NSE launches private sector bank index

India Index Services & Products, an arm of National Stock Exchange (NSE) has introduced Nifty Private Bank Index, which will track the performance of the country's 10 biggest private sector lenders. The exchange already has a Nifty PSU Bank index and widely-tracked Bank Nifty index.

"The index will complement the existing Nifty Bank and Nifty PSU Bank indices and provide the investors with gamut of banking sector indices catering to different investment needs," said Mukesh Agarwal, CEO, IISL. The index will also be free float market capitalisation-based and will cap the stock weightage at 25 per cent.