In this paper, comparative analysis of various Sinusoidal Pulse Width modulation techniques and its effect on submodule voltage capacitor balancing for Modular Multilevel Converter is presented. The analysis is done for level-shifted PWM techniques such as Phase disposition PWM, Phase Opposition Disposition PWM, Alternate Phase Opposition Disposition PWM and Phase–shifted PWM techniques with triangular and sawtooth carrier waveforms. In Pulse Width modulation technique, triggering pulses for the submodule switches are generated by comparing the carrier signals with sinusoidal reference signal. Various modulation techniques are compared on the basis of the total harmonic distortion and individual harmonic content of the output voltage waveform of 5 level MMC. For voltage balancing of the submodule capacitors, a voltage balancing algorithm is presented , in which sorting the capacitors based on their voltage level is done , and switching pulses are generated accordingly. Further the comparison is carried out based on the submodule voltages balancing and generation of circulating current. Simulations are performed under MATLAB/Simulink environment for various PWM techniques and voltage balancing algorithm for 5-level MMC output. Simulated results are experimentally validated.