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NIFTY's Latest News
A lot of money is riding on Narendra Modi-led NDA government coming to power. Investors seem to have based their optimism on opinion polls, which have gone horribly wrong in the past.
Rating agency Crisil has reaffirmed its 'A1+' rating on bank facilities of Ranbaxy Laboratories after Sun Pharmaceutical Industries' announcement to acquire a 100 per cent stake in it.
Shares remain supported by overseas investors, who bought Indian shares worth Rs 703 crore on Monday, provisional exchange data shows, totalling nearly $4.5 billion so far in 2014.
In the automatic route category, state-owned Bharat Petroleum Corporation Limited raised $300 million for working capital requirement and Lulu Convention and Exhibition Centre Private Limited raised $98 million for its new project.
Bank and pharma stocks lead the rally, offsetting losses caused by IT stocks.
The sharp rally in stocks has led to some caution and profit taking. However, Nilesh Shah, MD & CEO of Axis Capital says that markets are not overvalued.
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NIFTY's Recent Video Coverage on NDTV Profit
Nifty can add 1000 points on positive poll results: Dron Capital
Positive on IT and pharma: Nilesh Shah
Bullish on IT for long-term: UBS Securities
IT, Pharma to make a comeback: Credit Suisse
Economic recovery hopes driving markets: Macquarie
Bet on high beta stocks ahead of elections: BlackRidge Capital
Current rally has just started: Samir Arora
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S&P CNX Nifty is a well diversified 50 stock index accounting for 21 sectors of the economy. It is used for a variety of purposes such as benchmarking fund portfolios, index based derivatives and index funds. S&P CNX Nifty is owned and managed by India Index Services and Products Ltd. (IISL), which is a joint venture between NSE and CRISIL. IISL is India's first specialised company focused upon the index as a core product. IISL has a Marketing and licensing agreement with Standard & Poor's (S&P), who are world leaders in index services. The traded value for the last six months of all Nifty stocks is approximately 44.89% of the traded value of all stocks on the NSE Nifty stocks represent about 58.64% of the total market capitalization as on March 31, 2008. Impact cost of the S&P CNX Nifty for a portfolio size of Rs.2 crore is 0.15% S&P CNX Nifty is professionally maintained and is ideal for derivatives trading Source : NSE
S&P CNX Nifty is computed using market capitalization weighted method, wherein the level of the index reflects the total 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. Source : NSE
The constituents and the criteria for the selection judge the effectiveness of the index. Selection of the index set is based on the following criteria: Liquidity (Impact Cost) For inclusion in the index, the security should have traded at an average impact cost of 0.50% or less during the last six months for 90% of the observations for a basket size of Rs. 2 Crores. Impact cost is cost of executing a transaction in a security in proportion to the weightage of its market capitalisation as against the index market capitalisation at any point of time. This is the percentage mark up suffered while buying / selling the desired quantity of a security compared to its ideal price (best buy + best sell) / 2 Floating Stock Companies eligible for inclusion in S&P CNX Nifty should have atleast 10% floating stock. For this purpose, floating stock shall mean stocks which are not held by the promoters and associated entities (where identifiable) of such companies. Others a) A company which comes out with a IPO will be eligible for inclusion in the index, if it fulfills the normal eligiblity criteria for the index like impact cost, market capitalisation and floating stock, for a 3 month period instead of a 6 month period. b) Replacement of Stock from the Index: A stock may be replaced from an index for the following reasons: i. Compulsory changes like corporate actions, delisting etc. In such a scenario, the stock having largest market capitalization and satisfying other requirements related to liquidity, turnover and free float will be considered for inclusion. ii. When a better candidate is available in the replacement pool, which can replace the index stock i.e. the stock with the highest market capitalization in the replacement pool has at least twice the market capitalization of the index stock with the lowest market capitalization. With respect to (2) above, a maximum of 10% of the index size (number of stocks in the index) may be changed in a calendar year. Changes carried out for (2) above are irrespective of changes, if any, carried out for (1) above. Source : NSE