The S&P BSE Bankex, also referred to as the BSE Bankex, is said to be one of the most influential and powerful stock markets in India. It represents the performance of major banks in the private and public sectors that are traded at the Bombay Stock Exchange (BSE). In October 2025, the Bankex was trading at nearly 64,000, and it is a measure of the uniform soundness and profitability of the Indian financial market. This index not only depicts the performance of banks but also is an indicator of the pulse of the economic well-being of the nation.
What is BSE Bankex?
The S&P BSE Bankex was established on June 23, 2003, on the basis of the increasing banking sector in India. It consists of the 10 best banking stocks in the BSE 500 that represent more than 90 percent of the market capitalization of the banking industry. It also operates on a Modified Market Capitalization Weighted Procedure whereby no single stock is allocated above 22 percent weight in the index. Bankex is rebalanced biannually, once in June and once in December, to ensure that there is proper representation of the high-performing banks in India.
What is the Difference between Bankex and Bank Nifty?
The distinction between Bankex and Bank Nifty is limited to the exchange that they signify, the number of constituent stocks, and the way they are calculated. The Bankex (S&P BSE Bankex) is a BSE index that measures the performance of the 10 best-performing banking stocks, including HDFC Bank, ICICI Bank, and SBI. It calculates index value using the free-float market capitalization technique. The Bank Nifty (Nifty Bank), on the other hand, is also managed by the National Stock Exchange (NSE) and comprises 12 leading Indian banking stocks, which are also weighted by market capitalization. Basically, Bankex is a measure of the performance of the banking sector in the BSE and Bank Nifty in the NSE, with subtle differences in stock content and approach.
What is the Difference between Bankex and Sensex?
The distinction between Bankex and Sensex is due to their sector-centeredness. They both are Bombay Stock Exchange indices, though the Sensex monitors the behavior of the 30 leading companies in various sectors of the Indian economy, giving a broad picture of the market, while the Bankex monitors only banks and financial sector companies, giving a narrow industry picture. Whereas Sensex is regarded as a pointer of the economic well-being of India, Bankex reflects the trends, as well as performance in the banking industry, on its own.
Bankex Existing Performance and Market Overview
The BSE Bankex Index is 63,937.20, indicating a high of 64,567.69 and a low of 64,268.84 as of 15th October, 2025.
| Period | Return (%) |
|---|---|
| 1 Week | +1.4% |
| 1 Month | +4.1% |
| 1 Year | +9.1% |
| 3-Year CAGR | 12.3% |
It has shown a strong performance through a 10-year CAGR of 12.3% in the past decade, indicating its ability to withstand economic dynamics.
BSE Bankex Constituents (2025)
The Bankex consists of the 10 biggest banks in India, including an amalgamation of heavyweight banks of the private and robust government sector.
| Company | CMP (₹) | Weight (%) | Market Cap (₹ Crore) | P/E | Dividend Yield (%) |
|---|---|---|---|---|---|
| HDFC Bank | 983.20 | 33.47 | 15,06,948 | 21.35 | 1.12 |
| ICICI Bank | 1,402.35 | 22.24 | 9,86,367 | 18.64 | 0.80 |
| State Bank of India (SBI) | 885.30 | 18.20 | 8,12,986 | 10.23 | 1.81 |
| Kotak Mahindra Bank | 2,162.30 | 9.51 | 4,27,368 | 22.31 | 0.12 |
| Axis Bank | 1,200.75 | 8.07 | 3,66,155 | 13.14 | 0.08 |
| Bank of Baroda | 268.30 | 3.09 | 1,38,075 | 7.10 | 3.13 |
| Yes Bank | 23.33 | 1.63 | 75,324 | 27.50 | 0.00 |
| IDFC First Bank | 72.38 | 1.32 | 54,611 | 41.97 | 0.34 |
| IndusInd Bank | 742.15 | 1.28 | 59,506 | 50.64 | 0.00 |
| Federal Bank | 215.50 | 1.18 | 51,363 | 12.68 | 0.58 |
The three leading banks: HDFC Bank, ICICI Bank, and SBI account for almost 74 percent of the aggregate weight of the index, and so are the largest movers in the market.
How the Bankex is Calculated
The BSE Bankex has a modified market-weighted Formula:
Index
Value=∑(Pi×Sharesi×IWFi×FXRate)
Where:
- Pᵢ = Price of the stock
- Sharesᵢ = Total shares issued
- IWF 3 = Investible Weight Factor.
- FXRate = Exchange rate adjustment of foreign-listed entity.
This guarantees equal representation so that no one stock has to control the index.
Bankex Historical Performance Timeline
| Period | Market Movement | Key Events |
|---|---|---|
| 2003–2008 | Rapid rise | Credit expansion and banking boom |
| 2008–2009 | Decline | Global financial crisis |
| 2014–2019 | Steady growth | Digital banking & NPA reforms |
| 2020 | Sharp dip & recovery | COVID-19 pandemic |
| 2022–2025 | Sustained uptrend | Strong profitability and stable interest rates |
Key Drivers Influencing Bankex
The Bankex index is highly sensitive to events in the macro economy. The following are the key aspects that influence its movement:
- Monetary Policy: Alterations in the RBI repo rates influence lending margins and profitability.
- Credit Growth: Retail, housing, and corporate loan expansion increase valuations.
- NPA Levels: Reduced bad assets result in confidence among investors.
- Government Reforms: Such programs as Jan Dhan Yojana, PSB recapitalization, and Digital India contribute to the strengthening of the banking ecosystem.
- Fintech Integration: Partnership with online media boosts productivity.
Bankex vs Nifty Bank Index
| Feature | BSE Bankex | Nifty Bank |
|---|---|---|
| Launch Year | 2003 | 2009 |
| Constituents | 10 | 12 |
| Base Year | 2002–03 = 1000 | 2000 = 1000 |
| Method | Modified Market Cap Weighted | Free-Float Market Cap Weighted |
| Rebalancing | Semi-Annual | Quarterly |
| Dominant Banks | HDFC, ICICI, SBI | HDFC, ICICI, Axis |
| 3-Year CAGR | 12.3% | 11.9% |
Although Nifty Bank concentrates on the NSE-listed banks, Bankex gives a wider and a little more stable view of the Indian banking sector of the BSE.
Financial Ratios and Valuation Metrics (October 2025)
| Metric | Value |
|---|---|
| P/E Ratio | 15.6 |
| P/B Ratio | 2.70 |
| Dividend Yield | 0.81% |
| 1-Year CAGR | 10.1% |
| 5-Year CAGR | 18.8% |
| 10-Year CAGR | 12.3% |
These point to the average valuations having consistent long-term returns, which make Bankex a sound reference point for investors aiming to get exposure to the Indian banking market.
Live Bankex Stocks Overview
| Bank | Last Price (₹) | Intraday Range (₹) | Change (%) |
|---|---|---|---|
| HDFC Bank | 983.20 | 979.60 – 986.95 | +0.41 |
| ICICI Bank | 1,402.35 | 1,399.05 – 1,410.10 | +0.28 |
| SBI | 885.30 | 882.50 – 888.85 | −0.10 |
| Axis Bank | 1,200.75 | 1,196.95 – 1,217.65 | +2.72 |
| Kotak Mahindra Bank | 2,162.30 | 2,148.75 – 2,187.70 | +0.63 |
| Federal Bank | 215.50 | 214.50 – 216.60 | −0.39 |
| Bank of Baroda | 268.30 | 265.70 – 269.20 | −0.04 |
| IDFC First Bank | 72.38 | 72.02 – 73.57 | −0.77 |
| IndusInd Bank | 742.15 | 734.80 – 746.20 | +0.24 |
| Yes Bank | 23.33 | 23.29 – 23.47 | 0.00 |
It is an overview of the real-time activity of important stocks that are the movers of the index.
Bankex Investment Insights
BSE Bankex is a critical measure that is used by investors, traders, and fund managers to measure the prowess of the banking industry in India.
Why Investors Track Bankex:
- Shows the profitability of the banking industry in terms of net interest margins.
- The economic sentiment and trends in the credit cycle.
- ETFs, used by mutual funds, and derivatives, used to hedge or gain exposure.
- Categories comparing the performance of a track between the sector and the private sector.
Popular Investment Options:
- Bankex ETFs (Exchange-Traded Funds)
- BSE Bankex Futures and Options.
- Banking stocks Sectoral Mutual Funds.
BSE Bankex F&O Expiry Cycle (October 2025 Update)
By October 2025, the S&P BSE Bankex Future and Options contracts will have an expiry on the final Thursday of each month, under the revised structure by SEBI and BSE. In case the last Thursday is a market holiday, then the expiry will automatically move to the prior trading day.
Key Highlights
- Next Expiry: 30 October 2025
- Last Expiry: 26 September 2025
- Upcoming Expiry: 27 November 2025
- Contract Type: Monthly, quarterly, and half-yearly futures & options
- Weekly Expiry: Discontinued since mid-2025
Evolution of Bankex Expiry Schedule
| Period | Expiry Day | Effective From | Reason/Remarks |
|---|---|---|---|
| Pre-Oct 2023 | Friday | Until 13 Oct 2023 | Original schedule |
| Oct 2023 – Dec 2024 | Monday | 16 Oct 2023 | To avoid overlap with Bank Nifty expiry |
| Jan 2025 – Aug 2025 | Tuesday | 1 Jan 2025 | BSE derivative alignment update |
| Sep 2025 onward | Thursday | 1 Sep 2025 | Harmonized with SEBI’s market framework |
Important Notes
- Quarterly & Half-Yearly Expiry: Takes place on the last Thursday of the period in question.
- Holiday Rule: When Thursday is a holiday, the expiry is changed to Wednesday.
Outlook for 2025–2026
Market analysts believe that the Bankex will keep on its growth curve up to 2026, fueled by:
- Stable NPAs below 3.5%
- Increased credit demand in the retail sector and MSMEs.
- Heightened fintech partnership between banks.
- Possible reduction in the rate of RBI improving liquidity.
Should these trends persist, this might hit the ₹68,000-mark in mid-2026, and will continue its good performance through the years as an indicator of the financial well-being of India. The reason why Bankex is important to the Indian Economy.
Bankex Represents:
- Over 30% of the Sensex weight
- The credit and investment flow of India.
- The initial actor in the macroeconomic policy changes.
When this is performing well, it is an indicator that the economy is growing and is stable enough to prompt it to participate more in the market.
Conclusion
The BSE Bankex is not a mere stock market index; it is a mirror of the economic revolution in India and the prowess of its banking system. The index reflects the performance of both the strength of privately driven innovation and the strength of the state through HDFC Bank, ICICI Bank, and SBI. By October 2025, at around ₹64,000, the Bankex is still an icon of development, stability, and modernization. It has the highest long-term CAGR of more than 12, which makes it a good indicator of the financial development within India, which is followed by investors, economists, and policymakers.
FAQs
Ans. The BSE Bankex is a sectoral stock market index that tracks the performance of leading public and private banks listed on the Bombay Stock Exchange (BSE).
Ans. It was launched on June 23, 2003, to represent the overall performance of India’s banking sector.
Ans. As of 2025, the Bankex consists of 10 major banking stocks, including HDFC Bank, ICICI Bank, and SBI.
Ans. The index is rebalanced twice a year—in June and December—to ensure it reflects the most accurate market representation.
Ans. As of October 2025, the BSE Bankex trades around ₹64,000, showing consistent growth driven by strong financial fundamentals in the banking sector.
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