The Midcap 100 Index and Nifty Midcap 150 Index are important benchmarks for tracking India’s mid-cap segment, but they differ in their selection methodology, number of constituents, and exposure to individual stocks. Understanding the difference between the Midcap 100 Index and Nifty Midcap 150 can help investors and market participants interpret index performance more effectively. Both indices are maintained by NSE Indices and are reviewed on a semi-annual basis.
Differences between Index Midcap 100 and Midcap 150
The Nifty Midcap 150 is a broader mid-cap benchmark comprising 150 companies ranked from 101 to 250 based on full market capitalisation within the Nifty 500 universe. Its objective is to represent the performance of mid-market-capitalisation companies. Because it contains 150 stocks, it provides exposure to a wider range of companies within the mid-cap segment. The index uses the free-float market-capitalisation methodology, meaning constituent weights are based on the proportion of shares available for public trading.
In comparison, the Nifty Midcap 100 Index contains 100 tradable stocks and is designed to capture the movement of the mid-cap segment. Its selection process is linked to the Nifty Midcap 150 universe but places additional emphasis on liquidity. According to the index methodology, it includes constituents from the Nifty Midcap 50 and selects remaining securities based on average daily turnover rankings within the Nifty Midcap 150. Existing constituents can be removed when their liquidity ranking falls below the prescribed threshold or when they leave the Nifty Midcap 150.
The difference in index size is therefore significant. The Nifty Midcap 150 contains 150 stocks, while the Nifty Midcap 100 contains 100 stocks. As a result, the Midcap 150 offers broader representation of the mid-cap universe, whereas the Midcap 100 has a more concentrated basket with a specific liquidity-based selection process. As of March 30, 2026, the Nifty Midcap 150 represented about 18.18% of the free-float market capitalisation of stocks listed on NSE, while the Nifty Midcap 100 represented about 14.91%.
Another difference is liquidity consideration. The Midcap 100 methodology specifically incorporates average daily turnover when selecting and retaining stocks. This means trading activity plays an important role in determining its constituents. The Midcap 150, on the other hand, is primarily constructed around market-capitalisation rankings within the Nifty 500 universe, subject to its eligibility rules.
Both indices are free-float market-cap weighted and are reconstituted semi-annually, generally on the last working day of March and September. Therefore, their constituents and weights can change over time as companies experience changes in market capitalisation, liquidity and eligibility.
Conclusion
In simple terms, the Midcap 100 index provides wider coverage of India’s mid-cap companies, while the Nifty Midcap 100 focuses on 100 tradable stocks with additional liquidity-based selection criteria. Investors comparing these benchmarks should therefore consider not only the number of constituents but also their selection methodology, market-cap exposure and liquidity characteristics. Neither index represents the entire mid-cap market in exactly the same way, making it important to understand their construction before comparing their returns or using them as benchmarks.