Nifty Midcap 100, Midcap 150 and BSE Midcap: The Full Index Guide
Where midcaps sit, how the four midcap indices nest inside each other, MIDCPNIFTY contract facts, and the one ratio to check before buying.
Midcaps are the companies ranked 101 to 250 by market value in India. The Nifty Midcap 150 holds all of them. The Nifty Midcap 100 holds the largest 100, and the BSE Midcap index tracks the same space on the BSE side. For F&O traders, the Nifty Midcap Select trades with a lot size of 120 and a monthly expiry. Index funds on the Midcap 150 are the simplest way to own the whole segment.
Where Midcaps Sit in the Market
SEBI splits the market by rank. The top 100 firms are large caps. Ranks 101 to 250 are midcaps. Everything below is a smallcap. The midcap band is often called the sweet spot. These firms are big enough to survive shocks, yet small enough to double sales in a few years.
Think of companies in this band as the next Nifty candidates. Many of today's index giants, like banks, retailers, and pharma names, spent years here first. The basics of the segments are covered in this guide to smallcap and midcap stocks.
The Midcap Index Family
Four indices matter, and they nest inside each other:
| Index | Stocks | What it holds |
|---|---|---|
| Nifty Midcap 150 | 150 | All companies ranked 101-250 |
| Nifty Midcap 100 | 100 | The largest 100 of those 150 |
| Nifty Midcap Select | 25 | The most liquid names, used for F&O |
| BSE Midcap | ~100+ | The midcap slice of the BSE AllCap |
The Midcap 100 is the number news channels flash at close. The MidCap 150 is the benchmark most midcap mutual funds report against. NSE rebuilds both twice a year, in March and September, using free-float market value for weights.
Trading the Midcap Index: MIDCPNIFTY
Derivative traders know the segment through MIDCPNIFTY, the ticker for Nifty Midcap Select futures and options. The key contract facts as of June 2026:
- Lot size: 120 units from the January 2026 series; the full list is in this F&O lot size guide
- Monthly expiry only, on the last Tuesday of the month. Weekly contracts ended in November 2024 when SEBI limited each exchange to one weekly index.
- 25 stocks, so single-stock news moves it more than it moves the Nifty
How Midcap Indices Behave
The segment sits between two worlds. In rallies, midcap indices usually beat the Nifty 50, as earnings grow faster from a smaller base. In sell-offs, they fall harder, though less brutally, than the smallcap indices.
Liquidity explains most of it. Midcap stocks trade enough for funds to enter, but not enough for funds to exit quickly. When sentiment turns, sellers queue up and prices gap down. Investors who know this treat a 25-30% midcap fall as part of the deal, not a failure.
How to Invest in the Midcap Segment
- Midcap 150 index funds. One purchase owns all 150 stocks at index weights. The mechanics work like any index fund.
- Midcap ETFs. Exchange-traded versions of the same exposure, bought like a stock.
- Active midcap funds. Managers pick 40-60 midcaps and try to beat the 150. Fees run higher. Results vary widely.
- Direct stocks. Highest risk, highest control. Stock lists like these midcap stock ideas are starting points for research, not buy lists.
Veterans rarely let midcaps cross 25-30% of a portfolio. The segment rewards patience through SIPs and punishes lump-sum entries made after a hot year.
A Quick Health Check Before Buying
One ratio keeps midcap buyers honest: how rich the Midcap 150 looks next to the Nifty 50. When midcaps trade far richer than largecaps, the easy money is gone. Future returns thin out. When the gap closes after a correction, the odds improve. Entry price decides most of the midcap experience.
Sources: NSE Indices methodology for the Nifty Midcap series; SEBI market-cap categorisation rules. Contract details as of June 2026.
Frequently asked questions
What is the difference between Nifty Midcap 100 and Midcap 150?
The Midcap 150 holds every company ranked 101-250 by market value. The Midcap 100 holds the largest 100 of those. Most midcap mutual funds benchmark against the 150.
Which midcap index trades in F&O?
The Nifty Midcap Select (MIDCPNIFTY), a 25-stock index. Its lot size is 120 from January 2026, with monthly contracts expiring on the last Tuesday.
What does the BSE Midcap index track?
The midcap slice of the BSE AllCap universe — broadly the same companies as the NSE midcap indices, measured on the BSE side.
How can investors buy the midcap index?
Through Nifty Midcap 150 index funds or midcap ETFs, which own all constituent stocks at index weights. SIPs suit the segment's swings better than lump sums.
Are midcap indices riskier than the Nifty 50?
Yes. They usually beat the Nifty in rallies and fall harder in corrections, with 25-30% drawdowns appearing regularly across cycles.
Investments in the securities market are subject to market risks. Read all related documents carefully before investing. This post is for learning, not a recommendation.
