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NIFTY Smallcap 250 is a broad-based index on the National Stock Exchange (NSE) which captures the performance of the small-cap segment of the equities market. It is a diversified index of 250 stocks, ranked 251-500 based on full market capitalization in the NIFTY 500’s stocks universe. These stocks span 21 sectors of the economy, with Financial Services and Capital Goods together accounting for a third of the index. Other sectors include IT, Healthcare, Chemicals, Consumer Durables, and FMCG, which hold another 33% of the index.
More than 6% of float-adjusted market capitalization on NSE is represented by NIFTY Smallcap 250 index with a weighted average constituent turnover of Rs. 44 crores per day. In the last six months, the traded value of all NIFTY Smallcap 250’s constituents approximated 11% of the total traded value of all stocks on NSE.
This NIFTY Smallcap 250 index was launched on April 1, 2016, with the base date as April 1, 2005, and the base value at 1000. The NIFTY Smallcap 250 share price since inception has breached the levels of 8000 at ~19.6 P/E multiples. It is reconstituted on a semi-annual basis.
The NIFTY Smallcap 250 index is owned and managed by NSE Indices Limited, previously known as India Index Services & Products Limited. The Smallcap index is governed by a three-tier structure that comprises the BOD of NSE Indices, the Index Advisory Committee and the Index Maintenance Sub-Committee.
NIFTY Smallcap 250 has a variant in the form of the NIFTY Smallcap 250 Total Returns Index. This index has practical applications for launching index funds, ETFs, and structured investment products, as well as for benchmarking fund portfolios.
The NIFTY Smallcap 250 share price is computed by weighting its 250 stocks on the basis of free-float market capitalization relative to a base market capitalization value on a real-time basis. Free float refers to the shares which are not held by promoters and are readily available to the public for trading.
In order to be considered for inclusion in the NIFTY Smallcap 250 index, the securities must fulfil the following eligibility criteria:
The index value is calculated as follows –
Index value = Current market capitalization/ (Base market capitalization * Base Index Value)
The NIFTY Smallcap 250 index is 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 Smallcap 250 (if any) is implemented from the last trading day of March and September after giving four weeks prior notice to the market.
