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New bank index launched

MUMBAI SEPT. 16. A new bank index — CNX Bank Index — comprising the most liquid and large capitalised Indian banking stocks, has been launched by the India Index Services and Products Limited (IISL) a joint venture of Crisil and the National Stock Exchange from September 15.

The index will have 12 bank stocks which trade on the NSE. The selection criteria are based on the liquidity and market capitalisation. The bank stocks selected in the index are among the most liquid in terms of trading turnover and trading frequency and account for over 87 per cent market capitalisation of the banking sector, says a release.

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