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NIFTY 200 is an index on the National Stock Exchange (NSE) that captures the behaviour and performance of the large cap and mid-cap segments of the equities market. It is a diversified broad-based index of 200 stocks which includes 100 stocks from NIFTY 100, while the remaining 100 stocks are selected from the NIFTY Full Midcap 100 index. These stocks span 19 sectors of the economy, with Financial Services carrying the highest weightage of over 30%. IT, Oil, Gas & Consumable Fuels, FMCG, and Automobile and Auto components round up the top 5 sectors, representing a combined weightage of about 70%.
The NIFTY 200 index represents almost 86.7% of float-adjusted market capitalisation on NSE. The total traded value of all index constituents is approximately 84.6% of the traded value of all stocks on NSE for the last six months.
This NIFTY 200 index was launched on July 19, 2011, with the base year set to 2004, and the base value at 1000. The NIFTY 200 share price since inception has breached the levels of 8000 at 19.67 P/E multiples. It is reconstituted semi-annually in order to ensure that it continues to reflect the changing dynamics of the Indian financial markets and the economy.
The NIFTY 200 index is owned and managed by NSE Indices Limited, previously known as India Index Services & Products Limited. This index is governed by a three-tier structure that comprises the BOD of NSE Indices Limited, the Index Advisory Committee (Equity) and the Index Maintenance Sub-Committee.
NIFTY 200 has an index variant in the name of NIFTY 200 Total Returns Index. This index is ideal for launching index funds, and benchmarking fund portfolios, ETFs, and structured products.
The NIFTY 200 share price is computed by weighting its 200 stocks on the basis of free-float market capitalisation relative to a particular base market capitalisation value on a real-time basis. Free float refers to the shares which are readily available to the public for trading and are not held by promoters.
The eligibility criteria below has to be met by the constituent stocks to be included in the NIFTY 200 index:
The index value is calculated as follows –
Index value = Current free-float market capitalization/ (Base free-float market capitalization * Base Index Value)
The NIFTY 200 index is reviewed semi-annually based on six months of data, with the cutoff date being January 31 and July 31 of each year. The replacement of stocks in NIFTY 200 (if any) is implemented from the last trading day of March and September after giving four weeks prior notice to the market.
