NIFTY Midcap 100 is a stock market index designed and managed by the India Index Services and Products Limited. It comprises 100 diversified companies and is meant to monitor the behaviour of the midcap segment of the Indian market. The index is calculated using free float market capitalisation method.
Companies listed on the Nifty Midcap 100
As of May 31, 2018, the 100 companies which comprise the NIFTY Midcap 100 index have been mentioned below. Of these companies, RBL Bank Limited holds the highest weightage at 2.59% followed by Edelweiss Financial Services Limited at 2.45%. In other sectors such as Construction, Bharat Forge Limited is leading the way at 2.36%.
|Symbol||Name of the Company||Sector|
|SPARC||Sun Pharma Advanced Research Company Ltd.||Pharma|
|SYNGENE||Syngene International Ltd.||Pharma|
|BALKRISIND||Balkrishna Industries Ltd.||Automobile|
|RAMCOCEM||The Ramco Cements Ltd.||Cement & Cement Products|
|COROMANDEL||Coromandel International Ltd.||Fertilisers & Pesticides|
|TATACHEM||Tata Chemicals Ltd.||Chemicals|
|DIVISLAB||Divi's Laboratories Ltd.||Pharma|
|APOLLOTYRE||Apollo Tyres Ltd.||Automobile|
|HUDCO||Housing & Urban Development Corporation Ltd.||Financial Services|
|PIIND||PI Industries Ltd.||Fertilisers & Pesticides|
|RELINFRA||Reliance Infrastructure Ltd.||Energy|
|STRTECH||Sterlite Technologies Ltd.||Telecom|
|IDFCBANK||IDFC Bank Ltd.||Financial Services|
|M&MFIN||Mahindra & Mahindra Financial Services Ltd.||Financial Services|
|TORNTPOWER||Torrent Power Ltd.||Energy|
|CENTRALBK||Central Bank of India||Financial Services|
|RELCAPITAL||Reliance Capital Ltd.||Financial Services|
|NATIONALUM||National Aluminium Co. Ltd.||Metals|
|CHOLAFIN||Cholamandalam Investment and Finance Company Ltd.||Financial Services|
|TATAPOWER||Tata Power Co. Ltd.||Energy|
|JUBLFOOD||Jubilant Foodworks Ltd.||Consumer Goods|
|MANAPPURAM||Manappuram Finance Ltd.||Financial Services|
|RPOWER||Reliance Power Ltd.||Energy|
|IRB||IRB Infrastructure Developers Ltd.||Construction|
|ALKEM||Alkem Laboratories Ltd.||Pharma|
|HEXAWARE||Hexaware Technologies Ltd.||IT|
|IBVENTURES||Indiabulls Ventures Ltd.||Financial Services|
|CROMPTON||Crompton Greaves Consumer Electricals Ltd.||Consumer Goods|
|AUBANK||AU Small Finance Bank Ltd.||Financial Services|
|AIAENG||AIA Engineering Ltd.||Industrial Manufacturing|
|ENGINERSIN||Engineers India Ltd.||Construction|
|TV18BRDCST||TV18 Broadcast Ltd.||Media & Entertainment|
|ADANIPOWER||Adani Power Ltd.||Energy|
|PAGEIND||Page Industries Ltd.||Textiles|
|ICICIGI||ICICI Lombard General Insurance Company Ltd.||Financial Services|
|CANBK||Canara Bank||Financial Services|
|PCJEWELLER||PC Jeweller Ltd.||Consumer Goods|
|FCONSUMER||Future Consumer Ltd.||Consumer Goods|
|IDBI||IDBI Bank Ltd.||Financial Services|
|NAUKRI||Info Edge (India) Ltd.||IT|
|TVSMOTOR||TVS Motor Company Ltd.||Automobile|
|CASTROLIND||Castrol India Ltd.||Energy|
|JUBILANT||Jubilant Life Sciences Ltd.||Pharma|
|PRESTIGE||Prestige Estates Projects Ltd.||Construction|
|GSPL||Gujarat State Petronet Ltd.||Energy|
|JSWENERGY||JSW Energy Ltd.||Energy|
|IDFC||IDFC Ltd.||Financial Services|
|BATAINDIA||Bata India Ltd.||Consumer Goods|
|NBCC||NBCC (India) Ltd.||Construction|
|JINDALSTEL||Jindal Steel & Power Ltd.||Metals|
|IGL||Indraprastha Gas Ltd.||Energy|
|RBLBANK||RBL Bank Ltd.||Financial Services|
|ENDURANCE||Endurance Technologies Ltd.||Automobile|
|GODREJIND||Godrej Industries Ltd.||Consumer Goods|
|NATCOPHARM||NATCO Pharma Ltd.||Pharma|
|VGUARD||V-Guard Industries Ltd.||Industrial Manufacturing|
|UNIONBANK||Union Bank of India||Financial Services|
|DHFL||Dewan Housing Finance Corporation Ltd.||Financial Services|
|DISHTV||Dish TV India Ltd.||Media & Entertainment|
|ABFRL||Aditya Birla Fashion and Retail Ltd.||Consumer Goods|
|MRPL||Mangalore Refinery & Petrochemicals Ltd.||Energy|
|CENTURYTEX||Century Textile & Industries Ltd.||Cement & Cement Products|
|EDELWEISS||Edelweiss Financial Services Ltd.||Financial Services|
|SUZLON||Suzlon Energy Ltd.||Industrial Manufacturing|
|GODREJAGRO||Godrej Agrovet Ltd.||Consumer Goods|
|OBEROIRLTY||Oberoi Realty Ltd.||Construction|
|IBREALEST||Indiabulls Real Estate Ltd.||Construction|
|AMARAJABAT||Amara Raja Batteries Ltd.||Automobile|
|RAJESHEXPO||Rajesh Exports Ltd.||Consumer Goods|
|GLENMARK||Glenmark Pharmaceuticals Ltd.||Pharma|
|MGL||Mahanagar Gas Ltd.||Energy|
|MFSL||Max Financial Services Ltd.||Financial Services|
|DBL||Dilip Buildcon Ltd.||Construction|
|BERGEPAINT||Berger Paints India Ltd.||Consumer Goods|
|UBL||United Breweries Ltd.||Consumer Goods|
|TORNTPHARM||Torrent Pharmaceuticals Ltd.||Pharma|
|BHARATFIN||Bharat Financial Inclusion Ltd.||Financial Services|
|INDIANB||Indian Bank||Financial Services|
|EXIDEIND||Exide Industries Ltd.||Automobile|
|GMRINFRA||GMR Infrastructure Ltd.||Construction|
|MUTHOOTFIN||Muthoot Finance Ltd.||Financial Services|
|APOLLOHOSP||Apollo Hospitals Enterprise Ltd.||Healthcare Services|
|FEDERALBNK||Federal Bank Ltd.||Financial Services|
|PNBHOUSING||PNB Housing Finance Ltd.||Financial Services|
|KARURVYSYA||Karur Vysya Bank Ltd.||Financial Services|
|BHARATFORG||Bharat Forge Ltd.||Industrial Manufacturing|
|BANKINDIA||Bank of India||Financial Services|
|AJANTPHARM||Ajanta Pharmaceuticals Ltd.||Pharma|
|GRUH||Gruh Finance Ltd.||Financial Services|
|INDHOTEL||Indian Hotels Co. Ltd.||Healthcare Services|
|TATAGLOBAL||Tata Global Beverages Ltd.||Consumer Goods|
|TATACOMM||Tata Communications Ltd.||Telecom|
Considering the sector-wise representation of the index, the financial services sector tops the list at 29.54%. This is followed by the consumer goods sector which contributes only 11.35% to the NIFTY Midcap 100 index. Popular sectors like pharmaceuticals and information technology comprise 10.65% and 4.89%.
|Cement and Cement Products||2.22|
|Fertilisers and Pesticides||1.51|
|Media and Entertainment||1.44|
According to the NIFTY market indices methodology document published by the India Index Services & Products Limited, following are the eligibility criteria to be fulfilled by the companies to become a part of the NIFTY Midcap 100 index:
- The equity shares of the company must be listed on the National Stock Exchange. Instruments that provide a fixed return like convertible stock, bonds, preferred stock, rights, and warrants are not eligible for inclusion in the index.
- Equities with differential voting rights are also eligible for the inclusion in the index, provided they fulfil certain criteria.
- All the companies must be a part of the NIFTY 500 index.
- For an equity that has been newly listed, the eligibility criteria is examined based on the data taken over a three-month period.
- To understand NIFTY Midcap 100 better, you need to understand the NIFTY Midcap 150 index. This index represents the 150 companies ranked 101-250 in the NIFTY 500 index, based on full market capitalisation.
NIFTY Midcap 100 index comprises top 50 companies based on full market capitalisation from the NIFTY Midcap 150 index. The remaining 50 companies are selected from the same index, based on average daily turnover. If this average daily turnover is among the top 70 constituents in the NIFTY Midcap 150, then the securities will be included. However, if the average daily turnover is below 130 among the constituents of the index, then the companies will not be considered.
How is NIFTY Midcap 100 Calculated?
The NIFTY Midcap 100 is calculated based on the following formula:
Free Float Market Capitalisation = Shares Outstanding x Price x Investible Weight Factor (IWF)
Index Value = [(Current Free Float Market Capitalisation)/(Base Free Float Market Capitalisation)] x (Base Index Value)
Investible Weight Factor implies the number of shares which are available to the public for general trading. These shares are not held by groups or entities which have strategic or a controlling interest in the company. Higher the IWF, greater is the proportion of shares held by the investors under the public category.
Base Index Value is an arbitrary figure that implies the initial value of the index (in this case, it is 1,000), while Base free float market cap is the market cap calculated on the Base Date (January 01, 2003). Free float market capitalisation of the index is the sum of free float market cap of all the 100 companies listed in the NIFTY Midcap 100 index.
Factors Affecting NIFTY Midcap 100
As mentioned earlier, NIFTY Midcap 100 comprises 100 constituent companies whose securities are traded in the stock markets. Therefore, this index is affected by several factors like:
- Interest Rates
- International Markets
- Gross Domestic Product Data
- Prices of Gold
- Fuel price volatility
- Industrial Production Data
- Stability and performance of the government
Any change in these factors can severely impact the stock markets and correspondingly, the market indices. For instance, if the key policy interest rates are hiked by the Reserve Bank of India, then the cost of borrowing becomes automatically expensive. For companies, this means cutting back their costs or laying off workers to compensate for higher interest rates. All these factors add up to cause a dive in the markets.
How to Invest in NIFTY Midcap 100?
In order to invest in the NIFTY Midcap 100, you will have to invest in the individual stocks. It is advisable to undertake thorough research on each of these companies before you start investing. In order to get started, all you have to do is open a DEMAT account and join any of the numerous online stock brokers. Alternately, you can also look into mutual funds and index funds to invest your money.
Stocks vs. Mutual Funds: Here's What We Recommend
Stock market investments require a lot of research and knowledge. They do not generally offer any tax benefits and are regarded as high-risk investments. Hence,it is crucial to have a diversified portfolio. At Bankbazaar, we encourage our readers to invest on mutual funds.It doesn't require a lot of knowledge and equity linked mutual fund schemes offer tax benefits. Additionally, since mutual funds comprise stocks from multiple companies, they help in building a diversified portfolio.
The contents of this post/blog does not constitute financial or other professional advice nor does it imply in any manner a principal-agent relationship, and is not a professional advice on a specific financial matter.