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BSE to launch bank index tomorrow

Our Bureau

MUMBAI, June 14

WITH bank stocks in the limelight, the Bombay Stock Exchange (BSE) has decided to launch a new index BANKEX, comprising stocks from the banking sector, based on the free float method from Monday.

The new index would comprise 12 stocks, representing 90 per cent of the total market capitalisation of listed bank stocks.

The BSE in a statement on Saturday said since bank stocks were emerging as a major segment in the equity market, the exchange had designed an index, computed on free float methodology, with base date as on January 1, 2002.

Under the free-float method, only the non-promoter holding is included and is an internationally accepted norm today. The BSE has already launched BSE TECk index, tracking the media-telecom and IT sectors, based on the free-float method.

The statement said between January 1, 2002 and June 13, 2003, the total market capitalisation of BANKEX stocks more than doubled from Rs 22,970 crore to Rs 55,283 crore.

BANKEX stocks along with the particulars of their free float adjusted market capitalisation are listed below:

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