BSE 200

The BSE 200 (S&P BSE 200) is a diversified equity index maintained by Asia Index Private Limited comprising the 200 largest companies by free-float market capitalisation listed on the Bombay Stock Exchange — spanning large-cap and the upper segment of mid-cap companies, representing approximately 85% to 87% of BSE's total listed market capitalisation. The index includes all BSE 100 constituents plus an additional 100 companies that extend coverage into the upper mid-cap universe — providing a broader representation of India's established corporate sector than the Sensex or BSE 100 alone. The BSE 200 is calculated and maintained using free-float market capitalisation weighting methodology with semi-annual reviews. It serves as the underlying benchmark for BSE-based factor indices and thematic products — providing a larger stock universe for constructing factor portfolios compared to the narrower large-cap indices. The BSE 200's coverage of both large-cap and upper mid-cap segments makes it particularly relevant for multi-cap and flexi-cap fund managers who invest across the market capitalisation spectrum — it represents a practical proxy for the investable universe available to these actively managed fund categories. Investors benchmarking multi-cap or flexi-cap fund performance often reference the BSE 200 alongside the Nifty 500 to assess whether the fund has generated genuine alpha relative to its opportunity set, adjusting for the specific portfolio's actual market-cap composition.