--- title: "Nifty Smallcap 100: Methodology" description: "Nifty Smallcap 100 is maintained by NSE Indices / Asia Index and covers Indian small-cap equity benchmark. How the index selects and weights its constituents." canonical: https://www.getswoopr.com/stocks/indexes/nifty-smallcap-100/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Nifty Smallcap 100: What It Measures and How It Is Built ## Direct Answer > The Nifty Smallcap 100 is a rule-based measurement of Indian small-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 Smallcap 100 covers Indian small-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 100 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. 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 All Nifty Smallcap 50 members plus remaining names chosen on average daily turnover from the top 150 Nifty Smallcap 250 constituents ranked by full market capitalization. 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; at most 15 replacements per review, excluding forced removals. A stock is removed if it leaves the Nifty Smallcap 250, ranks below 180 on full market cap, or ranks in the top 180 on market cap but below 130 on turnover. 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 needs a top 70 turnover rank among the 150 largest smallcap names by market capitalisation. A member is dropped on a turnover rank below 130 (if it is in the top 180 by market capitalisation), a market capitalisation rank below 180, or loss of Smallcap 250 status. ## References - [NSE Indices / Asia Index: NSE Indices Limited, Methodology Document for Equity Indices (September 2026)](https://www.niftyindices.com/Methodology/Method_NIFTY_Equity_Indices.pdf), as published 2026. Every rule described on this page is taken from this document. ## Current Nifty Smallcap 100 constituents NSE Indices / Asia Index publishes and licenses the Nifty Smallcap 100 constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights. [NSE Indices / Asia Index: official Nifty Smallcap 100 page](https://www.niftyindices.com/indices/equity/broad-based-indices) ## Related reading - [All stock market indexes](https://www.getswoopr.com/stocks/indexes/): how indexes are built, weighted and revised. - [Emerging Markets indexes](https://www.getswoopr.com/stocks/indexes/emerging-markets/): others covering the same region. - [Index concentration](https://www.getswoopr.com/technical-analysis/market-concentration/index-concentration/): measuring how much of an index sits in its largest holdings. - [Index rebalancing and inclusion effects](https://www.getswoopr.com/stocks/corporate-actions-catalysts/index-rebalancing-and-inclusion-effects/): what happens to a stock when index membership changes. ## Frequently Asked Questions ### Who maintains the Nifty Smallcap 100? NSE Indices / Asia Index maintains the Nifty Smallcap 100 and publishes the methodology document that defines its eligibility and weighting rules. ### What does the Nifty Smallcap 100 measure? It measures Indian small-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 Smallcap 100 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. ## About the author The [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) writes Swoopr Investment's educational library, covering market structure, analysis methods and the mechanics behind the numbers investors read every day. Our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/) set out how this content is produced, reviewed and fixed when it is wrong.