Axis Mutual Fund has launched the Axis Nifty IT Index Fund, an open-ended index fund tracking the NIFTY IT TRI. The fund manager, Mr. Hitesh Das, will manage the fund, which aims to provide returns before expenses that correspond to the total returns of the NIFTY IT TRI, subject to tracking errors.
The minimum investment amount is Rs. 5,000 and in multiples of Re. 1/- thereof. The fund aims to replicate a stock market index in terms of the portfolio, ensuring a performance fairly identical to that of the index being tracked. Investors can also invest in Sector-Based Index Funds to capitalize on growth opportunities in that sector.
Technology is a focal point for businesses across sectors, with Indian technology companies consistently increasing their market share. The IT space is the largest single service exporter industry in India, with exports of over US$ 194 billion annually.
