Direct Answer
The Nifty Total Market is a rule-based measurement of broad Indian 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 Total Market covers broad Indian 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 index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
Free float market capitalization weighted across all constituents with no capping.
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
Every constituent of the Nifty 500 and the Nifty Microcap 250 at all times, giving one index across large, mid, small and microcap segments with no separate screens of its own.
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
Semi-annual reconstitution aligned with the Nifty 500 and Nifty Microcap 250, effective from the last trading day of March and September using six month data ending January and July. Ad hoc changes follow an exit from either index, suspension, delisting or scheme of arrangement.
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
A quarterly screen against SEBI's January 2019 portfolio concentration norms for ETFs and index funds can trigger corrective measures outside the semi-annual review.
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 Total Market constituents
NSE Indices / Asia Index publishes and licenses the Nifty Total Market 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 Total Market?
NSE Indices / Asia Index maintains the Nifty Total Market and publishes the methodology document that defines its eligibility and weighting rules.
What does the Nifty Total Market measure?
It measures broad Indian 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 Total Market 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.