BSE-100 INDEX
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Background : A need was felt for a more broad-based index, which can also reflect the movement of stock prices on a national scale because the BSE Sensitive Index has only 30 scrips. Bombay Stock Exchange Limited, started compilation and publication of an index series called "BSE National Index" since 3rd January, 1989.
Coverage : The equity shares of 100 companies from the "Specified" and the "Non-Specified" list of the five major stock exchanges, viz. Mumbai, Calcutta, Delhi, Ahmedabad and Madras have been selected for the purpose of compiling the BSE National Index. The criteria for selection had been market activity, due representation to various industry-groups and representation of trading activity on major stock exchanges.
Base-Year : The financial year 1983-84 has been chosen as the base year. The price stability during that year and proximity to the index series were the main consideration for choice of 1983-84 as the base year.
Method of Compilation : The basic method of compilation is the same as the one used in the case of the BSE Sensitive Index. However, in the case of BSE National Index, a distinction is made between "local scrips" for which prices were taken from only one exchange and "Inter-Exchange scrips" for which an average of the prices quoted on two or more exchanges were considered for index compilation.
Designation of the BSE 100 National Index to the BSE 100 Index
As noted above, the BSE 100 National index used to take prices of certain scrips from other exchanges or weighted average of some scrips which were popular on other exchanges in order to reflect market movements at the national level. However, changes in trading technology, longer trading period and almost instantaneous availability of information across the country have ensured that there is little or no difference in prices of the index scrips. Therefore, the Exchange administration has decided to redesignate the BSE 100 National index as the 'BSE 100' index. Since October 14, 1996, the prices of the BSE are taken to calculate the index.
Shifting of BSE-100 Index to Free-Float Methodology of Index maintenance:
In line with the shift of the BSE Indices to the globally accepted Free-Float methodology, BSE-100 was shifted to Free-Float methodology effective from April 5th, 2004. The method of computaion of Free-Float Index and determination of Free-Float Factors is similar to the methodology described in SENSEX.
Dollex-100:
BSE also calculates a dollar-linked version of BSE-100 index and historical values of this index are available since its inception. (For more details click Dollex series of BSE indices’)
Replacement of Scrips for the BSE-100 Index |
Date | Outgoing Scrips | Replaced by | 30.09.1988 | Ambalal Sarabhai | Wimco | | | | 03.02.1992 | Tribeni Tissues | ITC Bhadrachalam | | | | 03.08.1992 | Zenith Ltd. | I.C.I.C.I | | | | 16.06.1993 | Tea Estates | Harrison Malayalam | | | | 14.10.1996 | Atul Ltd. | BHEL | | Bayer (India) | BSES Ltd. | | Best & Crompton | Castrol India | | DCM Ltd. | Cochin Refineries | | Dunlop India | Guj. Ambuja Cement | | Garware Polyester | HDFC Ltd. | | Harrison Malyalam | Hindustan Petroleum | | Incab Inds. | IDBI | | ION Exchange | IFCI | | Jayant Vitamins | IPCL | | Mafatlal Inds. | MRPL | | Mcleod Russel | MTNL | | Revathi CP | State Bank of India | | Sakthi Sugar | Steel Authority of India | | Shaw Wallace | Sterlite Industries | | | | 05.01.1998 | Brooke Bond-Lipton | Infosys Technology | | | | 10.08.1998 | Pond's (India) | Bank of India | | | | 22.02.1999 | Atlas Copco | ABB Ltd. | | Ballarpur Indus. | Aptech Ltd. | | Baroda Rayon | Bank of Baroda | | Bharat Forge | BFL Software | | Birla Corp. | Bharat Petroleum | | Bombay Dyeing | BPL Ltd. | | Ceat Ltd. | Carrier Aircon | | Century Enka | Cipla Ltd. | | CESC Ltd. | Dabur India | | Clariant | Dr. Reddy's Lab. | | Coats Viyella | Essel Packaging | | Colour Chem | HCL Infosyst. | | Hind. Development | HDFC Bank | | Hind. Motors | Hero Honda | | IFCI Ltd. | Hind Lever Chemical | | India Cement | Hoechst Mar. | | Indian Organic | Indo Gulf Corp. | | ITC Bhadrachalam | Nagarjun Fert. | | J K Corp Ltd. | National Aluminium | | J K Industries | Nicholas Piramal | | J K Synthetics | NIIT Ltd. | | Kesoram Inds. | Novartis | | KSB Pumps | Pentafour Software | | Mcdowell | Punjab Tractor | | MICO | Reliance Petroleum | | Modi Rubber | Satyam Computers | | MRF Ltd. | Smithkline Beecham Consumer | | Mukand Ltd. | Smithkline Pharma. | | National Organic | Tata Infotech | | Premier Auto | Thermax Ltd. | | SIV Industries | Titan Inds. | | SKF Bearings | TVS Suzuki | | Southern Petro | VSNL | | Sundaram Fastners | Wipro Ltd. | | Wimco Ltd. | Wockhardt | | Zuari Inds. | Zee Telefilms | | | | 17.01.2000 | Wockhardt Ltd. | Sun Pharma. (31/01/2000) | | | | 03.10.2000 | Arvind Mills Ltd. | Bharat Electronics Ltd. | | Bata India Limited | Bharat Forge Co. Ltd. | | BFL Software Ltd. | Global Telesystems Ltd. | | Carrier Aircon Ltd. | GNFC Ltd. | | Century Textiles & Indu. Ltd. | HCL Technologies Ltd. | | Cochin Refineries Ltd. | HFCL | | Crompton Greaves Ltd. | Hughes Software Systems Ltd. | | Exide Industries Ltd. | ICICI Bank Ltd. | | ICI India Ltd. | India Cements Ltd. | | Indian Rayon & Indu. Ltd. | Mirc Electronics Ltd. | | MRPL | Nirma Ltd. | | Reckitt & Colman India Ltd. | Silverline Technologies Ltd. | | Tata Infotech Limited. | SSI Ltd. | | Thermax Ltd. | Visualsoft Technologies Ltd. | | Voltas Ltd. | Wockhardt Ltd. | | | | 26.03.2001 | Philips India Ltd. | Indian Oil Corporation | | Gujarat State Fertiliser | Sterlite Optical Technoliges Ltd. | | | | 09.07.2001 | Nagarjuna Fert. & Chemicals Ltd. | Monsanto India Ltd. | | | | 24.10.2001 | Smithkline Pharmaceuticals | Cadila Healthcare | | | | 07.01.2002 | BPL Ltd. | Corporation Bank | | Indian Aluminium | Gas Authority of India | | | | 25.01.2002 | Aptech Ltd. | Digital Global | | | | 13.05.2002 | Sterlite Industries | Neyveli Lignite | | | | 31.05.2002 | ICICI Ltd. | Reliance Capital Ltd. | | | | 10.10.2002 | Reliance Petroleum Ltd. | Bharti Televentures Ltd. | | |
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