Tipping Point: What is an equal-weighted index?

DSP BlackRock Mutual Fund recently launched an index fund based on the equal weighted Nifty 50 index. Most indices we come across, such as the Nifty, Sensex, BSE 200, BSE 500, etc, are market capitalisation (m-cap)-weighted. This means the weight of stocks in the index is in proportion to their m-cap. Stocks having a higher market cap tend to dominate these indices. In an equal-weighted index, all the stocks, big and small, have an equal weight.  

Is it a better bet for investors?  

Both an m-cap weighted index and equal-weight index have their own pros and cons. Since an m-cap-weighted