Axis Mutual Fund announced the launch of the Axis Nifty IT Index Fund. It is an open-ended Index Fund tracking the Nifty IT TRI Index. Should you invest in this fund?
What is the Nifty 50 IT Index?
The Nifty IT index captures the performance of Indian IT companies. The Nifty IT Index comprises of 10 companies listed on the National Stock Exchange (NSE).
The Nifty IT index is computed using the free float market capitalization method with a base date of Jan 1, 1996, indexed to a base value of 1000 wherein the level of the index reflects the total free float market value of all the stocks in the index relative to a particular base market capitalization value. The base value of the index was revised from 1000 to 100 with effect from May 28, 2004.
Nifty IT Index can be used for a variety of purposes such as benchmarking fund portfolios, and launching of index funds, ETFs, and structured products.
The current constituents of this Index are as below with their % of the…
