India’s burgeoning Media & Entertainment (M&E) sector has received a significant boost with the launch of the Nifty Waves Index at the World Audio Visual & Entertainment Summit (WAVES) 2025 in Mumbai. Maharashtra Chief Minister Devendra Fadnavis unveiled the index, a new benchmark designed to track the performance of listed companies within India’s dynamic creative economy. This move is expected to provide valuable insights for investors and further unlock the potential of the nation’s media, entertainment, and gaming industries.
The Nifty Waves Index encompasses 43 companies listed on the National Stock Exchange (NSE) that represent the diverse spectrum of India’s M&E landscape. This includes sectors such as film, television, digital platforms, music, and the rapidly expanding gaming industry. With a base date set at April 1, 2005, and a base value of 1000, the index will serve as a key indicator of the overall health and growth of this vibrant segment of the Indian economy.
Speaking at the launch, Chief Minister Devendra Fadnavis emphasized the immense potential of India’s creative industries, stating, “India’s next significant export is its imagination—our stories, music, innovation, and creative spirit. Through WAVES, we are building a bridge between our rich cultural heritage and our boundless digital future. The launch of the Nifty Waves Index has provided us with a tool to measure success in this field and inspire many more entrepreneurs.”
The Nifty Waves Index employs a methodology based on free-float market capitalization, with the weight of each stock capped at 5%. This approach ensures a diversified representation of the sector while preventing any single stock from unduly influencing the index’s performance. The index will be reconstituted semi-annually and rebalanced on a quarterly basis to reflect changes in the market capitalization and composition of the constituent companies.
As of April 30, 2025, the top constituents of the Nifty Waves Index by weight include:
- Nazara Technologies Ltd. (5.23%)
- Zee Media Corporation Ltd. (5.15%)
- Zee Entertainment Enterprises Ltd. (5.14%)
- Hathway Cable & Datacom Ltd. (5.07%)
- TV Today Network Ltd. (5.07%)
Other prominent companies in the index include Saregama India Ltd., PVR INOX Ltd., Network18 Media & Investments Ltd., Den Networks Ltd., and Tips Music Ltd., showcasing the diverse nature of India’s creative economy.
Ashishkumar Chauhan, MD & CEO of the National Stock Exchange of India, highlighted the significance of the new index, stating, “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.” The NSE envisions the Nifty Waves Index as a valuable tool for investors, analysts, and policymakers, providing a clear and measurable way to track the growth and evolution of India’s M&E industry. It is also seen as a potential gateway for global investors looking to tap into India’s burgeoning creative sectors.
The launch of the Nifty Waves Index was a key highlight of WAVES 2025, a summit promoted by the Ministry of Information and Broadcasting, Government of India. The event serves as a platform for discussions, collaborations, and innovations within the M&E industry, bringing together leaders and stakeholders from across the globe. The introduction of this sector-specific index underscores the growing recognition of the M&E industry’s economic significance and its potential as a major driver of India’s future growth.
Key Highlights:
- The Nifty Waves Index, comprising 43 NSE-listed companies, was launched at WAVES 2025 by Maharashtra CM Devendra Fadnavis.
- The index aims to track the performance of India’s media, entertainment, and gaming sectors, providing a benchmark for investors.
- Key constituents include Nazara Technologies, Zee Media, Zee Entertainment, and Hathway, with the index using free-float market capitalization weighting and a 5% cap per stock.
- The launch is seen as a significant step in recognizing and promoting the growth potential of India’s creative economy.