Part 27 A Guide to India’s Key Financial Indices: NSE, BSE & MCX
Part 27 A Guide to India’s Key Financial Indices: NSE, BSE & MCX
India’s major stock exchanges—National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and Multi Commodity Exchange (MCX)—host a variety of indices that track different market segments, sectors, and asset classes.
Below is a detailed overview of the number of indices, their names, and total components (stocks or contracts) for each exchange, based on the latest available data as of July 2025.
Note that exact numbers of indices and components may vary slightly due to periodic updates, so I’ve included the most comprehensive and recent information.
National Stock Exchange (NSE)The NSE is India’s largest stock exchange, known for its flagship Nifty 50 index and a wide range of broad-based, sectoral, thematic, and strategy indices managed by NSE Indices Limited.
As of May 31, 2025, NSE Indices manages over 400 indices under the Nifty brand.
Key NSE Indices and Components
Here are some of the prominent NSE indices with their total components (number of stocks or securities tracked):
Nifty 50:
Tracks 50 large-cap companies across various sectors. Base date: November 3, 1995; base value: 1,000.
Nifty Next 50:
Tracks 50 companies from the Nifty 100, excluding Nifty 50 constituents.
Nifty 100:
Tracks 100 large-cap companies (includes Nifty 50 and Nifty Next 50).
Nifty 500:
Tracks 500 companies across large, mid, and small-cap segments.
Nifty Midcap 150:
Tracks 150 mid-cap companies.
Nifty Smallcap 250:
Tracks 250 small-cap companies.
Nifty MidSmallcap 400:
Tracks 400 mid and small-cap companies (combines Midcap 150 and Smallcap 250).
Sectoral Indices:
Nifty Bank:
Tracks major banking stocks (e.g., HDFC Bank, ICICI Bank). Typically 12 components.
Nifty Auto:
Tracks automobile sector stocks (e.g., Tata Motors, Maruti Suzuki). Typically 15 components.
Nifty Financial Services:
Tracks financial services firms (e.g., Bajaj Finance). Typically 20 components.
Nifty FMCG:
Tracks fast-moving consumer goods companies (e.g., ITC, Hindustan Unilever). Typically 15 components.
Nifty IT: Tracks
IT companies (e.g., TCS, Infosys). Typically 10 components.
Nifty Pharma:
Tracks pharmaceutical companies (e.g., Sun Pharma, Cipla). Typically 20 components.
Nifty PSU Bank, Private Bank, Realty, Media, etc.:
Each tracks 10–20 companies specific to the sector.
Thematic/Strategy Indices:Examples include Nifty Alpha 50, Nifty Low Volatility 50, and Nifty Dividend Opportunities 50.
Each typically tracks 20–50 stocks based on specific criteria like growth, volatility, or dividends.
Total Components
The Nifty 500 alone covers 500 companies, representing about 90% of the NSE’s total market capitalization.
NSE indices serve as benchmarks for 182 ETFs and 230 index funds in India and 20 ETFs and 14 index funds internationally as of May 2025.
Derivatives (futures and options) are available on indices like Nifty 50, Nifty Bank, and even global indices like FTSE 100.
Bombay Stock Exchange (BSE)The BSE, Asia’s oldest stock exchange, hosts the Sensex as its flagship index and a range of other indices.
Key BSE Indices and Components
S&P BSE Sensex: Tracks 30 large-cap, financially sound companies (e.g., Reliance Industries, HDFC Bank). Base year: 1978–79; base value: 100.
S&P BSE 100:
Tracks 100 major companies.
S&P BSE 200:
Tracks 200 leading companies.
S&P BSE 500:
Tracks 500 companies across various market caps.
S&P BSE MidCap:
Tracks mid-cap companies (approximately 70–100 components, exact number varies).
S&P BSE SmallCap:
Tracks small-cap companies (approximately 900–1,000 components).
Sectoral Indices:S&P BSE Auto:
Tracks auto sector stocks (e.g., Bajaj Auto). Typically 15–20 components.
S&P BSE Bankex:
Tracks banking stocks (e.g., SBI, Axis Bank). Typically 10 components.
S&P BSE Metal, Pharma, FMCG, IT, etc.:
Each tracks 10–20 companies in respective sectors.
Thematic Indices:
Examples include S&P BSE Greenex, S&P BSE PSU, and S&P BSE Carbonex, each tracking 20–100 companies based on themes like sustainability or public sector enterprises.
Total Components
The S&P BSE 500 covers 500 companies, while S&P BSE SmallCap alone tracks around 900–1,000 companies, representing a significant portion of the 4,812 listed companies.
Sectoral indices like BSE Bankex or BSE Auto typically have 10–20 components each, while thematic indices may track 20–100 companies.
The BSE’s broader indices (e.g., BSE 500) overlap with sectoral and thematic indices, covering a large portion of the 4,812 listed companies.
Multi Commodity Exchange (MCX)
The MCX is India’s largest commodity derivatives exchange, focusing on futures and options for commodities like metals, energy, and agricultural products.
It launched the MCX iCOMDEX series on December 20, 2019, which includes commodity futures price indices.
Key MCX Indices and ComponentsThe MCX iCOMDEX series consists of the following indices:
iCOMDEX Composite:
Tracks a basket of commodity futures contracts across bullion, base metals, and energy.
iCOMDEX Bullion:
Tracks bullion contracts (e.g., Gold, Silver). Typically 2–3 components.
iCOMDEX Base Metals:
Tracks base metal contracts (e.g., Aluminium, Copper, Zinc, Lead, Nickel). Typically 5 components.
iCOMDEX Energy:
Tracks energy contracts (e.g., Crude Oil, Natural Gas). Typically 2–3 components.
Single-Commodity Indices:
iCOMDEX Gold: Tracks Gold futures.
iCOMDEX Silver: Tracks Silver futures.
iCOMDEX Copper: Tracks Copper futures.
Total Indices and ComponentsTotal Indices:
The MCX iCOMDEX series includes 12 indices (1 composite, 3 sectoral, and 9 single-commodity indices).
Total Components:
The composite index tracks a basket of around 10–15 commodity futures contracts (exact number depends on weighting).
Sectoral indices like Bullion, Base Metals, and Energy track 2–5 contracts each, while single-commodity indices track 1 contract each.
MCX offers trading in futures and options for commodities like bullion (gold, silver), industrial metals (copper, aluminium), energy (crude oil, natural gas), and agricultural commodities (mentha oil, cardamom, cotton).
