Free-float is a term used to denote the number of outstanding shares that are not restricted from trading or closely held.
Restricted shares are the share that can be traded unless certain conditions are met and are typically held by the management. Closely held shares are the shares held by major long-term investors or insiders.
NIFTY 50 and SENSEX, the 2 major Indian stock market indices, are calculated based on free-float market capitalisation.
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