Nifty Total Market Momentum Quality 50 stocks list

The universe is every stock in the Nifty Total Market at the time of a review, with a minimum listing history of 1 year. Four screens then remove stocks: a stock that is not an index member and not in futures and options trading is dropped if it hit its upper or lower price limit on 20% or more of the trading days in the past 6 months; a company with more than 20% of its promoters' shares pledged is dropped; and the bottom 10 percentile by 6-month average daily turnover, and the bottom 10 percentile by turnover ratio, are dropped.

Each remaining stock gets a momentum score and a quality score. Momentum starts from the 6-month and the 12-month price return, each divided by the stock's annualised standard deviation of daily returns over 1 year, and the two are weighted 50% each. Quality uses return on equity (profit as a share of shareholders' equity), the debt-to-equity ratio (borrowings against equity) and the variability of earnings per share growth over the previous 5 years. For a non-financial company each counts one third, with lower debt-to-equity and lower variability scoring higher. For a financial services company the debt-to-equity ratio is left out and the other two count half each.

Each score is turned into a percentile rank within the eligible stocks. The aggregate percentile score is 50% of the momentum percentile plus 50% of the quality percentile, and the 50 stocks with the highest aggregate score form the index.

The index is tilt weighted: a stock's weight is its free-float market capitalisation multiplied by its composite factor score. Free float is the part of a company's shares that is available for trading, after promoter and similar holdings are excluded. The composite factor score is 50% of the normalised momentum score plus 50% of the quality score.

Each stock is capped at the lower of 5% or 5 times its weight in an index based on free-float market capitalisation alone. The cap is applied at each reconstitution, and weights drift with prices until the next one.

The index is reconstituted twice a year, in Jun and Dec, using data to the cut-off dates of 31 May and 30 Nov. Four weeks' notice is given to the market. A current member stays if its aggregate score ranks within the top 75 of the eligible universe. The top 25 ranked non-members are added, replacing the lowest-ranked members, and a member ranked beyond 75 is removed.

A stock that leaves the Nifty Total Market also leaves this index at the next review. An extra reconstitution is run if a member is removed from the Nifty Total Market through a corporate action such as a scheme of arrangement or delisting, or through suspension by the exchange. Each quarter the index is also checked against the portfolio concentration norms SEBI announced on 10 Jan 2019, and corrected if it fails them.

The index has a base date of 1 Apr 2005 and a base value of 1000. It was launched on 6 Aug 2025.