NSE Indices Ltd, a subsidiary of the National Stock Exchange, on Thursday launched the EV and new-age automotive index to track the performance of companies which form a part of the EV ecosystem.
This would be the country's first ever electric vehicle (EV) index.
"The launch of the Nifty EV and new-age automotive index will facilitate creation of products which will create opportunity for asset managers to invest in the electric vehicle and new-age automotive market thereby providing an investment vehicle to investors," NSE Indices said in a statement.
The base date for the new thematic index is April 2, 2018, and the base value is 1,000.
The index will be reconstituted semi-annually and rebalanced on a quarterly basis.
The 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.