NSE Indices, a subsidiary of the National Stock Exchange (NSE), launched the Nifty Waves Index on 2 May 2025. The index includes 43 listed companies from the media, entertainment, and gaming sectors, reflecting the evolving dynamics of India’s creative economy.
The index was officially launched at the World Audio Visual & Entertainment Summit (WAVES) 2025 in Mumbai by the Chief Minister of Maharashtra, Devendra Fadnavis.
WAVES 2025, promoted by the Ministry of Information and Broadcasting (Government of India) and inaugurated by Prime Minister Narendra Modi, serves as a premier platform for dialogue, collaboration, and innovation within the Media & Entertainment industry.
India’s Media & Entertainment sector—spanning film, television, music, digital platforms, and gaming—is experiencing a significant transformation, driven by technological advancement and creative innovation.
The Nifty Waves Index is weighted by free-float market capitalization, with each stock capped at 5%. The base date for the index is 1 April 2005, and the base value is 1,000. It is reconstituted semi-annually and rebalanced quarterly. All Indian-domiciled companies listed or permitted to trade on the NSE are eligible for inclusion.
As of 30 April 2025, the index recorded a -26.08% total return over the past year, with a 4.04% CAGR since inception.
Key constituents of the index include: Nazara Technologies (5.23%), Zee Media Corporation (5.15%), Zee Entertainment Enterprises (5.14%), Hathway Cable & Datacom (5.07%) and TV Today Network (5.07%).
Ashishkumar Chauhan, MD & CEO, National Stock Exchange of India commenting on the Nifty Waves index said, 'We are proud to introduce the Nifty Waves index, designed to provide deep insights into the performance of one of India’s most dynamic sectors. It offers us a benchmark to understand market trends and unlock the full potential of India’s creative economy.'