Mumbai: NSE-arm, India Index Services & Products Ltd (IISL) has decided to rename Nifty Free Float Midcap 100 and Nifty Free Float Smallcap 100 indices as Nifty Midcap 100 and Nifty Smallcap 100 respectively, from April 2.
The index provider has also revised the stock selection criteria for these indices.
"Effective April 2, 2018, Nifty Free float Midcap 100 and Nifty Free float Smallcap 100 indices will be renamed as Nifty Midcap 100 and Nifty Smallcap 100 respectively," IISL said in a statement today.
At the same time, IISL said it would discontinue two other indices, Nifty Full Midcap 100 and Nifty Full Smallcap 100, from April 2.
According to the revised selection norm for Nifty Midcap 100, the index will include all the companies from Nifty Midcap 50, while the remaining half of the companies will be taken basis average daily turnover from Nifty Midcap 150 index.
Currently, companies within the range of 75th to 90th percentile based on average freefloat market capitalisation, are ranked in descending order of average daily turnover for the last six months for final selection of midcap 100 stocks.
Similarly, the Nifty Smallcap 100 index would include all the companies from Nifty Smallcap 50 and the remainder would be selected based on average daily turnover from top 150 firms selected based on full market capitalisation from Nifty Smallcap 250 index.
Companies within the range of 90th to 95th percentile based on average freefloat market capitalisation are ranked in the descending order of average daily turnover for the last six months for final selection of 100 companies, under this index presently.
Moreover, IISL has also changed the selection criteria for Nifty 200 stocks, which represents the combined movement in large and midcap securities.