NSE Indices Limited, a part of NSE that specializes in creating indices, has launched a new thematic index called the Nifty EV & New Age Automotive Index.
This index is designed to track the performance of companies in the electric vehicle (EV) sector and those developing new automotive technologies.
“The Nifty EV & New Age Automotive Index will track the performance of companies involved in the EV ecosystem or developing new automotive technology,” NSE announced.
The index’s base date is April 2, 2018, with a starting value of 1000. It will be updated semi-annually and rebalanced quarterly.
“Nifty EV & New Age Automotive is India’s first Electric Vehicle Index and aligns with NSE’s goal to offer innovative indices that match market trends. This index will help create products that enable asset managers to invest in the EV and new automotive markets, providing a new investment option for investors,” said Mukesh Agarwal, CEO of NSE Indices.
The index is expected to serve as a benchmark for asset managers and will be tracked by passive funds such as ETFs, index funds, and structured products.
“The Indian government has been proactive in creating policies to promote EV adoption, aiming to make India a key manufacturing hub for EVs and attract global investments, supporting the Make in India initiative,” NSE added.
Currently, NSE hosts 17 thematic indices, including Nifty Commodities, Nifty India Consumption, Nifty CPSE, Nifty Energy, and Nifty Infrastructure. Besides these, NSE manages broad market indices like Nifty, Nifty Next 50, Nifty 100, and 15 sectoral indices such as Nifty Bank, Nifty IT, and Nifty Auto.
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