Infrastructure is the foundation of economic growth. In India, the government has been proactively developing state-of-the-art infrastructure to boost businesses across the country and attract businesses around the world. The infrastructure sector includes different industries whether it’s transportation, healthcare, electricity, irrigation facilities, water facilities, and a lot more. All the housing projects and development projects of the government and the corporations fall under this sector and thus it is so crucial to the economy. 

The Indian government has different schemes and plans such as PM Gati Shakti National Master Plan (NMP), Special Accelerated Road Development Programme, and others for the infrastructural development of the country. With all these initiatives, the infrastructure sector in the country is growing significantly well and pushing the economy upward. 

To track this infrastructure sector, we have the S&P BSE India Infrastructure Index. This article will revolve around the intricate details of the index, from its constituents to the performance, to risks involved, and a lot more. 

S&P BSE India Infrastructure Index – Overview & Constituents 

The S&P BSE India Infrastructure index is a 30-stock index that primarily tracks companies that are engaged in infrastructure operations and related segments. The index was launched in the year 2014 on 19 May. 

The S&P BSE India Infrastructure index stocks list includes – (As of 19 March 2025)

Adani Green Energy Limited	KEC INTERNATIONAL LTD.
ADANI PORTS AND SPECIAL ECONOMIC Zone	LARSEN & TOUBRO LTD.
ADANI POWER LTD.	NBCC (India) Limited
CESC LTD.	NCC LIMITED
GAIL (INDIA) LTD.	NHPC LTD.
GMR Airports Limited	NTPC LTD.
GREAT EASTERN SHIPPING CO. LTD.	OIL AND NATURAL GAS CORPORATIONS
GUJARAT PIPAVAV PORT LTD.	OIL INDIA LTD.
GUJARAT STATE PETRONET LTD.	POWER FINANCE CORPORATION LTD.
Indian Railway Finance Corpora	POWER GRID CORPORATION OF INDI
InterGlobe Aviation Limited	Rail Vikas Nigam Limited
IRB INFRASTRUCTURE DEVELOPERS	REC LIMITED
IRCON International Ltd	SJVN LTD
JSW ENERGY LTD	TATA POWER CO. LTD.
KALPATARU PROJECTS INTERNATION	TORRENT POWER LTD.

The top ten stocks by weightage – 

Stocks	Weightage (%)
Larsen & Turbo	12.22
NTPC Ltd.	9.31
InterGlobe Aviation Ltd.	7.53
Oil and Natural Gas Corporation	7.50
Power Grid Corporation of India	7.20
Adani Ports and Special Economic Zone	6.71
Rail Vikas Nigam Ltd.	4.92
Power Finance Corporation Ltd.	4.52
REC Ltd.	3.81
Tata Power Co. Ltd.	3.62

Sectoral Weightage 

Sectors	Weightage (%)
Utilities	29.77
Industrials	29.45
Services	17.36
Energy	13.34
Financial Services	10.08

Selection Criteria

The stock selection criteria for the equity index S&P BSE India Infrastructure index is as follows – 

• The stocks, which are selected for this index have to be a part of the BSE Large Midcap universe. 
• Individual weight of the constituting stocks is capped at 10%
• Common India Industry classification structure macro-economic indicator weight cap has to be 30%. 

Factors Affecting the S&P BSE India Infrastructure Index

The factors that affect the infrastructure sector also affect the performance of the S&P BSE India Infrastructure Index – 

• Raw material Prices: The prices of the raw materials significantly affect the production, cost, revenue, and profit of the infrastructure businesses. When the prices are high enough, that reduces the profits which also reduces investors’ confidence, and the share price drops dragging the index together. 
• Capital Expenditure: India often spends a major chunk of its budget on infrastructure. When the capital expenditure from the government goes down, it affects the businesses and so the index and vice versa. 
• Policies and regulatory framework: Infrastructural development is highly dependent on policies a government makes. Thus, the index is also dependent on government policies and regulatory framework changes. 

S&P BSE India Infrastructure Index Calculation Method

For the S&P BSE India Infrastructure index, the Capped Method is used for weighing the stocks. Individual weight of the constituting stocks is capped at 10%. 

So, the weights are adjusted accordingly to calculate the index valuation. Only when the appropriate weights are assigned to the stocks selected, then all the market capitalization adjusted accordingly, and then summed up. Then the result is divided by the base value and multiplied by 100. 

Performance and Returns

Here are the returns for different periods – 

Price Returns & Total Returns

Period	Price Return (%)	Total Return (%)
YTD	-17.16	-16.62
1 Year	-10.93	-9.36
5 Years	26.76	30.27
10 Years	10.30	13.07

Enjoy investing in the top stocks of the BSE Large Midcap universe with the S&P BSE India Infrastructure index on Shoonya App!

Risk and Volatility

S&P BSE India Infrastructure Index invests across a few sectors which diversify the risk to some extent. Here is the annualized risk of the index and also the adjusted profits accordingly.

Period	Annualized Risk (%)	Annualized Risk-Adjusted Return (%)
1 Year	24.81	-0.38
3 Years	24.55	1.03
5 Years	27.21	1.11
10 Years	24.32	0.54

How to Invest in the S&P BSE India Infrastructure INDEX?

You can invest in the S&P BSE India Infrastructure Index using ETFs, or index funds, or you can trade them on the trading platform. You can also trade S&P BSE India Infrastructure Index futures, and options in the F&O section of Shoonya’s app. To do so, you have to add the index to your watchlist following these steps – 

• Open the Shoonya app.
• Head to the “Watchlist” tab located at the bottom of your screen.
• In the search bar, type “NIFTY IN” or “SENSEX IN” and add it to the watch list, and then you will be able to see the indices. Choose the “S&P BSE India Infrastructure Index”.
• Once you find your desired index, click on the add option given on the right side.
• Now you can see the index on the watchlist. 

Conclusion

Infrastructure is what leads an economy for the future, India is a developing nation, and one of the fastest-developing nations, the infrastructure growth is inevitable. Thus, if you are already investing in infra stocks, or you want to, then tracking this index can be wiser and helpful in your investment journey. 

S&P BSE India Infrastructure Index | FAQs

Source: BSE

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Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.