Information Technology (IT) industry has played a major role in the Indian economy during the last few years. A number of large, profitable Indian companies today belong to the IT sector and a great deal of investment interest is now focused on the IT sector. In order to have a good benchmark of the Indian IT sector, IISL developed the CNX IT sector index.

Companies in this index are those that have more than 50% of their turnover from IT related activities like software development, hardware manufacture, vending, support and maintenance.The index is a market capitalisation weighted index with its base period being December 1995 and the base date and base value being January 1, 1996 and 1,000 respectively

The Base Value of the index is being revised from 1000 to 100 w.e.f. 28 May 2004.

List of CNX IT Sector Index stocks: Download

The Indian banking Industry has been undergoing major changes, reflecting a number of underlying developments. Advancement in communication and information technology has facilitated growth in internet-banking, ATM Network, Electronic transfer of funds and quick dissemination of information. Structural reforms in the banking sector have improved the health of the banking sector. The reforms recently introduced include the enactment of the Securitization Act to step up loan recoveries, establishment of asset reconstruction companies, initiatives on improving recoveries from Non-performing Assets (NPAs) and change in the basis of income recognition has raised transparency and efficiency in the banking system. Spurt in treasury income and improvement in loan recoveries has helped Indian Banks to record better profitability. In order to have a good benchmark of the Indian banking sector, India Index Service and Product Limited (IISL) has developed the CNX Bank Index.

CNX Bank Index is an index comprised of the most liquid and large capitalised Indian Banking stocks. It provides investors and market intermediaries with a benchmark that captures the capital market performance of Indian Banks. The index is a market capitalization weighted index with base date of January 01, 2000, indexed to a base value of 1000. Initially the index would be calculated at the end of the trading day. The index will have 12 stocks from the banking sector which trade on the National Stock Exchange.

List of CNX Bank Index stocks: Download

FMCGs (Fast Moving Consumer Goods) are those goods and products, which are non-durable, mass consumption products, available off the shelf.

List of CNX FMCG Index stocks: Download

Salient Features of the Index

As part of its agenda to reform the Public Sector Enterprises (PSE), the Government has selectively been disinvesting its holdings in public sector enterprises since 1991. With a view to provide regulators, investors and market intermediaries with an appropriate benchmark that captures the performance of this segment of the market, as well as to make available an appropriate basis for pricing forthcoming issues of PSEs, IISL has developed the CNX PSE Index, comprising of 20 PSE stocks.

List of CNX PSE Index stocks: Download

Methodology
The CNX PSE Index is calculated using the market capitalisation weighted aggregate method. The base period is the month of December 1994, index to a value 1000.

The CNX MNC Index comprises 50 listed companies in which the foreign shareholding is over 50% and / or the management control is vested in the foreign company.

List of CNX MNC Index stocks: Download

Methodology
The CNX MNC Index is calculated using the market capitalisation weighted method, wherein individual stocks are weighted by market value. The base period is the month of December, 1994 indexed to a value 1000.

The Indian Economy has seen structural changes in the last couple of years. According to RBI data, the services sector remained the principal driver of the Indian economy, contributing 57 per cent of the growth of real GDP in 2003-04. The key driver for the growth of the service sector has been industries like IT, Banks, Tourism, Telecommunication etc. Going forward, the service sector will grow manifold mainly on account of the India's low cost advantage, increasing demand for Customer services and the booming knowledge economy. To capture the performance of the companies belonging to this sector, IISL has developed CNX Service Sector Index to capture the performance of the companies in this sector.

The CNX Service Sector Index is 30 stocks index and includes companies belonging to services sector like Computers - Software, Banks, Telecommunication -services, Financial Institutions, Power, Media, Courier, Shipping etc.

Methodology
The CNX Service Sector Index is calculated using the market capitalization weighted aggregate method. The base period is the month of May 1999, index to a value 1000.

Selection Criteria
Selection of the index set is based on the following criteria :

»	Company's market capitalisation rank in the universe should be less than 500
»	Company's turnover rank in the universe should be less than 500
»	Company's trading frequency should be at least 90% in the last six months
»	Company should have a positive networth.
»	A company which comes out with a IPO will be eligible for inclusion in the index, if it fulfills the normal eligiblity criteria for the index for a 3 month period instead of a 6 month period.

List of CNX Service Sector Index stocks Download

S&P CNX 500 Equity Index is desegregated into 72 Industry sectors which are separately maintained by IISL. The industry indices are derived out of the S&P CNX 500 and care is taken to see that the industry representation in the entire universe of securities is reflected in the S&P CNX 500. e.g., if in the entire universe of securities, Banking sector has a 5% weightage, then the Banking sector (as determined by the Banking stocks in S&P CNX 500) would have a 5% weightage in the S&P CNX 500. The Banking sector index would be derived out of the Banking stocks in the S&P CNX 500. The changes to the weightage of various sectors in the S&P CNX 500 would dynamically reflect the changes in the entire universe of securities.

List of S&P CNX Industry sectors: Download

IISL undertakes development & maintenance of customised indices for clients as well as offers consultancy services for developing indices. Customised indices can be used for tracking the performance of the client’s portfolio of stocks vis-à-vis objectively defined benchmarks, or for benchmarking NAV performance to customised indices.

The customised indices can be sub-sets of existing indices or a completely new index. Some of the indices that can be constructed include:

Energy sector is universally recognized as one of the most significant inputs for economic growth. The growth of a nation, encompassing all sectors of the economy and all sections of society, is contingent on meeting its energy requirements adequately.

As a fast-growing economy, India has become one of the largest energy intensive countries in the World. Energy is a crucial input for India's development process. The need of the hour, therefore, is to meet the energy needs of all segments of India's population in the most efficient and cost-effective manner while ensuring long-term sustainability. IISL has developed CNX Energy Index to capture the performance of the companies in this sector.

Energy sector Index will include companies belonging to Petroleum, Gas and Power sub sectors.

The CNX Energy Index represents about 89.8% and 46.8% of the market capitalization and aggregate turnover of the Energy Sector Universe respectively.

The average total traded value for the last six months of all CNX Energy Index constituents is approximately 7.5% of the traded value of all stocks on the NSE. CNX Energy Index constituents represent about 23% of the total market capitalization as on September 30, 2005.

Methodology
The index is a market capitalization weighted index with base date of January 1, 2001, indexed to a base value of 1000.

Selection Criteria
Selection of the index set is based on the following criteria :

»	Company's market capitalisation rank in the universe should be less than 500
»	Company's turnover rank in the universe should be less than 500
»	Company's trading frequency should be at least 90% in the last one year
»	Company should have a minimum track record of 3 years of operations with a positive networth.
»	A company, which comes out with an IPO, will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.

List of CNX Energy Index stocks Download

Pharmaceuticals sector is one of the key sectors where Indian companies have created a global brand for themselves besides software. Indian companies have taken advantage of the opportunities in the regulated generics market in the western countries and made deep inroads especially in providing low cost equivalents of expensive drugs. Pharma outsourcing into India and low cost Healthcare services are expected to be the key areas of growth in the near future. In addition, the inherent potential of biotechnology has also attracted many new companies and this is also a key growth area for Indian companies. IISL has developed CNX Pharma Index to capture the performance of the companies in this sector.

The CNX Pharma Index represents about 66% and 45.3% of the market capitalization and aggregate turnover of the Pharmaceuticals Sector Universe respectively.

The average total traded value for the last six months of all CNX Pharma Index constituents is approximately 2% of the traded value of all stocks on the NSE. CNX Pharma Index constituents represent about 3.8% of the total market capitalization as on September 30, 2005.

Methodology
The index is a market capitalization weighted index with base date of January 1, 2001, indexed to a base value of 1000.

Selection Criteria
Selection of the index set is based on the following criteria :

»	Company's market capitalisation rank in the universe should be less than 500
»	Company's turnover rank in the universe should be less than 500
»	Company's trading frequency should be at least 90% in the last one year.
»	Company should have a minimum track record of 3 years of operations with a positive networth.
»	A company, which comes out with an IPO, will be eligible for inclusion in the index, if it fulfills the normal eligiblity criteria for the index for a 3 month period instead of a 6 month period.

List of CNX Pharma Index stocks: Download

It is well recognized that quality infrastructure is one of the most important necessities for unleashing high and sustained growth.

Government outlay for infrastructure has increased significantly over the years. Clearly, infrastructure has been a focus area. Over the years, not only have the outlays for budgetary expenditure towards the infrastructure sector been increasing, but private investment is also being encouraged. Earlier, the emphasis was on bringing in more and more projects, now the emphasis also includes encouraging financial products suited for infrastructure.

To meet the financial needs of this public-private partnership, it is necessary to promote standards and raise capital in the most efficient and cost-effective manner while ensuring long-term sustainability. Recognizing the needs of the market, IISL has developed CNX Infrastructure Index to capture the performance of the companies in the infrastructure sector.

CNX Infrastructure Index will include companies belonging to Telecom, Power, Port, Air, Roads, Railways, shipping and other Utility Services providers.

The 25-stock CNX Infrastructure Index represents about 82.77% of the market capitalization and 75.30% of aggregate turnover of the companies forming part of the Infrastructure Sector Universe for the last six months (period ending July 31, 2007).

The average total traded value for the last six months of all CNX Infrastructure Index constituents is approximately 14.73% of the traded value of all stocks on the NSE. CNX Infrastructure Index constituents represent about 21.01% of the total market capitalization as on July 31, 2007.

Methodology
The index is a market capitalization weighted index with base date of January 1, 2004, indexed to a base value of 1000.

Selection Criteria
Selection of the index set is based on the following criteria:

»	Company's market capitalisation rank in the universe should be less than 500
»	Company's turnover rank in the universe should be less than 500.
»	Company should have a positive Net worth.
»	A company, which comes out with an IPO, will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 3 month period instead of a 6 month period.
»	The constituents should be available for trading in the derivatives segment (Stock Futures & Options market) on NSE.

List of CNX Infrastructure Index stocks: Download

The Indian banking system, reaping the benefits of strong credit off take and improved risk management practices, has continued to report increase in earnings over the last five years, while improving on its solvency profile substantially.

The emergence of the rural middle class segment and creation of many jobs in the last five years provided a large market for banks. To cater the needs of potential customers, public sector banks have taken various initiatives to improve their core fee income over the last few years.

The public sector banks with their existing widespread branch network have been primarily increasing their IT related expenditure. The core profitability of the public sector banks continue to rise on the back of improving operating efficiencies. PSU Banks account for 70.3 percent in terms of total assets held for 2006-07 along with total business share amounting to 73 percent for 2006-07.

Consolidation would further improve PSU banks' competitive edge against their private counterparts in servicing customers — both retail and corporate — in the international and domestic markets. Recognizing these changing dynamics of Indian banking industry, IISL has developed PSU Bank Index to capture the performance of the PSU banks.

The CNX PSU Bank Index represents about 89.16% and 90.40% of the full market capitalization and aggregate turnover respectively of the last six months (for the period ended August 28, 2007) of the PSU Banks (sector) Universe respectively.

The average total traded value for the last six months of all CNX PSU Bank Index constituents is approximately 4.86% of the traded value of all stocks on the NSE. CNX PSU Banks Index constituents represent about 3.47 % of the total market capitalization as on August 28, 2007.

Methodology
The index is a Free Float methodology based weighted index with base date of January 1, 2004, indexed to a base value of 1000.

Selection Criteria
Selection of the index set is based on the following criteria:

»	Constituent should be a Public sector bank
»	Constituent's market capitalization rank in the universe should be among the top 500.
»	Constituent's turnover rank in the universe should be in the top 500.
»	Constituent should have a positive Net worth.
»	The constituents should be available for trading in the derivatives segment (Stock Futures & Options market) on NSE.

List of CNX PSU BANK Index stocks: Download

Real estate sector in India is witnessing significant growth. Recent dynamics of the market reflected the opportunity of creating wealth across real estate companies, as proven by recent listings of real estate companies resulting into prominent growth in public funds and private equity.

The main growth thrust is coming due to favorable demographics, increasing purchasing power, existence of customer friendly banks & housing finance companies, professionalism in the real estate sector and favourable reforms initiated by the government to attract global investors.

Further necessitated by the thrust of redevelopment of old buildings, building townships and redeveloping mill lands, one can witness plenty of opportunities in real estate sector backed by favourable tax regime. IISL has developed the CNX Realty Index to synergize these emerging opportunities along with their Index expertise creating new investment avenues for investors.

The CNX Realty Index represents about 91.08% and 64.43% of the full market capitalization and aggregate turnover of the last one month for the period August 28, 2007 of the Real estate sector Universe respectively.

The average total traded value for the last six months of all CNX Realty Index constituents is approximately 6.51% of the traded value of all stocks on the NSE. CNX Realy Index constituents represent about 4.48% of the total market capitalization as on August 28, 2007.

Methodology
The index is a Free Float methodology based weighted index with base date of December 29, 2006, indexed to a base value of 1000.

Selection Criteria
Selection of the index set is based on the following criteria:

»	Constituent should be a Real Estate Company.
»	Company's market capitalization rank in the universe should be among the top 500.
»	Company's turnover rank in the universe should be in the top 500.
»	Company should have a positive Net worth.
»	A company, which comes out with an IPO, will be eligible for inclusion in the index, if it fulfills the normal eligibility criteria for the index for a 1-month period.