In this paper we consider noisy index coding problem over AWGN channel. We give an algorithm to map the index coded bits to appropriate sized PSK symbols such that for the given index code, in general, the receiver with large amount of side information will gain in probability of error performance compared to the ones with lesser amount, depending upon the index code used. We call this the \textbf{PSK side information coding gain}. Also, we show that receivers with large amount of side information obtain this coding gain in addition to the bandwidth gain whereas receivers with lesser amount of side information trade off this coding gain with bandwidth gain. Moreover, in general, the difference between the best and worst performance among the receivers is shown to be proportional to the length of the index code employed.

11 pages and 12 figures. Few tables have been included