Markets
Nifty Midcap Select
Nifty Midcap Select is an NSE broad market index of 25 stocks. Since 2005 it has compounded 14.3% a year with dividends reinvested; over the past year it rose 0.6%. Its deepest fall was 70%, from Jan 2008 to Mar 2009, and it took 6.4 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Midcap Select. Data to 26 Oct 2026.
- Trend
- Downtrend since Oct 2026
- Momentum
- 103rd of 139 markets, by rank
- Below its high
- 12.7% total return
- P/E
- 27.2 33rd percentile
- 1 year
- +0.6% total return
- 5 years
- 11.8% a year
- 10 years
- 14.3% a year
- Since 2005
- 14.3% a year
- Volatility
- 18.4% past year; usual 22%
NSE launched Nifty Midcap Select in Sept 2021. 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 2005, dividends added about 1.3 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Midcap Select: growth of 100
Weekly, from Oct 2005, 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 26 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | −6.1% | −6.1% | 0.0 pts | |
| 3 months | −8.8% | −8.8% | 0.0 pts | |
| 6 months | −3.8% | −4.1% | +0.3 pts | |
| This year | −4.0% | −4.4% | +0.5 pts | |
| 1 year | +0.6% | 0.0% | +0.5 pts | |
| 3 years, a year | +15.8% | +15.1% | +0.7 pts | |
| 5 years, a year | +11.8% | +11.0% | +0.8 pts | |
| 10 years, a year | +14.3% | +13.4% | +1.0 pts | |
| 15 years, a year | +17.3% | +16.0% | +1.3 pts | |
| 20 years, a year | +14.4% | +13.1% | +1.3 pts | |
| Since Oct 2005, a year | +14.3% | +13.0% | +1.3 pts |
Year by year
14 of the 20 full calendar years since 2006 ended higher. 17 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 Select: 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 | −4.0% | −4.4% | +0.5 pts | −13.6% | |
| 2025 | +7.3% | +6.7% | +0.5 pts | −17.7% | |
| 2024 | +25.0% | +24.1% | +0.8 pts | −9.5% | |
| 2023 | +45.9% | +44.8% | +1.1 pts | −8.1% | |
| 2022 | −1.6% | −2.4% | +0.8 pts | −22.6% | |
| 2021 | +38.7% | +37.4% | +1.4 pts | −13.5% | |
| 2020 | +24.7% | +23.7% | +1.0 pts | −42.0% | |
| 2019 | −3.5% | −4.6% | +1.1 pts | −17.0% | |
| 2018 | −4.7% | −5.6% | +0.9 pts | −17.6% | |
| 2017 | +50.3% | +48.6% | +1.6 pts | −7.9% | |
| 2016 | +7.6% | +6.5% | +1.0 pts | −19.2% | |
| 2015 | +12.8% | +11.0% | +1.8 pts | −13.0% | |
| 2014 | +64.9% | +62.8% | +2.2 pts | −10.9% | |
| 2013 | −0.8% | −2.7% | +1.9 pts | −27.6% | |
| 2012 | +48.0% | +45.2% | +2.8 pts | −19.1% | |
| 2011 | −34.9% | −35.9% | +1.1 pts | −35.7% | |
| 2010 | +14.9% | +13.5% | +1.4 pts | −18.4% | |
| 2009 | +88.5% | +85.4% | +3.1 pts | −27.9% | |
| 2008 | −60.2% | −60.7% | +0.5 pts | −69.2% | |
| 2007 | +89.0% | +86.6% | +2.4 pts | −22.7% | |
| 2006 | +26.2% | +24.7% | +1.6 pts | −42.5% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 70%, took 14 months to reach bottom and 5.2 years more to climb back. Today it is 12.7% below its high.
Nifty Midcap Select: 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 |
|---|---|---|---|---|---|---|
| −70.3% | 2 Jan 2008 | 9 Mar 2009 | 14 months | 5.2 years | 19 May 2014 | 6.4 years |
| −43.7% | 8 Jan 2018 | 23 Mar 2020 | 2.2 years | 8 months | 18 Nov 2020 | 2.9 years |
| −42.5% | 10 May 2006 | 14 Jun 2006 | 35 days | 8 months | 2 Feb 2007 | 9 months |
| −24.2% | 9 Nov 2021 | 20 Jun 2022 | 7 months | 12 months | 16 Jun 2023 | 19 months |
| −22.7% | 8 Feb 2007 | 7 Mar 2007 | 27 days | 4 months | 29 Jun 2007 | 5 months |
| −20.0% | 5 Aug 2015 | 12 Feb 2016 | 6 months | 5 months | 30 Jun 2016 | 11 months |
| −19.2% | 13 Sept 2024 | 7 Apr 2025 | 7 months | 2 months | 10 Jun 2025 | 9 months |
| −19.2% | 5 Oct 2016 | 26 Dec 2016 | 3 months | 3 months | 17 Mar 2017 | 5 months |
| −18.8% | 4 Oct 2005 | 28 Oct 2005 | 24 days | 2 months | 5 Jan 2006 | 3 months |
| −14.6% | 23 Jul 2007 | 23 Aug 2007 | 31 days | 26 days | 18 Sept 2007 | 57 days |
What holding it was like
From every day in its history, what holding Nifty Midcap Select for a fixed span would have returned a year. Over five years the middle outcome was 15.2% a year; the worst −3.7% and the best 35.2%; 2% 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 | −63.3% | −10.1% | +13.3% | +68.5% | +149.3% | 28% | 21.1 |
| 3 years | −13.3% | −1.7% | +17.4% | +29.2% | +42.5% | 13% | 7.0 |
| 5 years | −3.7% | +4.1% | +15.2% | +25.8% | +35.2% | 2% | 4.2 |
| 7 years | +4.0% | +8.7% | +16.0% | +19.8% | +25.0% | 0% | 3.0 |
| 10 years | +6.4% | +11.2% | +16.5% | +20.6% | +23.1% | 0% | 2.1 |
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 26 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 2021 (+13.6% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,22,705 | 1.01× | +1.3% | |
| 2024 | 34 | ₹3,40,000 | ₹3,58,804 | 1.06× | +3.8% | |
| 2023 | 46 | ₹4,60,000 | ₹5,62,686 | 1.22× | +10.6% | |
| 2022 | 58 | ₹5,80,000 | ₹7,88,523 | 1.36× | +12.8% | |
| 2021 | 70 | ₹7,00,000 | ₹10,42,249 | 1.49× | +13.6% | |
| 2020 | 82 | ₹8,20,000 | ₹14,70,604 | 1.79× | +16.9% | |
| 2019 | 94 | ₹9,40,000 | ₹18,57,366 | 1.98× | +17.0% | |
| 2018 | 106 | ₹10,60,000 | ₹22,29,696 | 2.10× | +16.3% | |
| 2017 | 118 | ₹11,80,000 | ₹26,58,173 | 2.25× | +15.8% | |
| 2016 | 130 | ₹13,00,000 | ₹32,05,070 | 2.47× | +15.8% | |
| 2015 | 142 | ₹14,20,000 | ₹38,07,134 | 2.68× | +15.7% | |
| 2014 | 154 | ₹15,40,000 | ₹46,62,044 | 3.03× | +16.1% | |
| 2013 | 166 | ₹16,60,000 | ₹58,64,509 | 3.53× | +16.8% | |
| 2012 | 178 | ₹17,80,000 | ₹71,27,408 | 4.00× | +17.0% | |
| 2011 | 190 | ₹19,00,000 | ₹83,28,434 | 4.38× | +16.9% | |
| 2010 | 202 | ₹20,20,000 | ₹93,85,794 | 4.65× | +16.4% | |
| 2009 | 214 | ₹21,40,000 | ₹1,11,31,744 | 5.20× | +16.4% | |
| 2008 | 226 | ₹22,60,000 | ₹1,26,19,891 | 5.58× | +16.1% | |
| 2007 | 238 | ₹23,80,000 | ₹1,41,20,465 | 5.93× | +15.7% | |
| 2006 | 250 | ₹25,00,000 | ₹1,60,39,408 | 6.42× | +15.5% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 18.4%, against a usual 21.8% for this index. 60% of months ended higher, and 276 days moved 3% or more either way.
Nifty Midcap Select: 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 | −15.2% |
| 21 Jan 2008 | −14.9% |
| 22 May 2006 | −10.3% |
| 10 Oct 2008 | −10.2% |
| 18 May 2006 | −9.8% |
| Best days | Return |
|---|---|
| 18 May 2009 | +13.4% |
| 23 Jan 2008 | +10.1% |
| 25 Jan 2008 | +9.7% |
| 9 Jun 2006 | +8.6% |
| 15 Jun 2006 | +8.1% |
| Worst months | Return |
|---|---|
| Mar 2020 | −31.1% |
| Oct 2008 | −29.1% |
| Jan 2008 | −23.9% |
| Jun 2008 | −22.8% |
| May 2006 | −19.8% |
| Best months | Return |
|---|---|
| May 2009 | +42.8% |
| Jan 2012 | +21.0% |
| Nov 2020 | +19.6% |
| May 2014 | +18.9% |
| Dec 2007 | +15.4% |
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 27.2 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 3.95, 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 27.2×, range 27.2× to 32.8×.
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 3.95×, range 3.95× to 4.54×.
Today is 26 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 | 27.19 | 33 | – | – | 29.10 | 27.19 | 32.80 |
| Price to book | 3.95 | 33 | – | – | 4.12 | 3.95 | 4.54 |
| Dividend yield, % | 0.81 | 100 | – | – | 0.49 | 0.48 | 0.81 |
What it holds
25 stocks as NSE lists them today. The ten largest make up 50.0% of the index. It is weighted by free float market capitalization and rebalanced twice a year.
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 10 items. Weight, %: highest Financial Services at 38.5%, lowest Chemicals at 2.7%.
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. | 6.41% |
| 2 | Federal Bank Ltd. | 5.96% |
| 3 | One 97 Communications Ltd. | 5.50% |
| 4 | Hero MotoCorp Ltd. | 5.18% |
| 5 | Indian Hotels Co. Ltd. | 4.87% |
| 6 | Bharat Heavy Electricals Ltd. | 4.61% |
| 7 | IndusInd Bank Ltd. | 4.52% |
| 8 | AU Small Finance Bank Ltd. | 4.47% |
| 9 | Persistent Systems Ltd. | 4.37% |
| 10 | Dixon Technologies (India) Ltd. | 4.15% |
NSE's constituent list for Nifty Midcap Select, as seen on 21 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| AU Small Finance Bank Ltd. | Financial Services | AUBANK | |
| Ashok Leyland Ltd. | Capital Goods | ASHOKLEY | |
| Aurobindo Pharma Ltd. | Healthcare | AUROPHARMA | |
| Bharat Forge Ltd. | Automobile and Auto Components | BHARATFORG | |
| Bharat Heavy Electricals Ltd. | Capital Goods | BHEL | |
| Dixon Technologies (India) Ltd. | Consumer Durables | DIXON | |
| Federal Bank Ltd. | Financial Services | FEDERALBNK | |
| GE Vernova T&D India Ltd. | Capital Goods | GVT&D | |
| Hero MotoCorp Ltd. | Automobile and Auto Components | HEROMOTOCO | |
| Indian Bank | Financial Services | INDIANB | |
| Indian Hotels Co. Ltd. | Consumer Services | INDHOTEL | |
| Indus Towers Ltd. | Telecommunication | INDUSTOWER | |
| IndusInd Bank Ltd. | Financial Services | INDUSINDBK | |
| Info Edge (India) Ltd. | Consumer Services | NAUKRI | |
| Life Insurance Corporation of India | Financial Services | LICI | |
| Lupin Ltd. | Healthcare | LUPIN | |
| Marico Ltd. | Fast Moving Consumer Goods | MARICO | |
| 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 | |
| SRF Ltd. | Chemicals | SRF | |
| Suzlon Energy Ltd. | Capital Goods | SUZLON | |
| Swiggy Ltd. | Consumer Services | SWIGGY | |
| Yes Bank Ltd. | Financial Services | YESBANK |
Against the Nifty 50
Smaller companies against the largest: the question for anyone choosing between Nifty Midcap Select and the Nifty 50. Over 21 years it beat the Nifty 50 by 2.9 percentage points a year, and was ahead in 11 of 20 calendar years.
Relative strength
Weekly: Nifty Midcap Select's total return divided by the Nifty 50's, 100 at the start of the range shown.
How to read it. Rising: Nifty Midcap Select is outrunning the Nifty 50. 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 Select's return a year over the past three years minus the Nifty 50'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 50'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 50.
| Ahead by, a year | Up capture | Down capture | Beta | Correlation | Tracking error | |
|---|---|---|---|---|---|---|
| Full history, from Nov 2005 | +2.9 pts | 117 | 113 | 1.20 | 0.88 | 13.7% |
| Last 5 years, from Oct 2021 | +7.6 pts | 134 | 102 | 1.17 | 0.86 | 9.5% |
Models and ETFs
No Tipsheet model uses Nifty Midcap Select. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty Midcap Select is computed and published by NSE Indices. History here starts 3 Oct 2005; NSE launched the index on 14 Sept 2021, from a base date of October 03, 2005. 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 Select there to download its full series.
- Nifty Midcap Select 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.