NSE’s index services subsidiary, NSE Indices, on Friday launched a new strategy index — Nifty500 Equal Weight — which represents an alternative weighting strategy to its parent index, the Nifty 500. It includes the same companies as the Nifty 500, however, weighed equally, an NSE press release said.The base date for the index is April 1, 2005, and the base value is 1000. The index is reconstituted on a semi-annual basis and weights are rebalanced on a quarterly basis.The index is expected to act as a benchmark for asset managers and a reference index tracked by passive funds in the form of Exchange Traded Funds (ETFs), index funds and structured products, the release said.It comes as a second consecutive launch by the NSE Indices. On Thursday, NSE Indices had launched a new thematic index — Nifty EV & New Age Automotive index — which will track the performance of companies forming a part of the EV ecosystem or are involved in the development of new-age automotive vehicles or related technology.In a separate press release issued on Thursday, NSE said it was India’s first- ever Electric Vehicle Index. “The new index is expected to act as a benchmark for asset managers and be a reference index tracked by passive funds in the form of Exchange Traded Funds (ETFs), index funds and structured products,” the release said.The base date for the index is April 2, 2018, and the base value is 1000 and the index will be reconstituted semi-annually and rebalanced on a quarterly basis.Commenting on the development, Mukesh Agarwal, CEO of NSE Indices, said, “Nifty EV & New Age Automotive index aligns with NSE’s vision to provide innovative indices in line with market trends. The launch of the Nifty EV & New Age Automotive index will facilitate relation of products, which will create opportunity for asset managers to invest in the electric vehicle and new age automotive market thereby providing an investment vehicle to investors.”Currently there are 17 thematic indices on the NSE viz. Nifty Commodities, Nifty India Consumption, Nifty CPSE, Nifty Energy and Nifty Infrastructure.Apart from thematic indices, NSE operates Broad Market Indices (like Nifty, Nifty Next 50, Nifty 100, Nifty 100 etc) and 15 sectoral Indices including Nifty Bank, Nifty IT and Nifty Auto.It also operates Strategy Indices and Fixed Income Indices.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)