I heard opinion that it make no sense to create indexes when field has less changeability.
Eg if it stores only A,B,C,D values then there wouldn't be benefit of having such index, and further more SQL server will not use it at all when executing query.
I wonder your opinion on that matter?
EDIT
Sample usage
Select * FROM Table WHERE Status = 'A' -- A means Active
or combination with other fields
Select * FROM Table WHERE Group_ID = 123 AND Status = 'A'