The broad market: large, mid, small and micro caps

5 of 18 are in uptrends and 13 in downtrends on 5 Oct 2026. Leading on momentum: Nifty Microcap 250, Nifty Smallcap 50 and Nifty Smallcap 500. Lagging: Nifty 50 and Nifty 100. The longest-running trend is Nifty 50's downtrend, since January 2026.

Written for investors deciding between large, mid and small caps. Data to 5 Oct 2026.

Every member, ranked

Ranked by momentum against all 128 markets in the section. The trend score beside it says whether each is rising in its own right; the ring shows where its momentum stood 13 weeks ago. The four squares are the signals at 1, 3, 6 and 12 months: blue when 3 or 4 of the 4 point up, red when 0 or 1 do.

Ranked by momentum Trend score 0 to 100 Momentum rank ring: 13 weeks ago 1, 3, 6, 12 months

1Nifty Microcap 250Uptrend since Apr 2026 67 96

2Nifty Smallcap 50Uptrend since Apr 2026 50 95

3Nifty Smallcap 500Uptrend since May 2026 50 91

4Nifty Smallcap 100Uptrend since Apr 2026 50 90

5Nifty Smallcap 250Uptrend since Apr 2026 42 86

6Nifty MidSmallcap400 50:50Downtrend since Oct 2026 29 77

7Nifty MidSmallcap 400Downtrend since Oct 2026 29 72

8Nifty Next 50Downtrend since Oct 2026 25 68

9Nifty500 LargeMidSmall Equal-Cap WeightedDowntrend since Oct 2026 25 67

10Nifty Midcap 150Downtrend since Sep 2026 17 62

11Nifty Midcap 50Downtrend since Sep 2026 17 61

12Nifty500 Multicap 50:25:25Downtrend since Sep 2026 17 59

13Nifty Midcap 100Downtrend since Sep 2026 17 59

14Nifty LargeMidcap 250Downtrend since Sep 2026 8 50

15Nifty 500Downtrend since Sep 2026 4 45

16Nifty 200Downtrend since Sep 2026 4 38

17Nifty 100Downtrend since Sep 2026 0 26

18Nifty 50Downtrend since Jan 2026 0 11

Table view

Market	Group	Trend	Trend score	Momentum, in family	Momentum, overall	3 months over cash	12 months over cash	Launched
Nifty Microcap 250	Small and micro	Uptrend since Apr 2026	67	1	6	+1.1%	+4.2%	2021-05
Nifty Smallcap 50	Small and micro	Uptrend since Apr 2026	50	2	8	−1.2%	+5.2%	2016-04
Nifty Smallcap 500	Small and micro	Uptrend since May 2026	50	3	12	−2.0%	+0.2%	2026-01
Nifty Smallcap 100	Small and micro	Uptrend since Apr 2026	50	4	14	−1.9%	+1.5%	2011-03
Nifty Smallcap 250	Small and micro	Uptrend since Apr 2026	42	5	19	−3.3%	−1.4%	2016-04
Nifty MidSmallcap400 50:50	Mid and small	Downtrend since Oct 2026	29	6	30	−4.8%	−2.1%	2026-02
Nifty MidSmallcap 400	Mid and small	Downtrend since Oct 2026	29	7	37	−5.3%	−2.6%	2016-04
Nifty Next 50	Large	Downtrend since Oct 2026	25	8	41	−5.7%	−3.2%	1996-12
Nifty500 LargeMidSmall Equal-Cap Weighted	Broad and multi-cap	Downtrend since Oct 2026	25	9	43	−5.9%	−5.2%	2024-06
Nifty Midcap 150	Mid	Downtrend since Sep 2026	17	10	50	−6.3%	−3.1%	2016-04
Nifty Midcap 50	Mid	Downtrend since Sep 2026	17	11	51	−6.4%	−0.6%	–
Nifty500 Multicap 50:25:25	Broad and multi-cap	Downtrend since Sep 2026	17	12	53	−6.5%	−6.8%	2020-12
Nifty Midcap 100	Mid	Downtrend since Sep 2026	17	13	54	−6.4%	−2.2%	2005-07
Nifty LargeMidcap 250	Broad and multi-cap	Downtrend since Sep 2026	8	14	65	−7.2%	−7.3%	2017-11
Nifty 500	Broad and multi-cap	Downtrend since Sep 2026	4	15	71	−7.2%	−8.8%	–
Nifty 200	Broad and multi-cap	Downtrend since Sep 2026	4	16	81	−7.8%	−9.8%	2011-07
Nifty 100	Large	Downtrend since Sep 2026	0	17	96	−8.1%	−11.5%	2005-12
Nifty 50	Large	Downtrend since Jan 2026	0	18	115	−8.6%	−13.3%	1996-04

How steady is the path?

Two markets can have the same trend score and very different paths. Efficiency measures how much of the last 63 sessions' travelled distance became net movement. Time above the 200-session average measures persistence; neither is a return forecast.

Market

Nifty 500: path efficiency and persistence

How to read it. High efficiency means a direct path, which can be upward or downward. Read direction from the trend score above. Missing sessions leave full-window measures blank.

Path efficiencyTime above 200-session average

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Source: NSE total-return indices via Data bank

Method JSON

Start with Nifty 500 and Nifty 200 for broad benchmarks, then large caps, the next fifty, midcaps, smallcaps and microcaps. These universes overlap and are not independent diversification exposures. The selector retains every available index.

Latest native-session readings. Scaled distance is log distance from the 200-session average divided by daily log-return volatility × √63. A large distance does not establish an imminent reversal. Histories begin at known launch dates.
Market	63-session efficiency	Time above 200-session average	Distance / 63-session volatility	Annualised 63-session volatility
Nifty 500	20.7%	74.6%	−0.75	10.4%
Nifty 200	22.6%	57.1%	−0.99	10.3%
Nifty 50	24.5%	6.3%	−1.36	10.3%
Nifty Next 50	12.2%	95.2%	−0.12	12.6%
Nifty Midcap 150	15.0%	92.1%	−0.31	11.9%
Nifty Smallcap 250	5.4%	100.0%	0.73	13.0%
Nifty Microcap 250	5.4%	100.0%	1.42	14.6%

Compare 11 more indices

Alternative universes and blends. Different definitions are retained for detailed comparison; placement here is an editorial choice, not a return-based selection.
Market	63-session efficiency	Time above 200-session average	Distance / 63-session volatility	Annualised 63-session volatility
Nifty 100	23.1%	30.2%	−1.14	10.3%
Nifty LargeMidcap 250	20.3%	84.1%	−0.72	10.6%
Nifty MidSmallcap 400	11.9%	98.4%	0.07	11.9%
Nifty MidSmallcap400 50:50	10.4%	100.0%	0.25	12.1%
Nifty Midcap 100	14.9%	92.1%	−0.31	12.1%
Nifty Midcap 50	14.9%	93.7%	−0.28	12.1%
Nifty Smallcap 100	1.5%	100.0%	0.87	13.9%
Nifty Smallcap 50	0.3%	100.0%	1.02	14.3%
Nifty Smallcap 500	2.0%	100.0%	0.97	13.1%
Nifty500 LargeMidSmall Equal-Cap Weighted	15.5%	93.7%	−0.15	11.1%
Nifty500 Multicap 50:25:25	17.8%	90.5%	−0.39	10.7%

How broad

The share of the family in an uptrend, week by week. Each member counts only from its launch date, so NSE's back-calculated histories do not fill the early years.

Family	1 month	3 months	6 months	12 months
Broad market18 markets	0% up100% down	6% up94% down	39% up28% down	28% up50% down

Broad market: share in an uptrend, week by week

Weekly, from 2005, when the family first had five members counted; the 13-week average in bold.

How to read it. Today 28% of the family is in an uptrend. Long stretches near the top or bottom are the family moving as one; time spent in the middle means its members are going separate ways.

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Source: NSE total-return indices (niftyindices); World Gold Council (gold in rupees); NSE 5-year G-sec index; ECB reference rates (the rupee, and overseas indices in rupees); overseas index closes as in docs/methods/world.md.

Method JSON

Regime history

Every member's uptrends (blue) and downtrends (red) since its history begins, sorted with today's uptrends first, longest-running at the top. 14 of 18 are back-calculated by NSE before their launch: that part is drawn lighter, with a dark tick at the launch. 2 have no usable launch date in NSE's factsheets and are drawn as published.

Broad market: regimes since 1996

Weekly readings. Blank: before the first trend was established.

How to read it. Read across a row for one market's story; read down for one moment across the family. Long single-colour columns are markets moving together; a patchwork is a family going separate ways.

UptrendDowntrendBefore launch (back-calculated)

Nifty 50

Nifty 100

Nifty 200

Nifty 500

Nifty LargeMidcap 250

Nifty Midcap 100

Nifty Midcap 150

Nifty Midcap 50

Nifty500 Multicap 50:25:25

Nifty MidSmallcap 400

Nifty MidSmallcap400 50:50

Nifty Next 50

Nifty500 LargeMidSmall Equal-Cap Weighted

Is leadership rotating?

Of the 4 members with the strongest momentum 26 weeks ago, 0 are still among the top 4 today. Leadership has turned over completely. In the ranked list above, a long line from ring to dot is a market whose momentum has moved a long way in 13 weeks.

Then: Nifty Midcap 100, Nifty Midcap 50, Nifty Midcap 150, Nifty Next 50. Now: Nifty Microcap 250, Nifty Smallcap 50, Nifty Smallcap 500, Nifty Smallcap 100.

How to read this

Broad indices overlap heavily: the Nifty 500 contains the Nifty 50, the Midcap 150 and the Smallcap 250, so they cannot all go separate ways. The useful comparison is across sizes: large against mid against small and micro.

The Nifty 500's launch date is not given in NSE's factsheets, so its history is drawn as published. The Midcap 150, Smallcap 250 and most multi-cap indices were launched in 2016 or later on histories from 2005.

Trend asks whether a market is rising; momentum asks whether it is rising faster than the others. Both look back over the same horizons: 1, 3, 6 and 12 months. Every market is measured on its return above a liquid fund (the 91-day T-bill), so an index that only keeps pace with cash is not trending.

The trend score is the share of 24 signals that point up: four ways of asking whether a price is trending (above where it was, above its average, a short average above a long one, in the top half of its range), each at six horizons from one month to a year. 100 means all agree it is rising; 0 that all agree it is falling.

Uptrend and downtrend. Read once a week, a market enters an uptrend when its score reaches 70 (17 of 24 signals up) and stays in it until the score falls to 30 or below, when it enters a downtrend. "Uptrend since March 2026" means the score first reached 70 in March and has not fallen to 30 since. The gap between the two lines keeps a market from flipping every other week.

Describing is not forecasting. In our pre-registered tests no trend or momentum rule on indices beat buying and holding by more than luck would explain, and after tax every rule trailed on the large-cap indices. What the rules did reliably was cut the worst falls. What the tests found. Many indices are back-calculated by NSE before their launch; their pages say so and draw that history lighter.

The workings

Method

How trend, momentum and regimes are measured

Data

Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.