New Delhi, May 31, 2024.
NSE’s index services subsidiary, NSE Indices Limited, on Thursday launched the country’s first electric vehicle (EV) index.
The new thematic index is called the Nifty EV & New Age Automotive Index, and will track the performance of companies that are part of the electric vehicle (EV) ecosystem or are involved in developing new-age automotive vehicles or related technology.
“The new index is expected to act as a benchmark for asset managers and be a reference index tracked by passive funds in the form of Exchange Traded Funds (ETFs), index funds, and structured products,” said NSE.
The base date for the index is April 2, 2018, and its base value is 1000. The index will be reconstituted semi-annually and rebalanced on a quarterly basis.
Mukesh Agarwal, CEO of NSE Indices, expressed his views on the EV index launch and said, “Nifty EV & New Age Automotive Index aligns with NSE’s vision to provide innovative indices in line with market trends. The launch of the Nifty EV & New Age Automotive Index will facilitate the creation of products, which will create opportunities for asset managers to invest in the electric vehicle and new-age automotive market, thereby providing an investment vehicle to investors.”
Currently, there are 17 thematic indices on the NSE, including Nifty Commodities, Nifty India Consumption, Nifty CPSE, Nifty Energy, and Nifty Infrastructure.