The Nifty Midcap 100 tracks 100 tradable mid cap stocks listed on the National Stock Exchange. It helps investors follow this part of the Indian equity market and serves as a benchmark for funds and other index-linked products. This article explains how the index works, how its constituents are selected and how investors can gain exposure to it.
Table of Contents
What is the Nifty Midcap 100 Index?
The Nifty Midcap 100 is a broad-market equity index designed to measure the performance of the mid cap segment. It consists of 100 tradable stocks listed on the NSE.
Mid cap companies occupy the middle part of the listed-company market-capitalisation range. Under the classification used for mutual funds, companies ranked from 101st to 250th by full market capitalisation are treated as mid cap companies.
The index was launched on 18 July 2005. Its base date is 1 January 2003, and its base value is 1,000. It is calculated in real time using the free float market capitalisation method.
Source: NSE Indices, Nifty Midcap 100 Factsheet, 31 August 2026; SEBI, Categorization and Rationalization of Mutual Fund Schemes, 6 October 2017.
Key Takeaways
- The Nifty Midcap 100 tracks 100 tradable mid cap stocks listed on the National Stock Exchange.
- All Nifty Midcap 50 companies form part of the index, while the remaining stocks are selected from the Nifty Midcap 150 using turnover-based rules.
- Each constituent is weighted using its free float market capitalisation rather than its total market capitalisation or share price alone.
- The index is reviewed semi-annually using 31 January and 31 July as the cut-off dates.
- Investors can access the index through eligible index funds or ETFs, but returns can differ from the index because of expenses and tracking difference.
Why investors track the Nifty Midcap 100
The index gives investors a consistent way to observe the performance of a sizeable group of mid cap companies.
- Mid cap market indicator: Its movements offer a view of how the represented part of the mid cap market is performing.
- Performance benchmark: Fund managers and investors can compare a portfolio’s performance with a relevant mid cap benchmark.
- Sector-level view: Changes in sector weights and constituent performance can show which areas are influencing the index.
- Passive investment benchmark: The index can serve as the underlying benchmark for index funds and ETFs.
- Market comparison: Investors can compare it with indices such as the Nifty 50 and Nifty Midcap 150 to understand how different market segments are performing.
Tracking an index does not mean that every constituent moves in the same direction. Stocks with larger index weights have a greater effect on its movement.
Nifty Midcap 100 composition
The index contains companies from several areas of the economy. Its constituents and sector weights change as share prices move and the index is reviewed.
As of 31 August 2026, the ten largest constituents by weight were:
| Company | Index weight |
| BSE Ltd. | 3.84% |
| Federal Bank Ltd. | 2.52% |
| Multi Commodity Exchange of India Ltd. | 2% |
| Laurus Labs Ltd. | 2.13% |
| One 97 Communications Ltd. | 2.07% |
| Hero MotoCorp Ltd. | 2.03% |
| Coforge Ltd. | 1.98% |
| IndusInd Bank Ltd. | 1.92% |
| PB Fintech Ltd. | 1.86% |
| Bharat Heavy Electricals Ltd. | 1.85% |
Financial services had the highest sector weight at 29.34%, followed by capital goods at 14.33% and healthcare at 9.96%. These figures are a dated snapshot and will change with market movements and index revisions.
Source: NSE Indices, Nifty Midcap 100 Factsheet, 31 August 2026.
Please note that the reference to any industry/sector/stock is provided for illustrative purposes only. This should not be construed as a research report or a recommendation to buy or sell any security or sector.
How are Nifty Midcap 100 stocks selected?
The index follows a defined selection process rather than choosing the 100 companies with the highest share prices or market capitalisations.
- All companies included in the Nifty Midcap 50 are included in the Nifty Midcap 100.
- The remaining companies are selected from the Nifty Midcap 150.
- A security can be included if its average daily turnover rank is among the top 70 companies in the Nifty Midcap 150.
- An existing constituent can be removed if its average daily turnover rank falls below 130 or it leaves the Nifty Midcap 150.
- A company added to the Nifty Midcap 50 is also added to the Nifty Midcap 100 if it is not already present.
These entry and exit bands reduce unnecessary constituent changes near a single ranking threshold.
Source: NSE Indices, Nifty Midcap 100 Factsheet, 31 August 2026.
How is the Nifty Midcap 100 calculated?
The Nifty Midcap 100 uses the free float market capitalisation method. A company’s free float market capitalisation is calculated from the shares considered available for public trading rather than all shares issued by the company.
A simplified representation is:
Free float market capitalisation = Share price x Equity shares outstanding x Investible weight factor
The index compares the combined free float market value of its constituents with the base market capitalisation. Companies with larger free float market capitalisations generally receive higher index weights and have a greater influence on index movements.
The index is reviewed twice a year. The cut-off dates are 31 January and 31 July, and six months of data ending on the relevant date are considered. NSE Indices provides four weeks’ notice before changes take effect.
Corporate actions and constituent changes are adjusted so that these events do not create an artificial break in the index level.
Does the Nifty Midcap 100 have a share price?
The Nifty Midcap 100 does not have a share price because it is an index, not a company or security. It has an index level, which represents the combined movement of its constituents according to their weights.
Each company in the index has its own share price. An ETF tracking the index also has a traded market price, while an index mutual fund has a net asset value. These figures should not be confused with the Nifty Midcap 100 index level.
The index level changes throughout the trading day, so investors looking for its current value should refer to NSE or another recognised live-market source.
Price index vs Total Returns Index
The Nifty Midcap 100 is available as a Price Return Index and a Total Returns Index.
- Price Return Index: Reflects changes in constituent share prices.
- Total Returns Index: Includes share-price movements and assumes that dividends received from constituents are reinvested.
The Total Returns Index is generally the more relevant benchmark when comparing investment performance because it accounts for dividends. An index fund or ETF may still earn a different return because of expenses, tracking difference, cash holdings and portfolio adjustments.
Historical returns of the Nifty Midcap 100
Historical returns show how the index performed over different periods. The Price Return Index captures changes in constituent share prices, while the Total Returns Index also assumes that dividends are reinvested.
As of 31 August 2026, the Nifty Midcap 100 had delivered the following returns:
| Period | Price Return Index | Total Returns Index |
| Quarter to date | 3.57% | 3.77% |
| Year to date | 6.18% | 6.68% |
| 1 year | 15.25% | 15.94% |
| 5 years | 17.71% p.a. | 18.56% p.a. |
| Since inception | 19.22% p.a. | 20.79% p.a. |
Quarter-to-date, year-to-date and one-year figures are absolute returns. Returns for periods longer than one year are compounded annualised returns.
The difference between the two variants reflects the contribution of reinvested dividends. These are index returns and should not be treated as the returns of an index fund or ETF. A product tracking the index may deliver a different return because of expenses, tracking difference, cash holdings and portfolio adjustments.
Past performance may or may not be sustained in future
Source: NSE Indices, Nifty Midcap 100 Factsheet, 31 August 2026.
How to read Nifty Midcap 100 market data
Market platforms display several figures for the Nifty Midcap 100. Each one tells you something different about the index.
- Index level shows the index’s current value relative to its base value and does not represent a rupee investment amount.
- Daily change shows how much the index has risen or fallen during the trading day in points and percentage terms.
- Period return measures the change in the index over a selected period, such as one month, one year or five years.
- P/E ratio compares the combined market value of the constituent companies with their earnings.
- P/B ratio compares the constituent companies’ market value with their reported book value.
- Dividend yield indicates the dividends represented by the index relative to its current market value.
These figures change with share prices, earnings, dividends and constituent revisions. Compare valuation ratios with their own historical levels and similar indices rather than reading them in isolation.
As of 31 August 2026, the index had a P/E ratio of 30.95, a P/B ratio of 4.43 and a dividend yield of 0.54%. These figures are a dated snapshot and should be checked against the latest NSE Indices factsheet before use.
Source: NSE Indices, Nifty Midcap 100 Factsheet, 31 August 2026.
What influences the Nifty Midcap 100?
The index moves as the market values of its constituents change. Several factors can affect these companies at the same time.
- Corporate earnings: Sales, margins, borrowing costs and profit expectations can influence constituent share prices.
- Economic conditions: Consumer demand, business investment and economic activity can affect the prospects of mid cap companies.
- Interest rates: Changes in financing costs and market valuations can influence companies and their share prices.
- Sector developments: A major move in a highly weighted sector can have a noticeable effect on the index.
- Investor sentiment: Changes in risk appetite and flows into or out of mid cap stocks can lead to sharp index movements.
- Company-specific developments: Management changes, corporate actions, acquisitions and regulatory developments can affect individual constituents.
The effect of each company depends partly on its weight in the index.
How to invest in the Nifty Midcap 100
You cannot invest directly in an index. Exposure can be obtained through a financial product that tracks it or by purchasing its constituent stocks.
Index funds
A Nifty Midcap 100 index fund seeks to replicate the index by holding its constituents in similar proportions. Investors transact with the mutual fund at the applicable NAV and do not need to buy all 100 stocks individually.
Before investing, compare the scheme’s tracking difference, expense ratio and portfolio disclosures.
Exchange-traded funds
An ETF tracking the Nifty Midcap 100 trades on a stock exchange. Investors generally need a demat and trading account, and transactions take place at the available market price.
Check trading volume, bid-ask spread, tracking difference and expenses before selecting an ETF. Exchange listing does not by itself ensure that units can always be bought or sold close to their NAV.
Direct stocks
An investor could buy constituent stocks directly, but closely replicating the index would require maintaining the correct weights and responding to rebalancing and corporate actions. Buying only a few constituents does not provide the same exposure or returns as the index.
Nifty Midcap 100 index fund vs actively managed mid cap fund
Both may invest in mid cap companies, but their portfolio construction and objectives differ.
| Point of comparison | Nifty Midcap 100 index fund | Actively managed mid cap fund |
| Portfolio approach | Seeks to replicate or track the Nifty Midcap 100 | Fund manager selects securities within the scheme’s investment mandate |
| Objective | Seeks to deliver returns close to the index before expenses | Seeks to meet its stated investment objective through active decisions |
| Stock selection | Determined by the index methodology | Determined by the fund manager |
| Portfolio changes | Follow index rebalancing and corporate actions | Depend on the fund manager’s assessment and scheme mandate |
| Main measure to review | Tracking difference and tracking error | Performance against the benchmark, portfolio strategy and consistency |
| Costs | Generally follows a passive cost structure | May have higher research and portfolio-management costs |
| Return difference | May underperform the index because of expenses and tracking difference | May outperform or underperform its benchmark |
An index fund is not automatically better or worse than an actively managed mid cap fund. Compare the investment approach, risks, costs, portfolio and suitability for your investment horizon.
Nifty Midcap 100 vs Nifty Midcap 150
Both indices represent the mid cap market, but they differ in breadth and selection.
| Point of comparison | Nifty Midcap 100 | Nifty Midcap 150 |
| Number of constituents | 100 | 150 |
| Underlying relationship | Includes all Nifty Midcap 50 companies, with the remaining constituents selected from Nifty Midcap 150 using turnover rules | Represents companies ranked 101st to 250th by full market capitalisation from the Nifty 500 |
| Weighting method | Free float market capitalisation | Free float market capitalisation |
| Base date | 01-Jan-03 | 01-Apr-05 |
| Launch date | 18-Jul-05 | 01-Apr-16 |
| Coverage | A 100-stock subset of the mid cap universe | A broader 150-stock mid cap universe |
| Review frequency | Semi-annual | Semi-annual |
The Midcap 100 should not automatically be described as the 100 largest companies within the Midcap 150. Its official selection process also uses Nifty Midcap 50 membership and average daily turnover.
Source: NSE Indices, Nifty Midcap 100 Factsheet and Nifty Midcap 150 Factsheet, 31 August 2026.
Nifty Midcap 100 vs Nifty 50
The two indices represent different areas of the equity market and should not be treated as substitutes based only on past returns.
| Point of comparison | Nifty Midcap 100 | Nifty 50 |
| Market segment | Mid cap companies | Large and liquid companies |
| Number of stocks | 100 | 50 |
| Weighting method | Free float market capitalisation | Free float market capitalisation |
| Typical risk pattern | Can experience sharper price movements | Generally less volatile than the mid cap segment, though still subject to equity risk |
| Primary use | Tracking and benchmarking the mid cap segment | Tracking and benchmarking leading large cap companies |
Risks and limitations of investing in the Nifty Midcap 100
Index-based investing reduces the need to select individual stocks, but it does not remove equity-market risk.
- Market risk: The value of every constituent can rise or fall with market conditions.
- Mid cap volatility: Mid cap stocks may experience sharper movements than more established large cap stocks.
- Concentration risk: A few sectors or heavily weighted stocks can have a sizeable effect on the index.
- Valuation risk: High valuations can make share prices more sensitive to weaker-than-expected earnings.
- Tracking difference: A fund or ETF may not deliver exactly the same return as its benchmark.
- Liquidity risk: Some underlying stocks or ETF units may be harder to trade at the expected price during unsettled markets.
The index’s past performance does not indicate how it or a product tracking it will perform in the future.
Past performance may or may not be sustained in future
Conclusion
The Nifty Midcap 100 tracks 100 tradable mid cap stocks and provides a benchmark for understanding this part of the Indian equity market. Its constituents are selected through defined Nifty Midcap 50 membership and turnover-based rules, while their weights depend on free float market capitalisation.
Investors considering an index fund or ETF linked to it should look beyond past returns. Tracking difference, expenses, liquidity, investment horizon and the risks associated with mid cap equities also matter.
FAQs
What is the basic objective of the Nifty Midcap 100 Index?
The index is designed to capture the movement of the mid cap segment of the market through 100 tradable stocks listed on the NSE.
How many stocks are included in the Nifty Midcap 100?
The index contains 100 stocks. Its constituents can change during scheduled reviews or when changes to the Nifty Midcap 50 and Nifty Midcap 150 affect eligibility.
When was the Nifty Midcap 100 launched?
The Nifty Midcap 100 was launched on 18 July 2005. Its base date is 1 January 2003, and its base value is 1,000.
How often is the Nifty Midcap 100 rebalanced?
The index is reviewed semi-annually using 31 January and 31 July as the cut-off dates. NSE Indices ordinarily gives four weeks’ notice before the changes take effect.
Is the Nifty Midcap 100 the same as the Nifty Midcap 150?
No. The Nifty Midcap 150 contains 150 companies from the mid cap universe, while the Nifty Midcap 100 contains 100 stocks selected using Nifty Midcap 50 membership and turnover-based rules.
Is the Nifty Midcap 100 the same as the Nifty 100?
No. The Nifty Midcap 100 represents mid cap stocks. The Nifty 100 combines companies from the Nifty 50 and Nifty Next 50 and primarily represents large cap companies.
Can I invest directly in the Nifty Midcap 100?
No. An index is a measurement and cannot be purchased directly. Investors can consider an index fund or ETF that tracks it or buy its constituent stocks individually.
Are Nifty Midcap 100 returns guaranteed?
No. The index moves with the market value of its constituent stocks, and a fund tracking it is also subject to market risk. Returns can be positive or negative over any investment period.
Where can I find the latest Nifty Midcap 100 stocks and weights?
The latest constituent weights, sector representation and valuation indicators are published in the Nifty Midcap 100 factsheet issued by NSE Indices. Since these details change, dated official data should be used for analysis.
