc. without affecting the index value.
Market Representation
- The CNX Finance Index represents about 20.66% of the free float market capitalization of the stocks listed on NSE and 78.42% of the free float market capitalization of the stocks forming part of the Finance sector universe as on March 28, 2013.
- The total traded value for the last six
months ending March 2013 of all index
constituents is
approximately 17.57% of the traded value of all stocks on NSE and 41.62% of the traded
value of the stocks forming part of the Finance sector universe.
Selection Criteria
The criteria for the CNX Finance Indexinclude the following:
- Companies must rank within the top 500 companies by average free-float market capitalization and aggregate turnover for the last six months.
- The company's trading frequency should be at least 90% in the last six months.
- The company should have reported a positive net worth.
- The company should have an investable weight factor (IWF) of at least 10%.
- The company should have a listing history of 6 months. A company, which comes out with an IPO will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
- Final selection of 15 companies shall be done based on the free float market capitalization of the companies.
- The review will take place on a semi-annual basis.
Download List of CNX Finance Index Stocks (.csv)
CNX FMCG Index
FMCGs (Fast Moving Consumer Goods) are those goods and products, which are non-durable, mass consumption products and available off the shelf. The CNX FMCG Index comprises of 15 companies who manufacture such products which are listed on the National Stock Exchange (NSE)..
Methodology
The index is computed using free float market capitalization method with the base period as December, 1995 indexed to a base value of 1000 wherein the level of the index reflects total free float market value of all the stocks in the index relative to a particular base market capitalization value. The method also takes into account constituent changes in the index and importantly corporate actions such as stock splits, rights, new issue of shares etc. without affecting the index value.
Market Representation
-
The CNX FMCG Index represents about 11.05 % of the free float market capitalization of the stocks listed on NSE and 86.00% of the free float market capitalization of the stocks forming part of the FMCG universe as on March 28, 2013.
- The total traded value for the last six months ending March 2013 of all index constituents is approximately 8.58 % of the traded value of all stocks listed on NSE and 85.96 % of the traded value of the stocks forming part of the FMCG universe.
Selection Criteria
The criteria for the CNX FMCG Index include the following:
- Companies must rank within the top 500 companies by average free-float market capitalisation and aggregate turnover for the last six months.
- Companies should form a part of FMCG sector.
- The company's trading frequency should be at least 90% in the last 6 months.
- The company should have reported a positive net worth.
- The company should have an investable weight factor (IWF) of at least 10%.
- The company should have a listing history of 6 months. A company which comes out with an IPO will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
- Final selection of 15 companies shall be done based on the free-float market capitalization of the companies.
- The review will take place on a semi-annual basis.
*CNX FMCG Index was computed using market capitalization weighted method from the launch date (January 01, 2001) till October 08, 2010
Download List of CNX FMCG Index Stocks (.csv)
CNX IT Index
Information Technology (IT) industry has played a major role in the Indian economy during the last few years. A number of large, profitable Indian companies today belong to the IT sector and a great deal of investment interest is now focused on the IT sector. In order to have a good benchmark of the Indian IT sector, IISL has developed the CNX IT sector index. CNX IT provides investors and market intermediaries with an appropriate benchmark that captures the performance of the IT segment of the market.
Companies in this index are those that havemore than 50% of their turnover from IT related
activities like IT Infrastructure , IT Education and Software Training , Telecommunication
Services and Networking Infrastructure, Software Development, Hardware Manufacturer’s, Vending,
Support and Maintenance
.
Methodology
The CNX IT index is computed using free float market capitalization method with a base date of Jan 1, 1996 indexed to a base value of 1000wherein the level of the index reflects total free float market value of all the stocks in the index relative to a particular base market capitalization value. The base value of the index was revised from 1000 to 100 with effect from May 28, 2004. The method also takes into account constituent changes in the index and importantly corporate actions such as stock splits, rights, new issue of shares etc. without affecting the index value.
Market Representation
- The CNX IT Index represents about 10.99 % of the free float market capitalization of the stocks listed on NSE and 94.90 % of the free float market capitalization of the stocks forming part of the IT sector as on March 28, 2013.
- The total traded value for the last six months ending March 2013 of all index constituents is approximately 6.96 % of the traded value of all stocks on the NSE and 91.11 % of the traded value of the stocks forming part of the IT sector.
Selection Criteria
- Companies must rank within the top 500 companies by average free-float market capitalisation and aggregate turnover for the last six months.
- The company's trading frequency should be at least 90% in the last 6 months.
- The company should have reported a positive net worth.
- The company should have a listing history of 6 months. A company which comes out with an IPO will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
- Final selection of 20 companies shall be done based on the free-float market capitalization of the companies.
- The review will take place on a semi-annual basis.
CNX Media Index
The CNX Media Index is designed to reflect the behavior and performance of the Media &
Entertainment sector including printing and publishing. The CNX Media Index comprises of 15
stocks that are listed on the National Stock Exchange (NSE).
Methodology
The CNX Media Index is computed using free float market capitalization method with a base
date of December 30, 2005 indexed to a base value of 1000, wherein the level of the index
reflects the total free float market value of all the stocks in the index relative to
particular base market capitalization value. The method also takes into account constituent
changes in the index and importantly corporate actions such as stock splits, right issue, new
issue of shares etc. without affecting the index value.
Market Representation
-
The CNX Media Index represents 92.56 % of the free float market capitalization of the stocks forming part of the Media & Entertainment universe as on March 28, 2013.
- The total traded value for the last six months ending March 2013 of all index constituents is approximately 89.92 % of the traded value of the stocks forming part of the Media & Entertainment universe.
Selection Criteria
The criteria for the CNX Media Index include the following:
- The company's trading frequency should be at least 90% in the last 6 months.
- The company should have reported a positive net worth.
- The company should have a listing history of 6 months. A company which comes out with an IPO will be eligible for inclusion in the index, if it fulfils the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
- Final selection of 15 companies shall be done based on the free-float market capitalization of the companies
-
The review will take place on a semi-annual basis.
CNX Metal Index
The CNX Metal Index is designed to reflect the behavior and performance of the Metals sector including mining. The CNX Metal Index comprises of 15 stocks that are listed on the National Stock Exchange.
Methodology
CNX Metal Index is computed using free float
market capitalization method with a base date of
January 1, 2004 indexed to a base value of 1000,
wherein the level of the index reflects the
total free float market value of all the stocks
in the index relative to particular base market
capitalization value. The method also takes into
account constituent changes in the index and
importantly corporate actions such as stock
splits, right issue, new issue of shares etc.
without affecting the index value.
Market Representation
-
The CNX Metal Index represents about 3.40% of the free float market capitalization of the stocks listed on NSE and 71.82% of the free float market capitalization of the stocks forming part of the Metals universe as on March 28, 2013.
- The total traded value for the last six months ending March 2013 of all index constituents is approximately 4.63% of the traded value of all stocks on NSE and 76.15% of the traded value of the stocks forming part of the Metals universe.
Selection Criteria
The criteria for the CNX Metals Index include the following:
- Companies must rank within the top 500 companies by average free-float market capitalisation and aggregate turnover for the last six months.
- The company's trading frequency should be at least 90% in the last 6 months.
- The company should have reported a positive net worth.
- The company should have a listing history of 6 months. A company which comes out with an IPO will be eligible for inclusion in the index, if it fulfils the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
- Final selection of 15 companies shall be done based on the free-float market capitalization of the companies.
- The review will take place on a semi-annual basis.
CNX Pharma Index
Pharmaceuticals sector is one of the key
sectors where Indian companies have created a
global brand for themselves besides software.
Indian companies have taken advantage of the
opportunities in the regulated generics market
in the western countries and made deep inroads
especially in providing low cost equivalents of
expensive drugs. Pharma outsourcing into India
and low cost Healthcare services are expected to
be the key areas of growth in the near future.
In addition, the inherent potential of
biotechnology has also attracted many new
companies and this is also a key growth area for
Indian companies. IISL has developed CNX Pharma
Index to capture the performance of the
companies in this sector.
Methodology
Effective October, 11, 2010, CNX Pharma Index
is computed using free float market
capitalization weighted method, wherein the
level of the index reflects the total free float
market value of all the stocks in the index
relative to a particular base period. The method
also takes into account constituent changes in
the index and importantly corporate actions such
as stock splits, rights, etc without affecting
the index value. The CNX Pharma Index has a base
date as Jan. 01, 2001 and a base value of 1000.
Market Representation
- The CNX Pharma Index represents about
4.58% of the free float market
capitalization of the stocks listed on NSE
and 77.38% of the free float market
capitalization of the stocks forming part of
the Pharmaceutical sector universe as on March 28, 2013.
- The total traded value for the last six
months ending March 2013 of all Index
constituents is
approximately 3.09% of the traded value of
all stocks on NSE and 62.56% of the traded
value of the stocks forming part of the
Pharmaceutical sector universe.
Selection Criteria
Selection of the index set is based on the following criteria:
- Companies must rank within the top 500 companies ranked by average free-float market capitalisation and aggregate turnover for the last six months.
- Companies should form a part of pharmaceutical sector.
- The company’s trading frequency should be at least 90% in the last six months.
- The company should have reported a positive net worth.
- The company should have an investable weight factor (IWF) of at least 10%.
- The company should have a listing history of 6 months. A company which comes out with an IPO will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
- Final selection of 10 companies shall be done based on the free-float market capitalization of the companies.
- The review will be carried out on a semi-annual basis.
*CNX Pharma Index was computed using market capitalization weighted method from the launch date till October 08, 2010.
CNX PSU Bank Index
The Indian banking system, reaping the benefits of strong credit off take and improved risk management practices, has continued to report increase in earnings over the last five years, while improving on its solvency profile substantially.
The emergence of the rural middle class segment and creation of many jobs in the last five years provided a large market for banks. To cater the needs of potential customers, public sector banks have taken various initiatives to improve their core fee income over the last few years.
The public sector banks with their existing widespread branch network have been primarily increasing their IT related expenditure. The core profitability of the public sector banks continue to rise on the back of improving operating efficiencies. PSU Banks account for 70.3 percent in terms of total assets held for 2006-07 along with total business share amounting to 73 percent for 2006-07.
Consolidation would further improve PSU banks' competitive edge against their private counterparts in servicing customers — both retail and corporate — in the international and domestic markets. Recognizing these changing dynamics of Indian banking industry, IISL has developed PSU Bank Index to capture the performance of the PSU banks.
Methodology
CNX PSU Bank Index is computed using free float market capitalization weighted method with base date of Jan 1, 2004 indexed to base value of 1000, wherein the level of the index reflects the total free float market value of all the stocks in the index relative to a particular base period. The method also takes into account constituent changes in the index and importantly corporate actions such as stock splits, rights, etc without affecting the index value.
Market Representation
- The CNX PSU Bank Index represents about 3.89% of the free float market capitalization of the stocks listed on NSE and 91.84% of the free float market capitalization of the stocks forming part of the PSU Banks sector Universe as on March 28, 2013.
- The total traded value for the last six months ending March 2013 of all index constituents is approximately 7.00% of the traded value of all stocks on the NSE and 40.42% of the traded value of the stocks forming part of the Banking sector universe.
Selection Criteria
Selection of the index set is based on the following criteria:
- Constituent should be a Public sector bank
- Constituent’s free float market capitalization rank in the universe should be among the top 500.
- Constituent’s turnover rank in the universe should be in the top 500.
- Constituent should have a positive Net worth.
- The constituents should be available for trading in the derivatives segment (Stock Futures & Options market) on NSE.
CNX Realty Index
Real estate sector in India is witnessing significant growth. Recent dynamics of the market reflected the opportunity of creating wealth across real estate companies, as proven by recent listings of real estate companies resulting into prominent growth in public funds and private equity.
The main growth thrust is coming due to favorable demographics, increasing purchasing power, existence of customer friendly banks & housing finance companies, professionalism in the real estate sector and favourable reforms initiated by the government to attract global investors.
Further necessitated by the thrust of redevelopment of old buildings, building townships and redeveloping mill lands, one can witness plenty of opportunities in real estate sector backed by favourable tax regime. IISL has developed the CNX Realty Index to synergize these emerging opportunities along with their Index expertise creating new investment avenues for investors.
Methodology
The CNX Realty Index is computed using free float market capitalization weighted method with base value of Dec 29, 2006 and base value of 1000, wherein the level of the index reflects the total free float market value of all the stocks in the index relative to a particular base period. The method also takes into account constituent changes in the index and importantly corporate actions such as stock splits, rights, etc without affecting the index value.
Market Representation
- CNX Realty Index represent about 0.75% of the free float market capitalization of the stocks listed on NSE and 39.06% of the free float market capitalization of the stocks forming part of the Realty sector universe as on March 28, 2013.
- The total traded value for the last six months ending March 2013 of all Index constituents is approximately 5.30% of the traded value of all stocks on the NSE and 59.72 % of the traded value of the stocks forming part of the Realty sector universe.
Selection Criteria
Selection of the index set is based on the following criteria:
- Constituent should be a Real Estate Company.
- Company's free float market capitalization rank in the universe should be among the top 500.
- Company’s turnover rank in the universe should be in the top 500.
- Company should have a positive Net worth.
- A company, which comes out with an IPO, will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 1-month period.
IISL CNX Industry Indices
CNX 500 Equity Index is desegregated into 72 Industry sectors which are separately maintained by IISL. The industry indices are derived out of the CNX 500 and care is taken to see that the industry representation in the entire universe of securities is reflected in the CNX 500. e.g., if in the entire universe of securities, Banking sector has a 5% weightage, then the Banking sector (as determined by the Banking stocks in CNX 500) would have a 5% weightage in the CNX 500. The Banking sector index would be derived out of the Banking stocks in the CNX 500. The changes to the weightage of various sectors in the CNX 500 would dynamically reflect the changes in the entire universe of securities.
IISL CNX Industry Indices are computed using free float market capitalization weighted method w.e.f. October 11, 2010