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IISL launches Millennium Index

Our Bureau

MUMBAI, Aug. 28

India Index Services and Products Ltd (IISL) today launched the CNX Millennium Index.

The index, which comprises companies belonging to the hi-tech, hi-growth sectors like IT, telecom, media, internet, etc, is expected to attract a lot of trading interest from both domestic and international participants.

Officials said that mutual funds and FIIs with substantial exposure in these sectors might like to hedge against this index. The potential of the index being used as a derivative product has not been ruled out.

The CNX Millennium Index is calculated using the market capitalisation weighted aggregate method. The base period of the index is the average market cap of the month of December 1998 indexed to 1000.

The selection criteria stipulate that only companies with the lowest impact cost and therefore the highest level of liquidity will be considered as eligible candidates.

According to IISL, only those companies among the top 500 in terms of annual trade and with over 90 per cent trading frequency are eligible.

The companies include Wipro, Infosys Technologies, Zee Telefilms, HCL Technologies, Satyam Computer, HFCL, MTNL, VSNL, NIIT, Hughes Software Systems, Global Tele-Systems, SSI, Visualsoft Technologies, Silverline Technologies, Polaris Software, Pentamedia Graphics, Mastek, Rolta India, Digital Equipment, Aptech, HCL Infosystems, Moser Baer, Finolex Cables, Sri Adhikari Brothers Television and Leading Edge Systems.