Nifty Junior Index

The next rung of liquid securities after S&P CNX Nifty is the CNX Nifty Junior index. It may be useful to think of the S&P CNX Nifty and the CNX Nifty Junior as making up the 100 most liquid stocks in India.

As with the S&P CNX Nifty, stocks in the CNX Nifty Junior are filtered for liquidity, so they are the most liquid of the stocks excluded from the S&P CNX Nifty.

The maintenance of the S&P CNX Nifty and the CNX Nifty Junior are synchronised so that the two indexes will always be disjoint sets; i.e. a stock will never appear in both indexes at the same time. Hence it is always meaningful to pool the S&P CNX Nifty and the CNX Nifty Junior into a composite 100 stock index or portfolio.

The main features:

CNX Nifty Junior represents about 10% of the total market capitalisation as on August 31, 2004

The average traded value for the last six months of all Junior Nifty stocks is approximately 8% of the traded value of all stocks on the NSE

Impact cost for CNX Nifty Junior for a portfolio size of Rs.2.50 million is 0.30%

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