a derivative on a particular stock index which, in this case, happens to be either the Nifty and the Sensex
A futures contract linked to the cash value of a stock index such as Standard & Poor's 500 Index. Allows an investor to invest in the market, rather than individual stocks, to hedge against market declines or to speculate on a market rally.
A contract reflecting the market price of a selected group of common stocks. These stock index futures represent a wide range of stocks and therefore reflect the overall movement trends of the market.