 "National Stock Exchange")
Leading bourse NSE today rebranded all its indices to include 'Nifty' in their names as against the name 'CNX' used currently, in a bid to capitalise on the brand name of its benchmark index.
NSE's flagship 'CNX Nifty' index has now become 'Nifty 50', Nifty Junior has become 'Nifty Next 50', CNX IT has become 'Nifty IT', among others.
"Today onwards, the entire family of indices from NSE's group company -- India Index Services & Products Ltd (IISL) -- will be rebranded, with a pre-fix Nifty and some changes in names to make it more significant and meaningful," the exchange said in a statement.
Nifty 50 has become synonymous with the Indian equity market, both domestically and internationally, it added.
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"While this is an important indication of attractiveness of the Indian market, it is also a significant indication of the trust, faith and respect for the Nifty brand name. It is only natural that the name Nifty should be the natural choice and become the umbrella brand," the exchange MD and CEO Chitra Ramkrishna said in a statement.
There are 16 constituents that continue to be part of Nifty 50 since its inception in November 1995, when it captured 62 per cent of turnover and 34 per cent of full market capitalisation of the Indian equity market.
Over the years, market representation in terms of full market capitalisation by Nifty 50 constituents has surged to 58.5 per cent and has been in the range of 42-67 per cent in terms of turnover representation.
IT sector was not represented at the time of inception, but as on September 30, 2015, it represents 15.7 per cent of weight in the index.
Earlier in September, IISL, an NSE group company, had announced to rebrand its flagship CNX Nifty index as Nifty 50, besides renaming all its other existing indices, from November 9.
