IISL launches Nifty Private Bank Index

India Index Services & Products (IISL), an NSE group company, launched the Nifty Private Bank Index, to track 10 largest private sector banks listed on the NSE. The index is calculated using free-float market capitalisation method, and stock weights are capped at 25 per cent. The base date of the Index is April 1, 2005 and base value is 1,000. The index will be calculated on an end-of-day basis.