My Analysis of the Nifty MidSmall Financial Services Index
The Nifty MidSmall Financial Services Index is a very dynamic and significant benchmark to me. It is a fund that specifically monitors performance of mid-cap and small-cap stocks of the financial services category. The index has a maximum of 30 equities chosen within the greater index Nifty MidSmallcap 400 and provides a broad but concentrated perspective of this high-growth strata.
The index is calculated using a Periodic Capped Free-Float market capitalization method. This ensures that the weights will be grounded on tradeable shares and the diversification is also retained. I am using Total Returns Index to deal with the dividends in my analysis.
Key Performance & Fundamental Metrics
The following are the key statistics as far as I am concerned. The 1 year and 5-year returns are extremely high which shows that the rally in this area is big. The P/E ratio stands at 23.84 looks adequate considering the growth rate and the Beta on 1.16 indicates that it is somewhat less stable than the general market, but that is natural in the case of mid and small cap securities.
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Total Return (1 Year)
Total Return (5 Yr CAGR)
P/E Ratio
P/B Ratio
Dividend Yield
Beta (vs NIFTY 50)
Index Performance Visualized
In a bid to know more about the index, I have plotted its past performance and current make-up. The trend of the historical chart indicates a high rate of growth and specifically in the recent years. The constituents chart points the fact that BSE Ltd. has a very large weight, new-age fintech players such as PB Fintech Ltd. are emerging within the financial services market and it is dynamic in nature.
Historical Performance (Since 2006)
Top 10 Constituents by Weightage (%)
1-Year Return vs. Other Sectors (%)
Nifty MidSmall Financial Services Index Stocks list
For a deeper dive, here is the complete list of the 30 companies in the index, updated with their latest market data. The table is fully interactive—you can search for a specific company or sort any column to explore the data.
Also Read:
| Company Name | Symbol | Price (INR) | Market Cap | P/E Ratio | Volume |
|---|
My Notes on the Index Methodology
The rules for this index are designed to capture a broad yet filtered group of mid and small-cap financial services companies.
- Eligibility Universe: Stocks must be part of the Nifty MidSmallcap 400 index.
- Liquidity Screen: Non-F&O stocks that hit their circuit filter on 20% or more of trading days in the last 6 months are excluded, which is a smart way to remove illiquid names.
- Selection: Up to 30 stocks are selected based on their free-float market capitalization from the eligible universe.
- Rebalancing: The index is reconstituted semi-annually and rebalanced quarterly to maintain weight integrity.
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