Nifty Midcap 150

The NIFTY Midcap 150 Index is a stock market index of the National Stock Exchange of India that measures the performance of the mid-cap segment of the Indian equity market. It consists of the 150 stocks ranked 101 to 250 by full market capitalization from the NIFTY 500 index. The index is calculated using the free-float market capitalization method, which means that only shares that are available for trading are considered.

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What is the Nifty Midcap 150?

The Nifty Midcap 150 Index is a free-float market capitalization-weighted index of the 150 mid-cap stocks (ranked 101-250) listed on the National Stock Exchange (NSE) of India. The index was launched on April 1, 2005, with a base value of 1,000.

The Nifty Midcap 150 Index aims to measure the performance of the mid-cap segment of the Indian stock market. Mid-cap companies are those with market capitalizations that fall between those of large-cap and small-cap companies.

The Nifty Midcap 150 Index can be used for a variety of purposes, such as:

  • Benchmarking fund portfolios

  • Launching index funds and ETFs

  • Creating structured products

Highlights of Nifty Midcap 150 

  • The index's base date is April 01, 2005, with an initial value of 1000.

  • The index comprises 150 companies ranked 101-250 based on full market capitalization from the Nifty 500 Index.

  • It measures the performance of mid-market capitalization companies.

  • Since inception, the Nifty Midcap 150 Index has consistently outperformed the Nifty 100, Nifty Smallcap 250, and Nifty 500 Index, boasting a 17.0% annual growth rate compared to 15.4%, 15.7%, and 15.0% growth rate respectively.

  • On a rolling return basis, the Nifty Midcap 150 Index has surpassed the Nifty 100 Index 75.8% and 96.3% of the time for 7-year and 10-year periods respectively.

  • Companies within the index exhibit a broad spectrum of full market capitalization, ranging from ₹7,766 to 1,59,747 crores. 

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Performance of Nifty Midcap 150 vs Other Indices 

The Nifty Midcap 150 is poised to outperform established benchmarks, promising superior returns that will significantly contribute to wealth creation.
Following is the performance of Nifty MidCap 150 over the years with other indices: 

As on 31st July 2023 5 Years 10 Years 18 Years
Nifty MidCap 150 18.7% 21.5% 14.6%
NSE MidCap 100 15% 17% 14%
Nifty Small Cap 250 14% 19% 12.5%
Nifty 50 10.5% 13.4% 12.3%


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Which are the Constituent Stocks of the Nifty Midcap 150 by Weightage?

The top 10 stocks as of 31 July, 2023, for the Nifty MidCap 150 Index are as follows:

Name of company Weight (%)
Shriram Finance Ltd. 2.37%
Max Healthcare Institute Ltd. 2.07%
Trent Ltd. 1.83%
AU small finance bank Ltd. 1.65%
Indian Hotels Co. Ltd. 1.64%
Tube Investment of India Ltd. 1.51%
TVS Motor co. Ltd. 1.51%
Federal Bank Ltd. 1.50%
Power Finance Corporation Ltd. 1.43%
Yes Bank Ltd 1.40%
Total 17.1%
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Other stocks of the Nifty Midcap 150 Index are:

  • MRF Ltd.

  • LIC Housing Finance Ltd.

  • Zee Entertainment Enterprises Ltd.

  • Persistent Systems Ltd.

  • Varun Beverages Ltd.

  • Max Financial Services Ltd.

  • Ashok Leyland Ltd.

  • APL Apollo Tubes Ltd.

  • Bharat Forge Ltd.

  • Page Industries Ltd.

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Sectoral Representation of Nifty Midcap 150 Index by Weightage

Here is the sectoral representation of the Nifty Midcap 150 Index as of 31 July 2023, by weightage:

Sector Weightage (%)
Financial Services 22.88%
Capital Goods  13.52%
Healthcare 11.74%
Automobile and Auto Components 9.44%
Chemicals 6.25%
Information Technology 5.66%
Consumer Services  5.25%
Consumer Durables  4.86%
Realty  3.56%
Oil, Gas & Consumable Fuels 3.30%
Power 2.75%
Services 2.26%
Construction Materials 1.77%
Metals & Mining 1.66%
Telecommunication 1.48%
Fast Moving Consumer Goods 1.39%
Media, Entertainment & Publication  1.26%
Diversified 0.53%
Textiles 0.44%
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The maximum weightage of about 22.88% for the index is distributed towards the Financial Services sector, as of July 31, 2023. The minimum exposure of Nifty Midcap 150 Index is towards textiles stocks that accounted for only around 0.44% of the index.

What Are the Returns of Nifty Midcap 150 Index Over the Years?

As of July 31, 2023, the Nifty Midcap 150 has returned 16.97% since its inception.

Below are the returns of this index:

Investment Period Price Returns (%) Total Returns
1 year 26.31% 27.15%
5 year 16.23% 17.25%
Since Inception 15.54% 16.97%


Is the Nifty Midcap Index Fund a Smart Investment?

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The Nifty Midcap Index Fund can be a smart investment for investors who are looking for growth, diversification, and exposure to high-growth companies. 

  • Mid-cap companies are typically growing faster than large-cap companies. This is because they are newer and have more room to expand. In the last 15 years, the Nifty Midcap 150 index has delivered an annual average return of 16.5%, compared to 12.5% for the Nifty 50 index.

  • The Nifty Midcap 150 index is a diversified index, which means that it is composed of a wide range of companies from different sectors. This helps to reduce risk, as not all of the companies in the index will be affected by the same economic factors.

  • Mid-cap companies are more focused on the Indian economy than large-cap companies. This means that they are less susceptible to the volatility of the global economy.

  • The power of compounding can help investors to grow their wealth over the long term. By investing in a Nifty Midcap Index Fund, investors can take advantage of the power of compounding.

This index can be particularly appealing for investors seeking to capitalize on India's economic growth story while minimizing exposure to global economic fluctuations. 

However, as with any investment, it's essential to conduct thorough research, consider your financial goals and risk tolerance.

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Nifty Midcap 150 Index Methodology

The Nifty Midcap 150 Index Methodology outlines how the index is constructed and maintained. It follows a transparent and rules-based approach to represent the performance of mid-sized companies listed on the NSE. Here's an overview of the methodology:

Eligibility Criteria:

  • Companies must be a part of the Nifty 500 to be considered for the Nifty Midcap 150 index.

  • Securities will be included if their rank based on full market capitalization is within the top 225.

  • Companies will be included if their full market capitalization is at least 1.50 times that of the last constituent in the Nifty Midcap 150.

  • Eligibility for newly listed securities is determined based on three-month data instead of the usual six-month period.

Exclusion Criteria: 

Securities will be excluded if their market capitalization rank falls below 275 or if they are removed from the Nifty 500.

Index Re-Balancing:

  • The index is re-balanced twice a year.

  • Re-balancing is based on data from the six months ending January 31 and July 31 of each year.

  • A four-week notice is provided to the market before any changes take effect.

Index Governance:

  • NSE Indices Limited manages all NSE indices using a professional team.

  • The governance structure consists of three tiers:

  • Board of Directors: Oversees NSE Indices Limited.

  • Index Advisory Committee (Equity): Provides advisory insights.

  • Index Maintenance Sub-Committee: Manages index maintenance processes.

Many believe that investing in large-cap funds is better than mid-cap funds, but let's explore the truth behind this idea.

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Why are Midcap Funds Better than Large Cap Funds?

Mid-cap funds offer advantages over large-cap funds for several reasons:

  • Diversified Sector Exposure: Mid-cap funds typically provide more diversified sector exposure compared to large-cap funds. This diversification can reduce risk by minimizing the impact of poor performance in any single sector.

  • Domestic Growth Focus: Mid-cap funds often have a greater exposure to sectors that are oriented towards domestic growth. This positions investors to benefit from India's expanding economy, without being overly reliant on global market trends.

  • Consumption and Investment Cycle: Investing in mid-cap funds can be a better way to tap into India's consumption and investment cycles. These funds tend to include companies that are well-positioned to benefit from increased consumer spending and government-led infrastructure initiatives.

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Midcaps have significantly outperformed large caps over the last 15 years

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How to Take the Advantage of Nifty Midcap 150 Index?

Earn big with the Nifty Midcap 150 Index! It has delivered a return of 21% over a decade, showcasing its potential. Now, grab this opportunity in a hassle-free way through ICICI Prudential's plans like Save N Grow and EzyGrow on policybazaar. Don't miss out on this chance to grow your investments with a trusted name!

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How to Buy a Midcap Fund from Policybazaar?

Follow the steps below:

Step 1: Start by visiting the Policybazaar website or app. If you don't have an account,
create one or log in.

Step 2: Go to the investments section within the platform.

Step 3: Input essential information such as your city, age, and name.

Step 4: Compare various plans using criteria like their performance, ratings, and other relevant information.

Step 5: Opt for the ICICI Prudential Investment Plan to take advantage of the Midcap Fund.

Step 6: Select "Invest Now" and proceed by following the prompts displayed on the screen to finalize your purchase.

Step 7: Provide the required KYC details and complete the payment procedure.

Step 8: Upon successful payment, you'll receive confirmation of your purchase.

FAQs on Nifty Midcap 150 Index

  • What is the Nifty Midcap 150 Index?

    The Nifty Midcap 150 Index is a stock market index in India. It comprises the top 150 companies that fall within the mid-cap category based on their market capitalization. This index serves as a benchmark to track the performance of mid-sized companies in the Indian stock market.
  • When was Nifty Midcap 150 started?

    Launch Date

    1 April 2016

    Base Date

    1 April 2005

    Base Value


    Number of Constituents/Companies



    Free Float Market Capitalization


  • What is the market capital of Midcap companies?

    The market capitalization of the Nifty Midcap 150 Index is around ₹15K Cr to ₹50K Cr.
  • Which investment plan includes the midcap index fund?

    The ICICI Prudential Save N Grow and EzyGrow plans presents the benefits of a midcap index fund. It provides an opportunity to invest in the top 150 mid cap stocks, selected based on their market capitalization. With a remarkable 21% return over the past 10 years (as of July 27th, 2023), this plan has the potential to significantly boost the growth of your portfolio.
  • How is the Nifty Midcap 150 Index different from other indices?

    The Nifty Midcap 150 Index is a vital tool to measure the performance of the mid-cap segment, offering insights to investors and analysts about trends, strengths, and weaknesses. It distinguishes itself from larger and smaller counterparts, making it a valuable tool to assess mid-cap company performance in the Indian stock market.
  • What are the popular midcap indices in India 2023?

    Popular Midcap indices are: 
    • Nifty MidCap 150

    • Nifty 50

    • NSE MidCap 100

    • Nifty Small Cap 250

  • What is the performance of the Nifty Midcap 150 Index?

    The Nifty Midcap 150 Index has outperformed the Nifty 500 Index over the long term. In the past 5 years, the Nifty Midcap 150 Index has returned an average of 17.12% per year, while the Nifty 500 Index has returned an average of 15.50% per year.
  • What is the difference between an index fund and actively managed fund?

    Parameters Index Funds Actively Managed Funds
    Definition Index funds are passively managed investment vehicles that aim to replicate the performance of a specific market index, such as the Nifty 50 or Sensex Actively managed funds are investment funds where portfolio managers make active decisions about which securities to buy and sell in order to outperform the market.
    Performance Mimic Benchmark May or may not beat benchmark
    Risk Profile No Added Risk Might have risk depending on the performance
    Underperforming in the market No Yes
    Bias investing No Yes
    Charges Low charges Very high charges as a fund manager handles the funds
  • How can I invest in the Nifty Midcap 150 Index?

    You can invest in the Nifty Midcap 150 Index through a variety of investment products, such as index funds, like the one offered by ICICI Prudential, exchange-traded funds (ETFs), and structured products.
  • What are the benefits of investing during an NFO (New Fund Offer)? 

    Investing during an NFO can offer the following advantages:
    • Lower Price: During an NFO, you can buy the fund's units at a fixed price, usually Rs 10 each. This could be great because if the price goes up later, you'll make more money.

    • Smaller Fund Size/AUM (Assets Under Management): Since the fund is new, it doesn't have a lot of money to manage yet. This can make it easier to handle and might help you make more money in the first few years.

    • Start Early: Investing in an NFO means you're there from the beginning. This could be a good thing because as the fund grows, you could get better returns.

  • Who should invest in the Nifty Midcap 150 Index?

    The Nifty Midcap 150 Index is a good investment for investors who are looking for growth potential. The index is also a good option for investors who want to diversify their portfolio beyond the Nifty 50 Index.

*Past 10 Year annualised returns as on 01-09-2023
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan.
Tax benefit is subject to changes in tax laws. Standard T&C Apply
^10(10D) Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.

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