MUMBAI: To meet the need of stock markets for a broader index, the BSE has launched the S&P BSE AllCap index with 700 stocks as its constituents. It covers 95% of the market-capitalisation.Till now, while Sensex had 30 stocks as it constituents, the Nifty index of the National Stock Exchange (NSE) formed as the broader index with 50 stocks. The AllCap is BSE’s broader index. It is divided into five size-based indices including LargeCap, MidCap and SmallCap using total market capitalisation and ten sector-based sub-indices. Certain other existing indices on BSE will be replaced by the new indices.The BSE has also launched three strategy indices including S&P BSE Sensex 1x Inverse Daily, S&P BSE Sensex 2x Inverse Daily, S&P BSE Sensex 2x Leverage Daily, were also launched. Basically these indices will be useful for those who take position in markets via structured products. Mostly hedge funds and the likes will track these indices as they are useful for those taking short positions.“The latest launch showcases our constant endeavour to create indices which are transparent, sophisticated and in tune with international standards for investors across geographies,” said Alka Banerjee, CEO, Asia Index a partner of BSE.“Investors want a diversified way of measuring market movements which has a wider coverage of companies as is the global practices. The latest launches will provide investors the much-needed set of tools to make the most of India’s market,” said Ashish Chauhan, MD & CEO, BSE.The existing S&P BSE MID CAP, S&P BSE SMALL CAP, S&P BSE HEALTHCARE, S&P BSE IT and S&P BSE FMCG indices will be replaced with new indices, namely S&P BSE MidCap, S&P BSE SmallCap, S&P BSE Healthcare, S&P BSE Information Technology and S&P BSE Fast Moving Consumer Goods, respectively on the BSE.