The S&P CNX
IT Sector Index
Information Technology (IT) industry has played a major role in the Indian economy during the last few years. A number of large, profitable Indian companies today belong to the IT sector and a great deal of investment interest is now focused on the IT sector. In order to have a good benchmark of the Indian IT sector, IISL developed the CNX IT sector index.
CNX IT is an index comprised of the most liquid and large capitalization IT stocks, traded on the NSE, engaged in the business of software or hardware. CNX IT provides investors and market intermediaries with an appropriate benchmark that captures the performance of the IT segment of the market. The index is a market capitalization weighted index with base date being 1st January 1996 and base index value being 1000. Companies selected in the index have to be IT stocks which should rank high in terms of market value represented by their market capitalization and liquidity.
How will CNX IT Index futures and options benefit investors?
CNX IT index will benefit investors who have a portfolio comprising of IT stocks and wish to hedge their risks against the volatility of the IT sector. It will also help those investors who wish to take a view on the overall movement of the IT sector.
What is the minimum contract size and tick size for CNX IT futures and options contract?
The minimum lot size (multiplier) of the contract is 10 so that the value of the contract is
the CNX IT Index times 10. The minimum tick size by which the CNX IT index futures & options contract can be bought or sold shall be 0.05 index points i.e. orders can be placed at minimum price intervals of 0.05.
What will be the contract life cycle?
CNX IT index futures & options contracts will have a maximum 3-month expiration cycle. This way, at any point in time, there shall be 3 contracts available for trading in the market i.e. one month, two months and three months duration respectively. All contracts will expire on the last Thursday of the respective months.
How would CNX IT index futures and options be settled?
CNX IT futures and options would be cash settled like Nifty futures and options currently are.
How can I buy or sell the CNX IT index?
The CNX IT index futures and options contracts can be purchased or sold just like any other futures and options contracts through any of the NSE trading members. You may contact your trading member for more details on buying and selling the CNX IT index futures and options contracts.
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