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In summary
NIFTY Midcap 150 is a broad-market index designed to represent India's mid-cap segment. It uses free-float market capitalisation to determine constituent weights.
- The index contains 150 companies from the NIFTY 500 universe.
- Constituents are ranked 101st to 250th by full market capitalisation.
- The index uses free-float market capitalisation for weighting.
- It is calculated in real time and rebalanced semi-annually.
- The index accounted for 18.18% of NSE free-float market capitalisation on 30 March 2026.
- Its April 2026 factsheet reported 20.07% five-year CAGR on a total-return basis.
The index can be tracked through index funds and ETFs, but investing in it still involves equity-market risk.
What is NIFTY Midcap 150?
NIFTY Midcap 150 is a broad-market index representing 150 companies ranked 101st to 250th by full market capitalisation from the NIFTY 500 universe. NSE Indices describes it as an index intended to measure the performance of mid-market-capitalisation companies.
The index was launched on 1 April 2016, while its base date is 1 April 2005 and its base value is 1,000. Its level is calculated in real time using the free-float market-capitalisation methodology.
The terms full market capitalisation and free-float market capitalisation serve different purposes. Full market capitalisation is used for determining the company's rank, while free-float market capitalisation is used for calculating index weights.
How are companies selected for NIFTY Midcap 150?
The index draws its constituents from the NIFTY 500. Under the current methodology, securities are considered for inclusion based on their full market capitalisation ranking, with eligibility and buffer rules designed to manage changes in constituents.
The basic market-cap classification aligns with SEBI's definition of mid-cap companies as those ranked from 101st to 250th by full market capitalisation.
The index is therefore not simply a collection of any 150 companies with a particular rupee-value market capitalisation. Its composition is determined through the NIFTY 500 universe and the prescribed index methodology.
How is NIFTY Midcap 150 weighted?
NIFTY Midcap 150 uses free-float market capitalisation weighting.
Free-float market capitalisation reflects the value of shares that are available for public investment rather than the full shareholding of a company. A company with a larger free-float market capitalisation therefore generally has a larger influence on the index.
This means the index is not equally weighted. Changes in larger constituents can have a greater effect on the index than equivalent percentage changes in smaller constituents.
The weighting methodology also means that the sector composition can change as the market capitalisation of companies changes.
How often is NIFTY Midcap 150 rebalanced?
NIFTY Midcap 150 is rebalanced semi-annually, with changes effective on the last working day of March and September.
This process allows the index to reflect changes in the underlying NIFTY 500 universe and the market-capitalisation ranking of eligible companies.
As a result, the companies and their weights in the index should not be assumed to remain unchanged over time.
What is the current NIFTY Midcap 150 performance?
Historical performance should always be read with its measurement date and return methodology.
NSE Indices' April 2026 factsheet reported the following performance:
| Period | Price return | Total return |
|---|---|---|
| 1 year | 10.70% | 11.40% |
| 5 years | 19.23% CAGR | 20.07% CAGR |
| Since inception | 15.78% CAGR | 17.12% CAGR |
Last updated: September 2026
The total-return index includes dividends, while the price-return index reflects changes in constituent prices. The figures above are historical and do not indicate future returns.
NSE Indices also reported that the NIFTY Midcap 150 represented approximately 18.18% of the free-float market capitalisation of NSE-listed stocks as of 30 March 2026.
What sectors are represented in NIFTY Midcap 150?
The index provides exposure across multiple sectors rather than concentrating exclusively on one industry. In the April 2026 factsheet, Financial Services had the largest sector weight at 27.97%, followed by Capital Goods at 14.06% and Healthcare at 9.56%.
Other represented sectors included automobiles and auto components, consumer services, information technology, consumer durables, FMCG, chemicals, metals and mining, power, telecommunications, and realty.
Sector weights can change as constituent prices and the index composition change.
How can you invest in NIFTY Midcap 150?
You cannot buy an index directly. Instead, you can obtain exposure through financial products designed to track it.
NIFTY Midcap 150 index funds
Index mutual funds can be structured to track the NIFTY Midcap 150. The fund attempts to replicate the index rather than independently select stocks to outperform the benchmark.
You can explore mid-cap mutual funds when comparing the broader mid-cap category.
NIFTY Midcap 150 ETFs
ETFs are traded on stock exchanges and can provide exposure to the securities represented by the underlying index. You can read more about ETFs to understand their trading mechanism, costs, and risks.
An ETF tracking NIFTY Midcap 150 may not deliver exactly the same return as the index because of expenses, transaction costs, tracking differences, and other factors.
Buying individual constituents
You could theoretically purchase the individual stocks in the index, but replicating all 150 constituents in their respective weights requires substantial capital, ongoing monitoring, and portfolio rebalancing.
For investors seeking index exposure, an index fund or ETF can therefore provide a more direct way to track the benchmark.
What are the risks of NIFTY Midcap 150?
The index provides diversified exposure across 150 companies, but diversification does not eliminate equity-market risk.
Market risk
Mid-cap companies can experience significant price movements. Economic conditions, earnings, interest rates, liquidity, sector developments, and investor sentiment can affect constituent prices.
Concentration risk
Although the index contains 150 companies, its free-float weighting means larger constituents have greater influence. Sector weights can also be uneven.
Tracking risk
An index fund or ETF may not perfectly replicate the benchmark. Expense ratios, transaction costs, portfolio adjustments, and other factors can create a difference between fund performance and index performance.
Valuation risk
Strong historical performance does not mean that every constituent is attractively valued. Investors should consider valuation, earnings, portfolio composition, and market conditions rather than relying only on index returns.
How does NIFTY Midcap 150 differ from other indices?
NIFTY 100 represents the top 100 companies from the NIFTY 500 by full market capitalisation, whereas NIFTY Midcap 150 covers ranks 101 to 250.
NIFTY Smallcap 250 covers the next segment, broadly representing companies ranked 251st to 500th within the NIFTY 500 universe.
This creates distinct market-cap segments, although the composition and rankings can change during index reviews.
Investors can also compare large-cap mutual funds and small-cap mutual funds when assessing exposure across market-cap segments.
Who may consider NIFTY Midcap 150 exposure?
NIFTY Midcap 150 exposure may be relevant to investors who understand equity-market volatility and want exposure specifically to the mid-cap segment.
Before investing, consider your investment horizon, risk tolerance, existing asset allocation, and the level of mid-cap exposure already present through other holdings.
Your risk appetite is one factor to consider, but it should not be the sole basis for deciding whether an investment is appropriate.
For mutual fund investing, the Bajaj Broking website provides access to 4,000+ mutual fund schemes, subject to applicable terms and conditions.
How can you assess an NIFTY Midcap 150 investment?
A practical assessment should go beyond historical returns.
- Benchmark: Confirm that the fund or ETF actually tracks NIFTY Midcap 150.
- Tracking difference: Check how closely the product has followed the index.
- Costs: Review the expense ratio and applicable transaction costs.
- Liquidity: For ETFs, examine trading volume and bid-ask spreads.
- Portfolio: Review the current constituents and sector allocation.
- Investment horizon: Consider whether you can tolerate equity-market fluctuations for the required period.
- Existing exposure: Check whether other funds already provide substantial mid-cap exposure.
You can use the mutual fund calculator, lumpsum investment calculator, step-up SIP calculator, or SIP return calculator from Bajaj Finance to create mathematical illustrations. These calculators do not predict actual investment returns.
Conclusion
NIFTY Midcap 150 is a broad-market index representing 150 companies ranked 101st to 250th by full market capitalisation within the NIFTY 500. It uses free-float market capitalisation weighting and is rebalanced semi-annually.
It can be accessed through index funds and ETFs, but the index remains exposed to equity-market fluctuations. Historical returns, constituent composition, tracking difference, costs, sector allocation, and your existing portfolio should all be considered when evaluating exposure.
Last reviewed: September 2026
Mutual funds are subject to market risk. Please read the scheme-related documents carefully before investing.
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Why does NIFTY Midcap 150 contain companies outside the current mid-cap ranking?
The index uses the NIFTY 500 universe and specific eligibility and buffer rules. Consequently, constituent changes are not necessarily triggered by every small movement in a company's market-capitalisation rank. The methodology is designed to manage turnover during reviews.
Does NIFTY Midcap 150 include newly listed companies?
Newly listed securities can be considered under specific eligibility rules. The current methodology provides a shorter data requirement for newly listed securities than the standard period used for established securities.
Why can an index fund's return differ from NIFTY Midcap 150?
An index fund incurs expenses and may experience tracking differences arising from cash holdings, transaction costs, portfolio adjustments, and other operational factors. Therefore, its return may not exactly match the index.
Does an ETF tracking NIFTY Midcap 150 have the same price as the index?
No. The index level and an ETF's market price are different measures. The ETF's price is determined through exchange trading, while the index represents the calculated value of its constituent basket.
Can NIFTY Midcap 150 exposure overlap with an active mid-cap fund?
Yes. An active mid-cap fund can hold some or many of the same companies included in NIFTY Midcap 150. Comparing portfolios can help identify the extent of overlap before adding another mid-cap investment.
Does NIFTY Midcap 150 provide equal exposure to all 150 companies?
No. It uses free-float market capitalisation weighting. Larger eligible companies therefore generally receive higher weights than smaller constituents.
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Disclaimer
Mutual Fund SIP calculator may provide potential investors an approximate estimate on the maturity amount of the monthly SIP, purely based on mathematical calculation of the projected annual return rate selected by investor. However, such calculation does not factor the actual performance by the Asset Management Company (AMC) and should not be treated as any advice or assurance about the actual return of investment. Mutual Funds do not have a fixed rate of return and it is not possible to predict the rate of return. Please note that the SIP calculator are for illustrations only and do not represent actual returns which may vary depending on various factors including but not limited to actual performance, expense ratio, taxation, exit load (if any), etc.