The midcap segment in the stock market is one of the most sought-after segments by all kinds of investors. As this segment has stocks that are not highly expensive, like large cap, and also not too cheap. The stocks falling under the midcap segment usually offer a generous return, not as high as the smallcap companies, but mostly better than the largecap ones. Having said that, they also do not possess risks like small-cap companies, but a bit higher than large-cap companies. So, the midcap segment is the best of both worlds, and people who are a bit risk-averse, but want to earn better returns, mostly consider midcap stocks. However, finding them is a task, but with the BSE Midcap index, you can track the entire midcap segment, find out which stocks are performing and how, and a lot more.
This article will talk about the BSE Midcap index constituents, performances, factors affecting the index, risks, and many such aspects that can help you understand the index and the overall segment in a better way.
BSE MIDCAP Index – Overview & Constituents
The BSE Midcap index tracks the performance of the stocks constituting 15% of the market capitalisation of the BSE Allcap’s entire market capitalisation after leaving the largecaps. This index is a huge index comprising around 137 stocks currently to shed light on the performance of the entire midcap segment of the stock market.
The BSE Midcap index stocks list includes: (As of 29 April 2025)
| 3M INDIA LTD. | IDFC FIRST BANK LIMITED |
| AARTI INDUSTRIES LTD. | INDIAN BANK |
| ABBOTT INDIA LTD. | INDIAN HOTELS CO.LTD. |
| ACC LTD. | Indian Railway Catering and Tourism |
| Aditya Birla Capital Ltd | Indian Renewable Energy Development |
| Aditya Birla Fashion and Retai | INDRAPRASTHA GAS LTD. |
| AIA ENGINEERING LTD. | INVENTURUS KNOWLEDGE SOLUTIONS |
| AJANTA PHARMA LTD. | IPCA LABORATORIES LTD. |
| Alkem Laboratories Limited | JINDAL STAINLESS LTD. |
| APL APOLLO TUBES LTD. | JSW Infrastructure Limited |
| ASHOK LEYLAND LTD. | JUBILANT FOODWORKS LTD |
| ASTRAL LIMITED | Kalyan Jewellers India Limited |
| AU Small Finance Bank Limited | KANSAI NEROLAC PAINTS LTD. |
| AUROBINDO PHARMA LTD. | KPIT Technologies Ltd |
| AWL AGRI BUSINESS LIMITED | L&T Finance Limited |
| BALKRISHNA INDUSTRIES LTD. | L&T Technology Services Limited |
| Bandhan Bank Limited | Laurus Labs Limited |
| BANK OF INDIA | LIC HOUSING FINANCE LTD. |
| BANK OF MAHARASHTRA | Linde India Limited |
| BAYER CROPSCIENCE LTD. | LUPIN LTD. |
| BHARAT FORGE LTD. | MAHINDRA & MAHINDRA FINANCIAL |
| BHARAT HEAVY ELECTRICALS LTD. | Max Financial Services Limited |
| Bharti Hexacom Limited | Max Healthcare Institute Limit |
| BIOCON LTD. | Mazagon Dock Shipbuilders Limited |
| Brainbees Solutions Limited | MPHASIS LTD. |
| CASTROL INDIA LTD. | MRF LTD. |
| CENTRAL BANK OF INDIA | MUTHOOT FINANCE LTD. |
| CG Power and Industrial Solutions | NHPC LTD. |
| Clean Science and Technology L | NIPPON LIFE INDIA ASSET MANAGE |
| COFORGE LIMITED | NMDC LTD. |
| COLGATE-PALMOLIVE (INDIA) LTD. | OBEROI REALTY LTD. |
| CONTAINER CORPORATION OF INDIA | OIL INDIA LTD. |
| COROMANDEL INTERNATIONAL LTD. | Ola Electric Mobility Limited |
| CRISIL LTD. | One 97 Communications Limited |
| Crompton Greaves Consumer Elec | ORACLE FINANCIAL SERVICES SOFT |
| CUMMINS INDIA LTD. | P.I. INDUSTRIES LTD. |
| DALMIA BHARAT LIMITED | PAGE INDUSTRIES LTD. |
| DEEPAK NITRITE LTD. | Patanjali Foods Limited |
| Delhivery Limited | PB Fintech Limited |
| Dixon Technologies (India) Limited | PERSISTENT SYSTEMS LTD. |
| EMAMI LTD. | PETRONET LNG LTD. |
| Emcure Pharmaceuticals Limited | PIRAMAL ENTERPRISES LTD. |
| Endurance Technologies Limited | Premier Energies Limited |
| Escorts Kubota Limited | PRESTIGE ESTATES PROJECTS LTD. |
| EXIDE INDUSTRIES LTD. | PROCTER & GAMBLE HYGIENE & HEA |
| FEDERAL BANK LTD. | PUNJAB & SIND BANK |
| FSN E-Commerce Ventures Limite | Rail Vikas Nigam Limited |
| General Insurance Corporation | RELAXO FOOTWEAR LTD. |
| GILLETTE INDIA LTD. | Schaeffler India Limited |
| Gland Pharma Limited | SJVN LTD |
| GLAXOSMITHKLINE PHARMACEUTICAL | SOLAR INDUSTRIES INDIA LTD. |
| GLENMARK PHARMACEUTICALS LTD. | Sona BLW Precision Forgings Li |
| GMR Airports Limited | Star Health and Allied Insurance |
| Go Digit General Insurance Limited | STEEL AUTHORITY OF INDIA LTD. |
| GODREJ INDUSTRIES LTD. | SUN TV NETWORK LTD. |
| GODREJ PROPERTIES LTD | SUPREME INDUSTRIES LTD. |
| Gujarat Fluorochemicals Limited | SUZLON ENERGY LTD. |
| Gujarat Gas Limited | TATA COMMUNICATIONS LTD. |
| HINDUSTAN PETROLEUM CORPORATION | TATA ELXSI LTD. |
| HONEYWELL AUTOMATION INDIA LTD | Tata Technologies Limited |
| The New India Assurance Company | UNO Minda Limited |
| THE PHOENIX MILLS LTD | UPL LIMITED |
| THE RAMCO CEMENTS LIMITED | Vedant Fashions Limited |
| THERMAX LTD. | Vishal Mega Mart Limited |
| TORRENT PHARMACEUTICALS LTD. | VOLTAS LTD. |
| TORRENT POWER LTD. | WHIRLPOOL OF INDIA LTD. |
| Tube Investments of India Ltd | YES BANK LTD. |
| UCO BANK | ZEE ENTERTAINMENT ENTERPRISES |
| UNITED BREWERIES LTD. |
The stocks by weightage –
| Stocks | Weight in the Index (%) |
| Max Healthcare Institute Ltd. | 3.01 |
| Indian Hotels Co. Ltd. | 2.58 |
| Suzlon Energy Ltd. | 2.36 |
| Persistent Systems Ltd. | 2.17 |
| Coforge Ltd. | 1.99 |
| PB Fintech Ltd. | 1.95 |
| Dixon Technologies (India) Ltd. | 1.88 |
| LUPIN Ltd. | 1.82 |
| Federal Bank Ltd. | 1.76 |
| Cummins India Ltd. | 1.54 |
Sectoral Weightage
| Sectors | Weightage (%) |
| Consumer Discretionary | 23.49 |
| Financial Services | 17.35 |
| Healthcare | 13.32 |
| Industrials | 13.23 |
| Commodities | 10.13 |
| Information Technology | 8.26 |
| Energy | 4.03 |
| Fast Moving Consumer Goods | 3.76 |
| Services | 2.53 |
| Utilities | 2.25 |
| Telecommunications | 1.09 |
| Diversified | 0.56 |
Selection Criteria
BSE Midcap index is a broad index having more than 100 stocks. So, for this index, the selection criteria are quite simple, and that is just going by the market capitalisation. The average daily total market capitalisation is taken into consideration for picking the stocks. The stocks falling under 15% of the average daily total market cap right after the 70% large-cap stocks are considered for this index.
Factors Affecting the BSE MIDCAP Index
The factors that affect the BSE Midcap index include –
- Economic Factors: When the economy is booming, the midcap stocks tend to rise as there are more investments, demand, and this helps the companies earn more profits, which takes the index higher. However, when the economy slows down, midcap stocks are hit as well, significantly making the index volatile.
- Government policies: The connection between government policies and the midcap segment is inevitable. When the policies are pro-economic growth, especially fuelling the economy, then the midcap segments grow significantly, which in turn helps the index grow in value and vice versa.
- Interest rates: Interest rates also determine the course of the BSE midcap index. When the rates are slashed, the markets rise, and midcap stocks rise significantly. This takes the index higher, and when the interests are high, the credits are expensive, then the midcap segment becomes sluggish, taking the index lower.
BSE MIDCAP Index Calculation Method
For the BSE Midcap index, the stocks are selected based on average daily market capitalisation.
For assigning weights, the float-adjusted market capitalisation is used, and then the following formula is used to derive the index value.
BSE Midcap Index Value = Index Market Value / Divisor
Performance and Returns
Here are the returns for different periods –
| Period | Price Return (%) | Total Return (%) |
| YTD | -10.58 | -10.43 |
| 1 Year | 5.62 | 6.51 |
| 3 Years | 19.88 | 21.16 |
| 5 Years | 31.48 | 32.88 |
| 10 Years | 14.64 | 15.93 |
| 3 Months | -1.58 | -10.43 |
| 1 Month | 7.62 | 7.66 |
Risk and Volatility
Here are the details of Annualised Risk and Annualised Risk-adjusted Return generated by the index –
| Period | Price Return (%) | Total Return (%) |
| Annualised Risks | ||
| 1 Year | 20.36 | 20.41 |
| 3 Years | 17.41 | 17.46 |
| 5 Years | 22.96 | 22.93 |
| 10 Years | 20.05 | 20.05 |
| Annualised Risk-Adjusted Returns | ||
| 1 Year | 0.28 | 0.32 |
| 3 Years | 1.13 | 1.2 |
| 5 Years | 1.37 | 1.43 |
| 10 Years | 1.73 | 0.79 |
How to Invest in the BSE MIDCAP INDEX?
You can invest in the BSE Midcap Index using ETFs, index funds, or you can trade them on the trading platform. You can also trade BSE Midcap Index futures and options in the F&O section of Shoonya’s app. To do so, you have to add the index to your watchlist following these steps –
- Open the Shoonya app.
- Head to the “Watchlist” tab located at the bottom of your screen.
- In the search bar, type “NIFTY IN” or “SENSEX IN” and add it to the watch list, and then you will be able to see the indices.
- Once you find your desired index, click on the add option given on the right side.
- Now you can see the index on the watchlist.
Conclusion
The BSE Midcap Index is one of the most popular indices that investors and traders follow to track the midcap segment in the Indian stock market. The index has been portraying the picture of the midcap segment since its launch and helps the investor gauge the risk and return of the segment and other investment opportunities.
BSE Midcap Index | FAQs
BSE Midcap is rebalanced annually in September, and quarterly reviews are done in December, March, and June.
The current PE of the BSE MIDCAP index is 33.61.
The current PB of the BSE MIDCAP index is 4.29.
The current dividend yield of the BSE MIDCAP index is 0.78.
The BSE Midcap index was launched on 11th April 2005.
Source: BSE
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Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.