New Delhi, July 15 -- Ever heard of the Nifty Waves index? Or the Nifty Sugar and Ethanol index?

Don't be surprised if you haven't. Not every index launched by a stock exchange ends up as a benchmark for mutual funds-some are too niche to be noticed.

Only a small fraction of niche indices that stock exchanges have started in recent years are used by asset management companies as benchmarks or tracked by passive products. Many niche indices merely exist, without any meaningful investor participation.

Niche indices are highly specific gauges that go beyond broad market categories, focusing on narrower segments of sectors, themes or investment factors. The Nifty Waves index, launched in May 2025, tracks companies in films, television, dig...