This is in sharp contrast to the S&P CNX Nifty, which is more representative in terms of sectoral weightage. Herein, the infotech sector has the highest weightage of 24.53 per cent, followed FMCG stocks at 22.89 per cent. To that effect, the Nifty draws a better picture of the market movements than the BSE Sensex.

The Sensex has only two infotech stocks within its fold - index heavyweight Infosys Technologies and education major NIIT Ltd. While Infosys enjoys a weight of 20.41 per cent, NIIT is much lower down at 3.22 per cent. On the contrary, the Nifty has three infotech stocks - Infosys, Satyam and NIIT, at 15.70 per cent, 6.34 per cent and 2.49 per cent, respectively. In terms of market capitalisation (one of the main criteria for inclusion in an index), Wipro is at the top. However, the non-inclusion of the stock, both in the Sensex and Nifty, is justified on account of a low floating stock. With the promoter holding 75 per cent of the total equity of 22.91 crore shares, the counter is relatively illiquid. On the other hand, Satyam Computers, with a good floating stock and high market capitalisation, could be considered for a slot in the Sensex. Satyam Computers' market capitalisation is, in fact, higher than that of NIIT. Besides, it already has a presence in the Nifty.

While the infotech sector is at least represented, telecom and media sectors are almost absent in the indices. Even though the two sectors have been the fancy of punters and investors for quite some time, they are conspicuous by their absence in the both indcies. Apart from MTNL (which has a weight of 6.17 per cent in the Sensex and 4.76 per cent in the Nifty), there are no other stocks of the telecom sector in either the Sensex or the Nifty. So far as media is concerned, both the indices draw a blank. The non-inclusion of a stock like Zee Telefims (clearly a market favourite) is really surprising.

The FMCG sector, which has heavyweights like Hindustan Lever and ITC Limited in the two indices, clearly seems to be a favourite with BSE. Although the sector has not been faring well on the bourses, with the notable exception of HLL, it continues to occupy the number one slot in the Sensex weightage. In fact, most of the FMCG stocks are at their respective lows on account of a flat growth in topline and bottomline.

In the FMCG sector, the Sensex has stocks like HLL, ITC, Nestle and Colgate Palmolive. Despite the hammering of the stocks on the bourses, the FMCG sector continues to enjoy a pre-dominant position in the Sensex. On NSE, on the other hand, the sector's weightage in the Nifty is lower than the infotech sector.

It is time that officials wake up to the realities and make the indices more reflective of the market movements. This is not say that the index should be skewed in favour of the IT sector - just that the sector should get its due weightage.