Nifty Midcap 150

The Nifty Midcap 150 is the comprehensive mid-cap benchmark maintained by NSE Indices Limited comprising all 150 companies ranked 101st to 250th by full market capitalisation on NSE — representing the complete mid-cap universe as defined by SEBI's mutual fund categorisation framework. The index uses free-float market capitalisation weighting and is reviewed semi-annually. The Nifty Midcap 150 is the mandatory benchmark for SEBI-categorised Mid Cap Funds — mutual fund schemes that must invest at least 65% of their assets in mid-cap companies (ranked 101 to 250 by market cap) — making it the primary performance reference for one of India's most popular equity fund categories. With 150 constituents spanning all major sectors, the index provides comprehensive coverage of the mid-cap opportunity set — capturing established businesses with proven models, significant growth runways, and the capacity for meaningful market share expansion that characterises India's most dynamic growth-stage companies. The Nifty Midcap 150 has historically delivered higher long-term returns than the Nifty 50 over multi-year periods but with significantly higher volatility and deeper drawdowns during market downturns. For passive investors seeking complete mid-cap market exposure, Nifty Midcap 150 ETFs and index funds are available as cost-efficient alternatives to active mid-cap funds — though the higher tracking error risk from replicating 150 mid-cap stocks (many with lower liquidity) means index replication costs are inherently higher than for large-cap equivalents.