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  • Nifty Midcap 100

    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
    BIOCON Biocon Ltd. Pharma
    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
    VOLTAS Voltas Ltd. Construction
    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
    MINDTREE MindTree 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
    ARVIND Arvind Ltd. Textiles
    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
    WOCKPharma Wockhardt Ltd. Pharma
    PRESTIGE Prestige Estates Projects Ltd. Construction
    GSPL Gujarat State Petronet Ltd. Energy
    SRF SRF Ltd. Textiles
    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
    VAKRANGEE Vakrangee Ltd. IT
    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
    MPHASIS MphasiS Ltd. IT
    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%.

    Sector Weightage (%)
    Financial Services 29.54
    Consumer Goods 11.35
    Pharma 10.65
    Energy 8.55
    Automobile 7.54
    Construction 6.33
    Information Technology 4.89
    Industrial Manufacturing 4.07
    Textiles 3.67
    Cement and Cement Products 2.22
    Metals 2.10
    Chemicals 1.88
    Telecom 1.51
    Fertilisers and Pesticides 1.51
    Services 1.48
    Media and Entertainment 1.44
    Healthcare Services 1.26

    Eligibility Criteria

    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:

    • Inflation
    • 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.

    DISCLAIMER:

    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.

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