Markets
Nifty Midcap Liquid 15
Nifty Midcap Liquid 15 is an NSE theme index of 15 stocks. Since 2009 it has compounded 18.4% a year with dividends reinvested; over the past year it rose 6.6%. Its deepest fall was 45%, from Jan 2018 to Mar 2020, and it took 2.9 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Midcap Liquid 15. Data to 14 Oct 2026.
- Trend
- Downtrend since Oct 2026
- Momentum
- 35th of 133 markets, by rank
- Below its high
- 7.4% total return
- P/E
- 41.7 100th percentile
- 1 year
- +6.6% total return
- 5 years
- 17.4% a year
- 10 years
- 17.9% a year
- Since 2009
- 18.4% a year
- Volatility
- 19.1% past year; usual 23%
NSE launched Nifty Midcap Liquid 15 in May 2014. Figures before that use NSE's back-calculated history: today's rules applied to the past, chosen with that past in view. Charts mark the launch.
Returns
Total return counts dividends reinvested; price return does not. Since 2009, dividends added about 1.4 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Midcap Liquid 15: growth of 100
Weekly, from Jan 2009, log scale: equal slopes are equal rates of growth. Drag the range below the chart to start anywhere; both lines restart at 100.
How to read it. The gap between the two lines is what dividends were worth. It widens slowly and never closes.
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To 14 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | −5.1% | −5.1% | 0.0 pts | |
| 3 months | −2.5% | −2.7% | +0.2 pts | |
| 6 months | +6.6% | +6.3% | +0.3 pts | |
| This year | +2.6% | +2.0% | +0.6 pts | |
| 1 year | +6.6% | +6.0% | +0.6 pts | |
| 3 years, a year | +20.5% | +19.7% | +0.8 pts | |
| 5 years, a year | +17.4% | +16.4% | +1.0 pts | |
| 10 years, a year | +17.9% | +16.9% | +1.1 pts | |
| 15 years, a year | +17.4% | +15.9% | +1.4 pts | |
| Since Jan 2009, a year | +18.4% | +17.0% | +1.4 pts |
Year by year
10 of the 16 full calendar years since 2010 ended higher. 13 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Midcap Liquid 15: each calendar year
The worst fall is the largest drop from a peak within the year, with the previous year-end as the first peak (the convention of J.P. Morgan's Guide to the Markets). Total return, %.
| Year | Total return | Price return | Dividends | Worst fall in the year | More |
|---|---|---|---|---|---|
| 2026 so far | +2.6% | +2.0% | +0.6 pts | −15.2% | |
| 2025 | +10.6% | +10.2% | +0.5 pts | −18.3% | |
| 2024 | +34.0% | +32.9% | +1.1 pts | −8.7% | |
| 2023 | +43.9% | +42.4% | +1.4 pts | −8.1% | |
| 2022 | +8.2% | +6.8% | +1.4 pts | −17.6% | |
| 2021 | +41.6% | +40.0% | +1.6 pts | −13.4% | |
| 2020 | +28.1% | +27.3% | +0.8 pts | −42.6% | |
| 2019 | −0.9% | −1.9% | +1.0 pts | −16.4% | |
| 2018 | −9.5% | −10.2% | +0.7 pts | −22.3% | |
| 2017 | +54.7% | +52.4% | +2.3 pts | −6.9% | |
| 2016 | +5.3% | +3.4% | +1.9 pts | −23.3% | |
| 2015 | −4.2% | −6.2% | +2.0 pts | −16.9% | |
| 2014 | +58.9% | +56.0% | +2.9 pts | −17.0% | |
| 2013 | −10.1% | −11.8% | +1.8 pts | −38.4% | |
| 2012 | +59.2% | +57.0% | +2.2 pts | −22.2% | |
| 2011 | −31.8% | −32.7% | +1.0 pts | −32.6% | |
| 2010 | −1.8% | −2.6% | +0.8 pts | −20.1% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 45%, took 2.2 years to reach bottom and 8 months more to climb back. Today it is 7.4% below its high.
Nifty Midcap Liquid 15: how far below its previous high
Weekly, the week's lowest close against the highest close before it, total return, %.
How to read it. Zero is a new high. The depth of each dip is what a holder sat through; its width is how long getting back took.
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Total return, closing prices. A fall ends when the index closes at or above the high it fell from. Calendar time.
| Fall | From the high of | To the low of | Falling for | Recovering for | Back at the high | High to high |
|---|---|---|---|---|---|---|
| −44.8% | 8 Jan 2018 | 23 Mar 2020 | 2.2 years | 8 months | 14 Nov 2020 | 2.9 years |
| −43.2% | 6 Oct 2010 | 20 Dec 2011 | 14 months | 2.4 years | 13 May 2014 | 3.6 years |
| −31.2% | 6 Jan 2009 | 9 Mar 2009 | 2 months | 31 days | 9 Apr 2009 | 3 months |
| −30.3% | 3 Mar 2015 | 12 Feb 2016 | 11 months | 7 months | 30 Aug 2016 | 18 months |
| −19.0% | 16 Dec 2024 | 7 Apr 2025 | 4 months | 39 days | 16 May 2025 | 5 months |
| −17.9% | 9 Nov 2021 | 20 Jun 2022 | 7 months | 3 months | 5 Sept 2022 | 10 months |
| −17.5% | 27 Nov 2025 | 30 Mar 2026 | 4 months | 38 days | 7 May 2026 | 5 months |
| −17.0% | 5 Oct 2016 | 26 Dec 2016 | 3 months | 45 days | 9 Feb 2017 | 4 months |
| −16.9% | 9 Jun 2014 | 7 Oct 2014 | 4 months | 4 months | 23 Jan 2015 | 8 months |
| −16.4% | 16 Oct 2009 | 3 Nov 2009 | 18 days | 35 days | 8 Dec 2009 | 53 days |
What holding it was like
From every day in its history, what holding Nifty Midcap Liquid 15 for a fixed span would have returned a year. Over five years the middle outcome was 16.9% a year; the worst −2.0% and the best 40.8%; 1% of five-year spans lost money.
Total return a year, %, over every span of that length starting on any session. Spans overlap, so 'separate spans' is how many non-overlapping ones the history holds: the longer the span, the fewer truly independent readings behind each figure.
| Held for | Worst | 1 in 10 worse than | Middle | 1 in 10 better than | Best | Spans that lost | Separate spans |
|---|---|---|---|---|---|---|---|
| 1 year | −37.8% | −12.1% | +13.7% | +61.2% | +206.2% | 28% | 17.8 |
| 3 years | −13.3% | −0.2% | +18.4% | +29.8% | +43.5% | 10% | 5.9 |
| 5 years | −2.0% | +7.4% | +16.9% | +27.7% | +40.8% | 1% | 3.6 |
| 7 years | +5.6% | +9.7% | +15.6% | +21.9% | +26.4% | 0% | 2.5 |
| 10 years | +3.3% | +7.6% | +17.0% | +20.5% | +22.9% | 0% | 1.8 |
Rolling returns, a year
Weekly: the return a year over the 3 and 5 years to each date, total return, %.
How to read it. Each point is what someone who bought 3 or 5 years earlier had earned a year by then. The lows mark the worst times to have bought.
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₹10,000 on the first session of every month into the index itself, from January of each year to 14 Oct 2026. Before any fund cost or tax; an index fund would have returned a little less. Of SIPs that ran five years or more, the weakest started in 2009 (+17.6% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,39,447 | 1.09× | +9.6% | |
| 2024 | 34 | ₹3,40,000 | ₹3,99,183 | 1.17× | +11.7% | |
| 2023 | 46 | ₹4,60,000 | ₹6,39,218 | 1.39× | +17.8% | |
| 2022 | 58 | ₹5,80,000 | ₹9,13,788 | 1.58× | +19.3% | |
| 2021 | 70 | ₹7,00,000 | ₹12,45,127 | 1.78× | +20.0% | |
| 2020 | 82 | ₹8,20,000 | ₹18,08,086 | 2.20× | +23.1% | |
| 2019 | 94 | ₹9,40,000 | ₹23,32,280 | 2.48× | +22.8% | |
| 2018 | 106 | ₹10,60,000 | ₹28,36,661 | 2.68× | +21.6% | |
| 2017 | 118 | ₹11,80,000 | ₹34,00,741 | 2.88× | +20.6% | |
| 2016 | 130 | ₹13,00,000 | ₹41,50,781 | 3.19× | +20.3% | |
| 2015 | 142 | ₹14,20,000 | ₹48,82,970 | 3.44× | +19.6% | |
| 2014 | 154 | ₹15,40,000 | ₹58,09,625 | 3.77× | +19.2% | |
| 2013 | 166 | ₹16,60,000 | ₹70,61,804 | 4.25× | +19.2% | |
| 2012 | 178 | ₹17,80,000 | ₹83,76,762 | 4.71× | +19.0% | |
| 2011 | 190 | ₹19,00,000 | ₹96,39,980 | 5.07× | +18.5% | |
| 2010 | 202 | ₹20,20,000 | ₹1,07,17,894 | 5.31× | +17.7% | |
| 2009 | 214 | ₹21,40,000 | ₹1,25,68,090 | 5.87× | +17.6% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 19.1%, against a usual 23.0% for this index. 58% of months ended higher, and 262 days moved 3% or more either way.
Nifty Midcap Liquid 15: volatility over the past year
Weekly: standard deviation of daily total returns over the past 252 sessions, annualised, %.
How to read it. Spikes come with sell-offs; calm stretches come with rising markets. High readings rarely last.
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| Worst days | Return |
|---|---|
| 23 Mar 2020 | −14.9% |
| 24 Aug 2015 | −10.4% |
| 7 Jan 2009 | −10.4% |
| 12 Mar 2020 | −9.0% |
| 6 Jul 2009 | −7.2% |
| Best days | Return |
|---|---|
| 18 May 2009 | +19.3% |
| 19 May 2014 | +7.5% |
| 2 Apr 2009 | +7.2% |
| 14 Jul 2009 | +6.9% |
| 20 Sept 2019 | +6.6% |
| Worst months | Return |
|---|---|
| Mar 2020 | −30.4% |
| Jan 2011 | −14.5% |
| Dec 2011 | −12.5% |
| Feb 2013 | −12.3% |
| Jul 2013 | −11.9% |
| Best months | Return |
|---|---|
| May 2009 | +47.4% |
| Apr 2009 | +28.5% |
| May 2014 | +24.4% |
| Jan 2012 | +24.0% |
| Sept 2012 | +20.4% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Aug 2026. Today's P/E of 41.7 is near the top of its range since NSE moved to consolidated earnings in March 2021. Price to book, 4.28, is in the middle of its range over the full history.
Price to earnings
Month-ends, as NSE publishes them.
How to read it. Higher is dearer. Before March 2021 NSE used standalone earnings, so readings on either side of the line are not strictly comparable.
Price to earnings. Line chart, Aug 2026 to Oct 2026. Price to earnings: latest 41.7×, range 39.7× to 41.7×.
Price to book
Month-ends, as NSE publishes them.
How to read it. Higher is dearer. Book value has no accounting break, so the whole history compares.
Price to book. Line chart, Aug 2026 to Oct 2026. Price to book: latest 4.28×, range 4.27× to 5.07×.
Today is 14 Oct 2026; the history is month-ends. A percentile is the share of month-ends at or below today's reading: 90 means dearer than nine months in ten (for dividend yield, the reverse).
| Today | Percentile, full history | Last 10 years | Since March 2021 | Median | Low | High | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 41.66 | 100 | – | – | 41.57 | 39.74 | 41.66 |
| Price to book | 4.28 | 67 | – | – | 4.28 | 4.27 | 5.07 |
| Dividend yield, % | 0.80 | 100 | – | – | 0.58 | 0.53 | 0.80 |
What it holds
15 stocks as NSE lists them today. The ten largest make up 74.9% of the index. It is weighted by periodic capped free float and rebalanced twice a yearly.
Sector weights
NSE's factsheet, 30 Sept 2026. % of the index.
How to read it. Sectors as NSE classifies them. A sector index of one industry has no split to show.
Sector weights. Bar chart of 7 items. Weight, %: highest Financial Services at 35.7%, lowest Consumer Services at 4.6%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Multi Commodity Exchange of India Ltd. | 10.34% |
| 2 | One 97 Communications Ltd. | 8.87% |
| 3 | Hero MotoCorp Ltd. | 8.36% |
| 4 | Bharat Heavy Electricals Ltd. | 7.43% |
| 5 | IndusInd Bank Ltd. | 7.29% |
| 6 | Persistent Systems Ltd. | 7.05% |
| 7 | Dixon Technologies (India) Ltd. | 6.70% |
| 8 | Bharat Forge Ltd. | 6.57% |
| 9 | GE Vernova T&D India Ltd. | 6.39% |
| 10 | Suzlon Energy Ltd. | 5.90% |
NSE's constituent list for Nifty Midcap Liquid 15, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Ashok Leyland Ltd. | Capital Goods | ASHOKLEY | |
| Bharat Forge Ltd. | Automobile and Auto Components | BHARATFORG | |
| Bharat Heavy Electricals Ltd. | Capital Goods | BHEL | |
| Dixon Technologies (India) Ltd. | Consumer Durables | DIXON | |
| GE Vernova T&D India Ltd. | Capital Goods | GVT&D | |
| Hero MotoCorp Ltd. | Automobile and Auto Components | HEROMOTOCO | |
| Indus Towers Ltd. | Telecommunication | INDUSTOWER | |
| IndusInd Bank Ltd. | Financial Services | INDUSINDBK | |
| Multi Commodity Exchange of India Ltd. | Financial Services | MCX | |
| One 97 Communications Ltd. | Financial Services | PAYTM | |
| PB Fintech Ltd. | Financial Services | POLICYBZR | |
| Persistent Systems Ltd. | Information Technology | PERSISTENT | |
| Suzlon Energy Ltd. | Capital Goods | SUZLON | |
| Swiggy Ltd. | Consumer Services | SWIGGY | |
| Yes Bank Ltd. | Financial Services | YESBANK |
Against the Nifty 500
How Nifty Midcap Liquid 15 has done against the broad market it is part of. Over 18 years it beat the Nifty 500 by 4.3 percentage points a year, and was ahead in 10 of 16 calendar years.
Relative strength
Weekly: Nifty Midcap Liquid 15's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Midcap Liquid 15 is outrunning the Nifty 500. Falling: it is lagging. The level means nothing; the direction is the reading.
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Three-year lead or lag
Weekly: Nifty Midcap Liquid 15's return a year over the past three years minus the Nifty 500's, percentage points.
How to read it. Above zero, someone who bought three years earlier was ahead of the broad index; below, behind.
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Monthly total returns. Up capture: how much of the Nifty 500's gain in its rising months this index caught (100 is all of it); down capture: the same for falling months. Beta above 1 means bigger swings than the Nifty 500.
| Ahead by, a year | Up capture | Down capture | Beta | Correlation | Tracking error | |
|---|---|---|---|---|---|---|
| Full history, from Feb 2009 | +4.3 pts | 123 | 118 | 1.31 | 0.90 | 13.3% |
| Last 5 years, from Oct 2021 | +10.4 pts | 130 | 88 | 1.12 | 0.89 | 8.7% |
Models and ETFs
No Tipsheet model uses Nifty Midcap Liquid 15. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty Midcap Liquid 15 is computed and published by NSE Indices. History here starts 1 Jan 2009; NSE launched the index on 8 May 2014, from a base date of January 01, 2009. All returns are on NSE's total-return index unless marked as price return.
Historical index data. NSE publishes daily index values, total-return values and P/E, P/B and dividend yield for every index on niftyindices.com: historical data. Pick Nifty Midcap Liquid 15 there to download its full series.
- Nifty Midcap Liquid 15 on niftyindices.com: description and methodology
- NSE's monthly factsheet (PDF)
- Current constituents (CSV)
- The weekly series on this page (JSON): growth of 100, drawdown, volatility and rolling returns
Index values themselves are NSE's and are not republished here; the charts show growth of 100 and other figures computed from them.
The workings
The question
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.