The benchmark Nifty50 has faced acute selling pressure around the 26000 level in the past two months. It has made several unsuccessful attempts to sustainably topple over this barrier. Nifty Midcap100 (benchmark for midcap stocks) has also shown a similar trend in the 60000-60500 range. Nifty Smallcap 100 (benchmark for smallcap stocks) has declined for the past two months.
It is pertinent to note that in Indian context, a large cap company is defined as a company that falls within the top 100 companies in the country in terms of total market capitalization. At present, the companies with a total market capitalization in excess of appx Rs1060bn (~USD1.2bn) would qualify to be large cap companies. The companies with a market capitalization rank from 101 to 250 are termed as midcap companies. Presently, the companies with a total market capitalization between 343bn and Rs1060bn (US$375mn to US$1.2bn) are classified as midcap companies. All other companies are classified as small cap companies.
Out of INR474trn total market capitalization of Indian listed companies, appx 60% is of large cap companies (top 100); 20% is of midcap companies (101 to 250); and 20% is of small cap companies (251 to 5250).
If we consider free float market cap, i.e., market cap excluding the promoters’ holding, appx 63% is of large cap companies (top 100); 20% is of midcap companies (101 to 250); and 17% is of small cap companies (251 to 5250).
(These are approximate numbers based on data collected from various sources. Actual numbers might be slightly different.)
On 2025YTD basis, Nifty50 is up ~9.5%, Midcap100 is up ~4.5% and Smallcap 100 is down ~8%. As per the Value Research data, on an average YTD2025, large cap funds have yielded a return of 8%, Midcap 2% and Smallcap funds (-)6%. Multicap and Flexicap funds have yielded a return of 1.5%-3%, on an average YTD2025.
More on this tomorrow.
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