Direct Answer
The Nifty Midcap 150 is a rule-based measurement of Indian mid-cap equity benchmark, maintained by NSE Indices / Asia Index. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The Nifty Midcap 150 covers Indian mid-cap equity benchmark, within the India market. NSE Indices / Asia Index defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The name states a target of 150 companies. A target is not a guarantee of the exact count on any given day: corporate actions, dual share classes and pending additions all move the real number around it.
How constituents are weighted
Free float market capitalization weighted with no capping and a fixed number of stocks. Selection uses full market capitalization rank within the Nifty 500.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
Companies ranked 101 to 250 on full market capitalization within the Nifty 500, so Nifty 500 membership is required. They also need an investible weight factor of at least 0.10 or a free float size test against the smallest member.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
When the membership is revised
Reviewed semi-annually using six months of data ending January and July. At most 15 replacements per review, not counting forced exclusions. Entry tests cite a top 225 full market cap rank and a size of at least 1.5 times the smallest member, and a stock exits when removed from the Nifty 500 or ranked below 275.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
Entry tests cite a top 225 rank within the Nifty 500 but removal happens only below rank 275, a 50 place buffer.
References
- NSE Indices / Asia Index: NSE Indices Limited, Methodology Document for Equity Indices (September 2026), as published 2026. Every rule described on this page is taken from this document.
Current Nifty Midcap 150 constituents
NSE Indices / Asia Index publishes and licenses the Nifty Midcap 150 constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Emerging Markets indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the Nifty Midcap 150?
NSE Indices / Asia Index maintains the Nifty Midcap 150 and publishes the methodology document that defines its eligibility and weighting rules.
What does the Nifty Midcap 150 measure?
It measures Indian mid-cap equity benchmark. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current Nifty Midcap 150 constituents?
NSE Indices / Asia Index publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.