Nippon India Mutual Fund announced on 11 September 2024 the launch of ‘Nippon India Nifty 500 Momentum 50 Index Fund', an open-ended scheme replicating/tracking Nifty 500 Momentum 50 Index.
The fund is a passively managed index fund which will employ an investment approach designed to track the performance of Nifty 500 Momentum 50 TRI. The fund is designed to provide investors with a diversified and efficient way to participate in the Indian equity market by investing in the underlying securities of the Nifty 500 Momentum 50 Index in the same proportion. The fund seeks to capitalize on the performance of stocks that have exhibited relatively strong momentum in the recent past.
The NFO opens on 11 September 2024, and closes on 25 September 2024.