Top Nifty Midcap 150 Index Funds in India 2026

The Nifty Midcap 150 Index tracks the performance of 150 mid-cap companies ranked 101 to 250 in the Nifty 500 universe based on free-float market capitalisation. It represents a significant segment of India’s listed equity market and is widely used as a benchmark for passive mid-cap funds. Nifty Midcap 150 Index Funds seek to replicate this benchmark by investing in its constituent companies. This article explores the best Nifty Midcap 150 Index Funds, how the index selects stocks, taxation, benefits, risks and key factors to consider before investing.

Best Nifty Midcap 150 Index Funds

Disclaimer: Please note that the above list of the best flexi cap mutual funds is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing. The data is derived from Tickertape Mutual Fund Screener and is subject to real-time updates.

Note: The data on the list of the best Nifty Midcap 150 funds is from 3rd July 2026. This data is derived from the Tickertape Mutual Funds Screener.

• Category: Index Fund
• AUM: Sorted from Highest to Lowest

🚀 Pro Tip: You can use Tickertape’s Mutual Fund Screener to research and evaluate funds with over 50+ pre-loaded filters and parameters.

What is the Nifty Midcap 150 Index?

The Nifty Midcap 150 Index tracks the performance of 150 mid-cap companies listed on the NSE. It represents companies in the mid-cap segment of the Nifty 500 universe, based on free-float market capitalisation. The index follows a free-float market capitalisation-weighted methodology and is widely used as a benchmark for mid-cap mutual funds, index funds and ETFs seeking exposure to India’s mid-sized listed companies.

What are the Nifty Midcap 150 Index Funds?

A Nifty Midcap 150 Index Fund is a passive mutual fund that tracks the Nifty Midcap 150 Index, which represents 150 mid-cap companies listed on the NSE. The fund invests in the same stocks as the index in similar weightages. Its aim is to mirror the index’s performance, subject to tracking error and expenses, while offering exposure to India’s mid-cap segment.

How the Nifty Midcap 150 Index Selects Stocks?

• Starts with the Nifty 500 Universe: The index is constructed from this universe, which includes companies across large-cap, mid-cap, and small-cap segments.
• Excludes the Top 100 Companies: Companies ranked among the largest 100 by full market capitalisation are generally outside this index’s mid-cap coverage.
• Includes Companies Ranked 101-250: The index represents the next 150 companies in the Nifty 500 universe, forming the mid-cap segment.
• Uses Free-Float Market Capitalisation Weights: Stock weights are based on shares available for public trading, not total shares outstanding.
• Applies Eligibility Checks: Companies must meet NSE Indices’ listing, trading, and liquidity requirements to remain in the index.
• Reviewed Periodically: Constituents may change during scheduled reviews based on market-cap movement, liquidity and eligibility criteria.

Overview of Nifty Midcap 150 Index Funds in India

Motilal Oswal Nifty Midcap 150 Index Fund

This index fund tracks the Nifty Midcap 150 Index, which represents companies ranked 101 to 250 in the Nifty 500 universe. It follows a passive strategy and aims to replicate benchmark performance, subject to tracking error and expenses.

Nippon India Nifty Midcap 150 Index Fund

Nippon India Nifty Midcap 150 Index Fund passively tracks the Nifty Midcap 150 Index and invests in its constituent companies. It provides exposure to India’s mid-cap segment, while returns may differ from the index due to tracking error, expenses and rebalancing.

Edelweiss Nifty Midcap150 Momentum 50 Index Fund

This index fund tracks the Nifty Midcap150 Momentum 50 Index. It invests in 50 mid-cap companies selected from the Nifty Midcap 150 universe based on momentum scores, following a rules-based passive strategy.

Tata Nifty Midcap 150 Momentum 50 Index Fund

This fund follows the Nifty Midcap150 Momentum 50 Index, which selects mid-cap stocks based on momentum characteristics. The scheme tracks the benchmark passively, with returns subject to tracking difference, expenses and portfolio rebalancing.

ICICI Pru Nifty Midcap 150 Index Fund

This index fund tracks the Nifty Midcap 150 Index through a passive investment approach. It invests in the index constituents and seeks to mirror the benchmark’s performance, subject to tracking error, cash holdings, and expenses.

SBI Nifty Midcap 150 Index Fund

SBI Nifty Midcap 150 Index Fund passively tracks the Nifty Midcap 150 Index, giving exposure to 150 mid-cap companies from the Nifty 500 universe. Its returns may differ from the index due to expenses, tracking error and rebalancing.

HDFC NIFTY Midcap 150 Index Fund

This index fund invests in companies forming part of the Nifty Midcap 150 Index. It follows a passive strategy and aims to replicate the benchmark’s performance, subject to tracking difference, fund expenses and index changes.

Aditya Birla SL Nifty Midcap 150 Index Fund

This fund tracks the Nifty Midcap 150 Index and invests in its constituent stocks. It follows a passive structure, providing exposure to mid-cap companies ranked 101-250 within the broader Nifty 500 universe.

DSP Nifty Midcap 150 Quality 50 Index Fund

This index fund tracks the Nifty Midcap150 Quality 50 Index. It invests in 50 mid-cap companies selected based on quality factors such as profitability, leverage, and earnings stability, as defined by the index methodology.

Kotak NIFTY Midcap 150 Momentum 50 Index Fund

This index fund follows the Nifty Midcap150 Momentum 50 Index, which selects 50 mid-cap stocks based on momentum scores. It uses a passive, rules-based approach, subject to tracking error and expenses.

Tax on Nifty Midcap 150 Index Funds

Nifty Midcap 150 Index Funds track mid-sized listed companies, so their taxation follows equity mutual fund rules when the scheme meets the required equity allocation. The tax payable depends on how long the units are held before redemption.

How to Invest in the Best Nifty Midcap 150 Index Fund in India?

You can start investing in Nifty Midcap 150 Index funds in India by following these steps:

1. First, visit an equity investment platform such as smallcase to explore available Nifty Midcap 150 Index funds.
2. Next, research and identify Nifty Midcap 150 Index funds based on your investment thesis, time horizon, and risk appetite. Tools like the Tickertape Mutual Fund Screener can help you filter and compare funds based on parameters such as returns, expense ratios, fund size, risk ratios, and more.
3. Once you shortlist the fund, visit smallcase, log in, and search for the fund by name. You can then choose the investment mode, either a one-time lump sum or an SIP, and complete the investment process.

Benefits of Investing in Nifty Midcap 150 Index Funds

• Defined Mid-Cap Exposure: The index covers companies ranked 101 to 250 from the Nifty 500 universe, representing India’s mid-cap segment through a rules-based structure.
• Market Representation: As of March 2026, the Nifty Midcap 150 represented about 18.18% of NSE’s free-float market capitalisation, reflecting its role in listed Indian equities.
• Liquidity Context: For the six months ending March 2026, index constituents accounted for about 23.77% of NSE’s traded value, showing active trading participation.
• Passive Structure: These funds track the Nifty Midcap 150 Index, so portfolio changes follow index rules rather than active stock selection.
• Transparent Weighting: The index uses free-float market capitalisation, where companies with higher publicly traded market value carry higher weights.

Risks Involved While Investing in Nifty Midcap 150 Index Funds

• Mid-Cap Volatility: Mid-cap stocks may see sharper price movements than large-cap stocks during market corrections, periods of liquidity stress, or weak sentiment.
• Tracking Error: Fund returns may differ from the index due to expense ratio, cash holdings, transaction costs and rebalancing timelines.
• Liquidity Risk: Some mid-cap stocks may have lower liquidity in stressed market conditions, which can affect trading efficiency and pricing.
• Stock Weight Risk: Larger mid-cap constituents may influence index movement more, as the index uses free-float market-cap weighting.
• No Active Downside Management: These funds follow the index through market ups and downs and do not actively reduce exposure during weak phases.

Factors to Consider When Investing in a Nifty Midcap 150 Index Fund

• Mid-Cap Universe: The fund tracks companies ranked 101 to 250 from the Nifty 500 universe, representing a defined mid-cap segment.
• Index Concentration: Although the index has 150 stocks, higher-weight companies may influence index movement more than smaller constituents.
• Sector Mix: The index’s sector exposure may differ from that of large-cap indices, affecting performance across market phases.
• Constituent Liquidity: Mid-cap stocks may have lower trading depth than large-caps, especially during stressed market conditions.
• Tracking Difference: Fund returns may differ from the index due to expenses, cash holdings, rebalancing and transaction costs.
• Rebalancing Impact: Index reviews can lead to stock additions or removals, which may affect short-term portfolio movement.
• Mid-Cap Volatility: Mid-cap companies may react more sharply to changes in earnings, liquidity conditions, and market sentiment.

Who Should Consider Nifty Midcap 150 Index Funds?

• Investors Studying Mid-Cap Exposure: These funds may be evaluated by those seeking to understand companies ranked 101-250 in the Nifty 500 universe.
• Investors Comparing Passive Mid-Cap Funds: These funds follow the Nifty Midcap 150 Index, so portfolio construction is based on index rules rather than active stock selection.
• Investors Aware of Mid-Cap Volatility: Mid-cap companies may show sharper price movements than large-cap stocks, especially during market corrections or weak liquidity conditions.
• Investors Reviewing Sector Exposure: The index may have a different sector mix from large-cap indices, which can affect performance across market phases.
• Investors with Longer Evaluation Periods: Mid-cap index returns can fluctuate in the short term, so longer data periods may provide better context for analysis.

To Wrap It Up…

Nifty Midcap 150 Index Funds provide passive exposure to a diversified basket of India’s mid-cap companies through a rules-based investment approach. These funds generally aim to track the Nifty Midcap 150 TRI, which reflects both price movements and dividend reinvestment. Since these funds closely follow the underlying index, understanding their portfolio composition, tracking difference, expense ratio, risk profile and taxation is important before evaluating them. Investors can use the Tickertape Mutual Fund Screener to compare Nifty Midcap 150 Index Funds based on returns, expense ratio, AUM, tracking difference, risk metrics and other parameters, making it easier to research and evaluate different schemes.

Frequently Asked Questions on Nifty Midcap 150 Index Funds