Data to 5 October 2026
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End of day, 5 Oct 2026

The Nifty 50 rose 0.6%; small caps rose 0.4%

It is 13.5% below its 52-week high and down 12.9% this year. Seven of 18 broad indices and nine of 23 sectors are above their 200-day averages.

The past year, by size of company total return with dividends, to 5 Oct 2026, on one scale

Nifty 50−9.1%

Midcap 150+1.6%

Smallcap 250+4.3%

Microcap 250+11.1%

Below its highest point so far in the year

Today

Nifty 50 +0.60% YTD −12.9% Nifty Bank +0.48% YTD −7.6% Next 50 +0.34% YTD +0.6% Nifty 500 +0.52% YTD −7.2% Midcap 150 +0.52% YTD −1.8% Smallcap 250 +0.38% YTD +6.3% Gold, 1 Oct +0.11% Domestic, rupees Rupee +0.03% vs dollar; YTD −7.2%

The lines under each index: its last three months, total return with dividends.

Breadth 5 Oct

677 rose796 fell

52-week highs, lows
29 / 51
Above 200-day average
50% +0.7 pts
Above 50-day average
30% +0.7 pts

Of 1,476 liquid NSE stocks.

Flows

Domestic institutions 5 Oct
+₹5,182 cr
Foreign investors (NSDL) 5 Oct
−₹9,282 cr

By category on 30 Sept, NSE and BSE:

Mutual funds
+₹8,781 cr
Individuals
+₹22 cr
Foreign investors
−₹9,570 cr

Biggest moves 5 Oct

  1. KANOHAR+12.6%
  2. DHOOTTRANS+5.4%
  3. NETWEB+5.4%
  4. KALYANKJIL+5.4%
  5. ITC+5.1%
  1. ARMEE−7.0%
  2. AONESTEELS−6.5%
  3. GLASSWALL−5.8%
  4. SSRETAIL−5.2%
  5. MONEYVIEW−4.4%

Among the 100 most-traded NSE stocks.

Sectors today 18 of 23 rose

  1. FMCG+1.8%
  2. Consumer Durables+1.5%
  3. MidSmall IT & Telecom+1.5%
  4. Financial Services Ex-Bank+1.3%
  5. MidSmall Financial Services+1.1%
  6. PSU Bank+1.0%
  7. Media+0.9%
  8. Cement+0.6%
  9. Realty+0.6%
  10. Bank+0.5%
  11. Financial Services 25/50+0.5%
  12. Financial Services+0.4%
  13. Oil & Gas+0.3%
  14. Metal+0.3%
  15. REITs & Realty+0.3%
  16. Chemicals+0.2%
  17. Auto+0.1%
  18. Private Bank+0.1%
  19. IT0.0%
  20. Pharma−0.7%
  21. Healthcare−1.0%
  22. Nifty500 Healthcare−1.0%
  23. MidSmall Healthcare−1.1%

How the main indices have moved

−6%−4%−2%0 −4.4% Nifty Smallcap 250−4.6% Nifty Next 50−5.2% Nifty 50−5.6% Nifty Midcap 150 7 Sept11 Sept17 Sept23 Sept28 Sept5 Oct −6%−4%−2%0 7 Sept21 Sept5 Oct
−5%0 −2.1% Nifty Smallcap 250−4.5% Nifty Next 50−5.1% Nifty Midcap 150−7.4% Nifty 50 6 Jul23 Jul10 Aug27 Aug15 Sept5 Oct −5%0 6 Jul19 Aug5 Oct
−10%0+10% +4.3% Nifty Smallcap 250+1.8% Nifty Next 50+1.6% Nifty Midcap 150−9.1% Nifty 50 6 Oct16 Dec25 Feb14 May24 Jul5 Oct −10%0+10% 6 Oct8 Apr5 Oct
0+25%+50%+75% +58.9% Nifty Next 50+47.8% Nifty Midcap 150+46.8% Nifty Smallcap 250+19.5% Nifty 50 Oct 23May 24Dec 24Jul 25Feb 26Oct 26 0+25%+50%+75% Oct 23Apr 25Oct 26
0+50%+100% +94.0% Nifty Midcap 150+90.9% Nifty Smallcap 250+66.9% Nifty Next 50+34.3% Nifty 50 Oct 21Oct 22Oct 23Oct 24Sept 25Oct 26 0+50%+100% Oct 21Apr 24Oct 26

Total return with dividends, from the start of the window to 5 Oct 2026. NSE Indices; returns only.

Coming up

  1. Wed, 7 Oct

    • R.K. Fashion Accessories LimitedSME IPO closes
    • RBI policy decisionMPC decision

  2. Thu, 8 Oct

    • TCSResults, dividend

  3. Sat, 10 Oct

    • DMARTResults, period ended Sep 2026

  4. Mon, 12 Oct

    • CPI inflationFor Sep 2026 (expected)
    • HCLTECHResults, dividend, period ended Sep 2026
    • RBLBANKResults, period ended Sep 2026

  5. Wed, 14 Oct

    • TCSInterim dividend, ex-date
    • WPI inflationFor Sep 2026 (expected)
    • BHELResults
    • MRPLResults, period ended Sep 2026

  6. Thu, 15 Oct

    • Unemployment (PLFS)For Sep 2026 (expected)
    • ANGELONEResults, period ended Sep 2026
    • HDFCAMCResults, period ended Sep 2026
    • HDFCLIFEResults, fund raising, period ended Sep 2026
    • LTFResults, period ended Sep 2026
    • NESTLEINDResults
    • TECHMResults, dividend, bonus issue, period ended Sep 2026
    • WIPROResults, period ended Sep 2026

  7. Sat, 17 Oct

    • AXISBANKResults, period ended Sep 2026
    • HDFCBANKResults
    • YESBANKResults, period ended Sep 2026

  8. Mon, 19 Oct

    • BAJFINANCEResults, period ended Sep 2026
    • ULTRACEMCOResults, period ended Sep 2026

Results dates and corporate actions for the 200 most-traded NSE stocks (stocks.events), as announced; companies can move them. IPOs: NSE. RBI: the MPC's schedule. Data releases: MoSPI's usual release dates, which holidays can shift. Every company, 90 days ahead, with expiries and holidays.

How did the broad market do?

Five of these 10 indices are in an uptrend by the 10-month rule at the end of Sept 2026. Over a year the best was the Nifty Microcap 250 (+10.8%) and the weakest the Nifty 50 (−8.4%).

Total returns with dividends, to 5 Oct 2026. 3Y and 5Y are annualised. Momentum is the return over the twelve months to a month ago, and its rank among 18 broad indices.
Index 52 weeks1D1W1M3MYTD1Y3Y5YOff highTrendMomentum
Nifty 50 +0.6%−1.0%−5.6%−6.8%−12.9%−8.4%+6.1%+6.1%−13.5%Downsince Jan ’26−1%18/18
Nifty Next 50 +0.3%−1.6%−5.0%−3.9%+0.6%+2.2%+16.7%+10.8%−7.3%Downsince Oct ’26+10%11/18
Nifty 100 +0.5%−1.1%−5.5%−6.3%−10.6%−6.5%+7.9%+6.7%−11.4%Downsince Sep ’26+1%17/18
Nifty 500 +0.5%−1.2%−5.5%−5.4%−7.2%−3.7%+9.6%+8.6%−8.1%Downsince Sep ’26+4%15/18
Nifty Midcap 150 +0.5%−1.4%−6.1%−4.7%−1.8%+2.3%+13.9%+14.2%−7.5%Downsince Sep ’26+13%6/18
Nifty Smallcap 250 +0.4%−1.2%−4.4%−1.6%+6.3%+4.4%+13.7%+13.8%−4.7%Upsince Apr ’26+11%10/18
Nifty Microcap 250 0.0%−0.5%−2.0%+2.6%+15.4%+10.8%+17.4%+20.6%−3.3%Upsince Apr ’26+16%3/18
Nifty LargeMidcap 250 +0.5%−1.3%−5.8%−5.5%−6.3%−2.2%+10.9%+10.5%−7.8%Downsince Sep ’26+7%13/18
Nifty MidSmallcap 400 +0.5%−1.3%−5.5%−3.7%+0.9%+2.9%+13.8%+14.1%−6.4%Downsince Oct ’26+12%8/18
Nifty500 LargeMidSmall Equal-Cap Weighted +0.5%−1.2%−5.3%−4.2%−2.1%+0.1%+12.0%+11.7%−6.3%Downsince Oct ’26+8%12/18

All 120 NSE indices, with risk and filters · What the trend and momentum rules say

Equity, debt, gold and the world, and simple mixes of them

What each asset class returned to an investor in rupees, then what plain mixes of Indian equity, G-secs and gold earned. These simple mixes are the fairer first look. The portfolio lab ranks all 136 portfolios, but its top places go to factor indices whose early years are NSE's back-tests, worked out before the index existed (5 of the top 5).

Asset classes, in rupees

AssetClass1MYTD1Y3Y5YBelow peak
Large caps (Nifty 50)Indian equity −5.6%−12.9%−8.4% +6.1%+6.1% −14%
Mid caps (Midcap 150)Indian equity −6.1%−1.8%+2.3% +13.9%+14.2% −8%
Small caps (Smallcap 250)Indian equity −4.4%+6.3%+4.4% +13.7%+13.8% −5%
G-sec, 5-yearIndian debt −1.1%+2.9%+3.5% +7.3%+6.1% −1%
Cash (91-day T-bill)Indian debt +0.5%+4.1%+5.5% +6.2%+6.0% 0%
Gold (domestic)Commodities −4.3%+10.4%+26.9% +37.9%+26.0% −16%
SilverCommodities −2.9%−9.5%+39.1% +47.7%+28.5% −46%
Broad commoditiesCommodities +3.4%+65.1%+70.4% +22.8%+22.1% −4%
US large caps (S&P 500)Global +2.3%+22.0%+26.3% +29.4%+19.8% 0%
Developed markets ex-USGlobal −1.4%+18.0%+23.8% +24.9%+15.1% −3%
Emerging marketsGlobal +2.4%+33.5%+39.0% +30.5%+14.5% −3%
US Treasuries, 7-10 yearsGlobal −1.7%+2.3%+4.1% +8.4%+3.1% −4%

Total returns. Indian equity: NSE total-return indices. G-sec: NSE 5-year benchmark G-sec index. Gold: domestic price including import duty. Silver, commodities and the overseas rows: issuer NAVs of US-listed ETFs (SLV, GSG, IVV, EFA, EEM, IEF) converted to rupees at ECB reference rates, so they include the rupee's move.

Simple portfolios

Mixes of the same Indian assets, rebalanced once a year, after fund costs. Since 2005, 60/40 kept 11.4% a year after tax with a worst fall of −36%, against 12.6% and −64% for all equity.

PortfolioYTD1Y3Y5Y10YSince 2005, after taxWorst fall
All equityNifty 500 −7.0%−3.9%+9.2% +8.8%+12.5% 12.6%−64%
70/30Nifty 500, G-sec −4.1%−1.7%+8.7% +8.0%+11.0% 11.9%−43%
60/40Nifty 500, G-sec −3.1%−1.0%+8.5% +7.7%+10.4% 11.4%−36%
50/50Nifty 500, G-sec −2.1%−0.3%+8.3% +7.4%+9.9% 10.8%−30%
60/20/20Nifty 500, G-sec, gold −2.1%+4.1%+14.6% +12.0%+12.6% 13.1%−36%
Equal thirdsNifty 500, G-sec, gold +1.2%+9.3%+18.0% +13.9%+12.3% 12.3%−19%
60/40 with a trend ruleequity to cash below its 10-month average −8.4%−6.4%+5.6% +4.3%+7.4% 9.7%−21%
GTAAeach asset held only above its 10-month average −3.7%+2.7%+13.8% +9.9%+9.4% 9.8%−18%
Dual momentumthe stronger of equity and gold, if it beats cash +8.4%+26.3%+30.3% +17.5%+15.1% 12.0%−45%

YTD to 10Y: before tax, from the lab's weekly curves to 2026-10-05. "Since 2005, after tax" is for a 30% slab taxpayer selling at the end; worst fall is the deepest peak-to-trough over the whole window. The trend rules switch on month-end closes. These are historical tests, not recommendations.

Commodities, daily

Commodity52 weeks1D1W1MYTD1Y
Precious metals, MCX, in rupees
Silver +0.1%−0.6%−4.9%−4.1%+55.1%
Gold −0.7%+0.3%−2.3%+10.2%+26.4%
Base metals, MCX, in rupees
Copper +0.8%+0.4%+2.3%+9.7%+42.5%
Zinc +0.7%−0.7%−1.2%+34.4%+40.3%
Aluminium +0.6%−2.3%−2.6%+14.0%+30.3%
Nickel 0.0%−2.5%−4.4%−3.9%+13.8%
Lead +0.8%+0.9%−1.3%+6.1%+5.2%
Energy, MCX, in rupees
Electricity +9.0%+13.6%+19.3%+59.4%+100.1%
Crude oil −2.8%−2.7%+1.1%+66.3%+59.4%
Natural gas +2.6%−1.6%+5.2%−12.5%−1.1%
Agriculture, MCX, in rupees
Mentha oil +4.6%+7.6%+7.5%+30.6%+37.9%
Cardamom −2.2%+0.8%−2.1%+25.1%+29.6%
Global energy, in dollars
Brent crude −5.0%−0.8%+27.0%+85.8%+65.2%
WTI crude −3.2%−0.3%+13.7%+67.9%+49.6%
US natural gas (Henry Hub) +1.6%+9.7%+12.8%−20.5%+8.5%

MCX futures to 5 Oct 2026 (captured 6 Oct 2026; the capture is manual and can lag). 1D compares the most-traded contract with its own previous close; longer periods compare the most-active contract's price now and then, as MCX prices are usually quoted. Brent, WTI and Henry Hub to 29 Sept 2026: EIA via FRED. Returns only.

Which asset won each year

In the 11 full years from 2015 to 2025, Indian small caps came first 4 times, gold 4 and US stocks 3. Large caps topped the table in no year.

2015
  1. Small+11
  2. Mid+10
  3. G-sec+9
  4. Cash+8
  5. US+6
  6. Large−3
  7. Gold−7
  8. EM−11
2016
  1. US+15
  2. EM+13
  3. G-sec+12
  4. Gold+11
  5. Cash+7
  6. Mid+7
  7. Large+4
  8. Small+1
2017
  1. Small+58
  2. Mid+56
  3. Large+30
  4. EM+28
  5. US+15
  6. Cash+6
  7. G-sec+5
  8. Gold+5
2018
  1. Gold+8
  2. G-sec+7
  3. Cash+7
  4. Large+5
  5. US+4
  6. EM−7
  7. Mid−13
  8. Small−26
2019
  1. US+35
  2. Gold+23
  3. EM+21
  4. Large+13
  5. G-sec+11
  6. Cash+6
  7. Mid+1
  8. Small−7
2020
  1. Gold+28
  2. Small+26
  3. Mid+26
  4. US+21
  5. EM+20
  6. Large+16
  7. G-sec+12
  8. Cash+4
2021
  1. Small+63
  2. Mid+48
  3. US+31
  4. Large+26
  5. Cash+3
  6. G-sec+3
  7. EM−2
  8. Gold−4
2022
  1. Gold+14
  2. Large+6
  3. Cash+5
  4. Mid+4
  5. G-sec+2
  6. Small−3
  7. US−9
  8. EM−12
2023
  1. Small+49
  2. Mid+45
  3. US+27
  4. Large+21
  5. Gold+16
  6. EM+10
  7. G-sec+8
  8. Cash+7
2024
  1. US+29
  2. Small+27
  3. Mid+24
  4. Gold+20
  5. Large+10
  6. EM+10
  7. G-sec+8
  8. Cash+7
2025
  1. Gold+76
  2. EM+40
  3. US+24
  4. Large+12
  5. G-sec+8
  6. Mid+6
  7. Cash+6
  8. Small−5
2026 YTD
  1. EM+33
  2. US+22
  3. Gold+10
  4. Small+6
  5. Cash+4
  6. G-sec+3
  7. Mid−2
  8. Large−13

Calendar-year total returns in rupees, %. Indian equities: NSE total-return indices. US and emerging markets: issuer NAVs of US-listed ETFs (IVV, EEM) converted at ECB reference rates. Gold, G-sec and cash as in the portfolio lab.

Which sectors lead?

Over three months the Nifty MidSmall IT & Telecom led (+4.4%) and the Nifty Cement trailed (−11.1%), a spread of 16 points. Nine of 23 sector indices are above their 200-day average. Sorted by three-month return; click a heading to re-sort.

NSE sector indices, total returns.
Index 52 weeks1D1W1M3MYTD1Y3Y5YOff highTrendMomentum
Nifty MidSmall IT & Telecom +1.5%+3.0%−5.1%+4.4%−3.8%+3.5%+6.6%+7.2%−7.8%Upsince Jul ’26+14%8/23
Nifty IT 0.0%+0.8%−7.8%+3.5%−24.3%−14.9%−2.1%−2.5%−27.3%Downsince Feb ’26−5%21/23
Nifty Media +0.9%+1.4%−0.3%+3.3%+8.3%−2.3%−11.5%−6.4%−3.8%Upsince Jun ’26+1%19/23
Nifty Pharma −0.7%−2.4%−1.4%+1.7%+15.6%+20.8%+21.0%+12.9%−3.9%Upsince Apr ’26+27%3/23
Nifty Metal +0.3%−2.7%−6.1%−0.5%+13.1%+22.9%+24.1%+18.1%−8.3%Upsince Sep ’25+33%1/23
Nifty Consumer Durables +1.5%−4.4%−7.6%−0.7%−0.4%−3.1%+8.2%+6.2%−10.6%Downsince Oct ’26+9%11/23
Nifty MidSmall Healthcare −1.1%−2.5%−3.0%−0.8%+15.3%+15.9%+24.3%+15.1%−5.2%Upsince Apr ’26+22%4/23
Nifty500 Healthcare −1.0%−3.6%−3.0%−2.0%+11.6%+12.6%+20.4%+12.7%−5.6%Upsince May ’26+20%6/23
Nifty REITs & Realty +0.3%−1.3%−4.0%−2.0%+2.3%+2.6%+18.2%+13.1%−4.8%Upsince Jul ’26+7%12/23
Nifty Healthcare −1.0%−3.6%−2.9%−2.9%+9.4%+12.1%+19.6%+12.6%−5.9%Upsince Apr ’26+20%5/23
Nifty PSU Bank +1.0%−0.1%−5.9%−4.7%−5.4%+6.5%+16.3%+27.1%−18.3%Downsince Sep ’26+15%7/23
Nifty Private Bank +0.1%+0.9%−4.0%−5.0%−6.4%−1.0%+6.0%+7.1%−7.9%Downsince Aug ’26+6%14/23
Nifty Realty +0.6%−1.3%−7.5%−5.3%−3.9%−3.7%+14.2%+10.9%−12.9%Downsince Oct ’26+5%16/23
Nifty Bank +0.5%+0.4%−4.6%−5.4%−7.6%−0.9%+8.2%+8.6%−10.5%Downsince Jul ’26+7%13/23
Nifty Oil & Gas +0.3%−1.4%−6.0%−5.4%−13.5%−6.9%+11.6%+6.8%−14.4%Downsince Mar ’26−1%20/23
Nifty Auto +0.1%−4.2%−8.3%−5.5%−8.9%−4.0%+18.0%+20.0%−14.3%Downsince Sep ’26+10%10/23
Nifty MidSmall Financial Services +1.1%−0.8%−8.1%−6.1%+1.5%+15.0%+23.3%+20.4%−9.1%Downsince Oct ’26+29%2/23
Nifty Chemicals +0.2%−2.5%−7.0%−6.5%−3.2%−3.7%+6.9%+4.0%−9.3%Downsince Sep ’26+6%15/23
Nifty Financial Services +0.4%−0.1%−5.4%−8.0%−9.9%−5.9%+8.9%+7.1%−12.6%Downsince Mar ’26+2%18/23
Nifty Financial Services Ex-Bank +1.3%−1.3%−8.6%−8.6%−7.4%−0.3%+14.2%+9.9%−11.3%Downsince Sep ’26+12%9/23
Nifty Financial Services 25/50 +0.5%−0.4%−5.9%−8.8%−11.2%−5.8%+10.5%+8.6%−13.5%Downsince Mar ’26+2%17/23
Nifty FMCG +1.8%−1.5%−2.9%−10.8%−19.1%−18.4%−3.1%+3.7%−20.7%Downsince Sep ’25−15%23/23
Nifty Cement +0.6%−1.8%−6.9%−11.1%−15.9%−19.9%+2.1%+2.3%−21.0%Downsince Nov ’25−13%22/23

Themes and strategies: the extremes

The five best and worst of 77 theme and strategy indices over a month and over a year. Many share stocks with each other and with the sectors, so read these as where the market's money went, not as separate bets.

One month

  1. Nifty SME Emerge+1.9%
  2. Nifty IPO−0.2%
  3. Nifty REITs & InvITs−1.6%
  4. Nifty India Tourism−2.7%
  5. Nifty500 Momentum 50−3.3%
  1. Nifty India Corporate Group Index - Aditya Birla Group−8.6%
  2. Nifty India Corporate Group Index - Mahindra Group−8.2%
  3. Nifty India Corporate Group Index - Tata Group−7.8%
  4. Nifty India Digital−7.6%
  5. Nifty India Railways PSU−7.6%

One year

  1. Nifty Capital Markets+21.8%
  2. Nifty India Defence+13.5%
  3. Nifty IPO+11.9%
  4. Nifty High Beta 50+10.6%
  5. Nifty Alpha 50+10.1%
  1. Nifty India Railways PSU−26.3%
  2. Nifty Waves−15.1%
  3. Nifty India Tourism−14.5%
  4. Nifty Top 10 Equal Weight−12.5%
  5. Nifty50 Shariah−12.4%

Is leadership changing?

Each sector's return against the Nifty 500, in percentage points, over six months and over the last month. A sector moving from leading to weakening is losing its lead; one moving from lagging to improving is catching up. It is a picture of the recent past: our test of a sector-momentum rule found no reliable edge in it (see sector rotation).

Leading 9

Ahead over six months and over the last month

Sector6M1M
MidSmall Healthcare+15.4+2.5
Pharma+14.6+4.1
Media+14.3+5.2
MidSmall IT & Telecom+13.4+0.4
Nifty500 Healthcare+12.8+2.5
REITs & Realty+9.1+1.5
Healthcare+9.1+2.6
Private Bank+3.4+1.5
Bank+1.2+0.9

Weakening 7

Ahead over six months, behind in the last month

Sector6M1M
Realty+19.9−2.0
MidSmall Financial Services+7.7−2.6
Metal+4.3−0.6
Chemicals+4.3−1.5
Consumer Durables+4.2−2.1
Financial Services Ex-Bank+1.4−3.1
Auto+0.8−2.8

Improving 2

Behind over six months, ahead in the last month

Sector6M1M
FMCG−8.6+2.6
Financial Services−2.2+0.2

Lagging 5

Behind over six months and over the last month

Sector6M1M
PSU Bank−6.4−0.4
Financial Services 25/50−3.5−0.4
Oil & Gas−8.3−0.5
Cement−7.8−1.4
IT−11.8−2.3

How have the years gone?

Calendar-year total returns for the main broad indices. Below, every year of the Nifty 50 since 2000, set against its worst fall within that year. In 21 of 26 full years it fell 10% or more from a peak at some point, and 16 of those years still ended higher. The median year's worst fall was −14%.

Calendar-year total return, %. Colour saturates at ±50%.
2017201820192020202120222023202420252026 YTD
Nifty 50 +30+5+13+16+26+6+21+10+12−13
Nifty Next 50 +48−8+2+16+31+1+27+28+3+1
Nifty 100 +33+3+12+16+26+5+21+13+10−11
Nifty 500 +38−2+9+18+32+4+27+16+8−7
Nifty Midcap 150 +56−13+1+26+48+4+45+24+6−2
Nifty Smallcap 250 +58−26−7+26+63−3+49+27−5+6
Nifty Microcap 250 +76−27−24+38+78+10+67+35−10+15
Nifty LargeMidcap 250 +44−5+6+21+37+4+33+19+8−6
Nifty MidSmallcap 400 +57−17−2+26+53+2+46+25+2+1
Nifty500 LargeMidSmall Equal-Cap Weighted +49−13+2+23+46+2+38+22+4−2
−60%−40%−20%+20%+40%+60% −13 −35 ’00 −15 −39 ’01 +5 −21 ’02 +77 −16 ’03 +13 −30 ’04 +39 −13 ’05 +42 −30 ’06 +57 −15 ’07 −51 −59 ’08 +78 −17 ’09 +19 −11 ’10 −24 −25 ’11 +29 −14 ’12 +8 −14 ’13 +33 −6 ’14 −3 −15 ’15 +4 −12 ’16 +30 −4 ’17 +5 −14 ’18 +13 −11 ’19 +16 −38 ’20 +26 −10 ’21 +6 −16 ’22 +21 −7 ’23 +10 −11 ’24 +12 −8 ’25 −13 −15 ’26 YTD
Calendar-year total return, % Largest fall from a peak within the year, %

Calendar years for every index family

What the market costs

7 of 22 indices trade at a P/E above the middle of their own history. The Nifty 50's P/E of 19.3 is higher than 61% of weeks since 1999. Its price to book, which NSE's 2021 change in how it counts earnings did not affect, sits at the 10th percentile. Among sectors with ten years or more of comparable history, Nifty Pharma is dearest against its own past (76th percentile) and Nifty PSU Bank cheapest (21th).

IndexP/EWhere it sitsP/BWhere it sitsDividend yield
Broad market
Nifty Smallcap 100 37.5 94since 2021* 3.71 79since 2011 0.60%
Nifty 500 21.7 65since 1999 3.08 46since 1999 0.91%
Nifty 50 19.3 61since 1999 2.77 10since 1999 1.09%
Nifty Smallcap 250 34.2 56since 2016 3.40 62since 2016 0.57%
Nifty MidSmallcap 400 30.1 47since 2021* 3.65 65since 2016 0.60%
Nifty 100 19.1 44since 2005 2.86 12since 2005 1.05%
Nifty Midcap 100 27.9 40since 2021* 3.76 82since 2005 0.60%
Nifty Midcap 150 28.3 39since 2021* 3.81 66since 2016 0.62%
Nifty 200 20.4 38since 2011 3.01 27since 2011 0.96%
Nifty Next 50 18.1 36since 1999 3.33 57since 1999 0.91%
Nifty LargeMidcap 250 22.8 8since 2021* 3.27 22since 2017 0.83%
Sectors
Nifty Pharma 40.4 76since 2005 4.92 39since 2005 0.60%
Nifty Energy 14.5 68since 2005 2.01 48since 2005 1.17%
Nifty Infrastructure 21.7 61since 2021* 2.58 51since 2007 0.83%
Nifty Auto 29.6 46since 2021* 3.97 16since 2011 1.06%
Nifty FMCG 30.9 41since 1999 7.40 14since 1999 0.93%
Nifty Metal 16.4 40since 2021* 2.66 91since 2011 1.09%
Nifty Bank 13.0 33since 2003 1.65 6since 2003 0.66%
Nifty Financial Services 15.1 27since 2011 2.28 3since 2011 0.91%
Nifty IT 17.8 27since 1999 4.95 15since 1999 2.14%
Nifty PSU Bank 7.2 21since 2007 1.11 41since 2007 0.75%
Nifty Realty 35.6 6since 2021* 3.67 74since 2007 0.47%

Percentile: the share of weekly readings since the year shown at or below today's. P/E is on NSE's consolidated-earnings basis; before the switch on 31 Mar 2021, earlier earnings are scaled by each index's switch-day ratio. * Where that ratio is implausible (Auto, Metal, Realty, Midcap 100 and others), only the history since the switch is used. P/B has no break at the switch. Dividend yield is implied by the gap between the total-return and price indices. Source: NSE Indices; method in valuation.

CAPE, yield gaps and what valuation has said about later returns

Beyond prices

Breadth 50% of liquid NSE stocks are above their 200-day average. Over a year the equal-weighted Nifty 500 is ahead of the index by 4.0 points. Flows, Sept 2026 −35,861₹ crore foreign investors' net equity buying. Domestic institutions +₹75,004 cr; individuals on the exchanges −₹3.1 cr. Valuation 19.3× P/E for the Nifty 50, higher than 61% of days since 1999. Market value 135% of GDP for NSE-listed companies. The ten largest hold 18.6% of it. Economy, Aug 2026 4.8% consumer inflation. Industrial output +8.0% on a year; the repo rate is 0.4 points above inflation.

What stands out today

Of the 58 readings with enough history to judge, 25 are outside their usual range. Each dot is one reading, placed between its lowest and highest ever. The three furthest from usual are listed below it; each links to its full history.

usuallowest everhighest everPriceNifty 500 CAPE: 31.2Nifty 50 CAPE: 25.5Nifty 500 P/E: 21.7Nifty 50 P/E: 19.3BreadthNet new 52-week highs: −22Stocks above their 50-day average: 30%Stocks above their 200-day average: 50%Stocks 20% or more below their high: 51%SpeculationMargin book as a share of market value: 32 bpsForeign investors' long share of index futures: 8%Equity derivatives open interest against market value: 5.7%Index options' share of F&O premium: 31%IPO heat: 0.77Share of cash turnover that ends in delivery: 44%Options premium against cash turnover: 0.45×Index options put-call ratio: 0.98Median IPO listing-day gain, last 3 months: 15%Cash turnover as a share of market value, annualised: 61%BuyersMutual funds' share: 11.6%Mutual funds' share minus foreign investors': −4.3 ptsDomestic institutions' share: 19.1%SIP stoppage ratio: 81%Retail investors' share: 7.4%Foreign investors' share of listed India: 15.9%Promoters' share: 50.2%MoneyRBI repo rate: 5.25%Money supply (M3) growth: 16.6%Banks' average rate on new loans: 8.61%Real repo rate: 0.43%Bank lending to individuals, growth: 16.2%EconomyWPI inflation: 9.9%Real GDP growth: 7.8%Industrial production growth: 8.0%CPI inflation: 4.8%Core CPI inflation: 4.4%WorldUS 10-year real yield: 2.92%Brent crude: 114.0The broad dollar: 121.4US net liquidity: 5,747US financial conditions (NFCI): −0.55Nifty 50 and 11 world markets, median correlation: 0.39US CPI inflation: 3.4%US 10-year minus 2-year: +0.45 ptsNifty 50 and S&P 500, 1-year correlation: 0.45US 10-year Treasury yield: 5.28%FundsArbitrage funds: estimated net equity (the control): 8.5%International ETFs: median premium to NAV: 15.70%Gold ETFs: median premium to NAV: 0.26%Equity ETFs: median 1-year tracking difference: −0.23 ptsBalanced advantage funds' net equity: 58%Equity ETFs: median premium to NAV: −0.02%usuallowest everhighest everPriceNifty 500 CAPE: 31.2Nifty 50 CAPE: 25.5Nifty 500 P/E: 21.7Nifty 50 P/E: 19.3BreadthNet new 52-week highs: −22Stocks above their 50-day average: 30%Stocks above their 200-day average: 50%Stocks 20% or more below their high: 51%SpeculationMargin book as a share of market value: 32 bpsForeign investors' long share of index futures: 8%Equity derivatives open interest against market value: 5.7%Index options' share of F&O premium: 31%IPO heat: 0.77Share of cash turnover that ends in delivery: 44%Options premium against cash turnover: 0.45×Index options put-call ratio: 0.98Median IPO listing-day gain, last 3 months: 15%Cash turnover as a share of market value, annualised: 61%BuyersMutual funds' share: 11.6%Mutual funds' share minus foreign investors': −4.3 ptsDomestic institutions' share: 19.1%SIP stoppage ratio: 81%Retail investors' share: 7.4%Foreign investors' share of listed India: 15.9%Promoters' share: 50.2%MoneyRBI repo rate: 5.25%Money supply (M3) growth: 16.6%Banks' average rate on new loans: 8.61%Real repo rate: 0.43%Bank lending to individuals, growth: 16.2%EconomyWPI inflation: 9.9%Real GDP growth: 7.8%Industrial production growth: 8.0%CPI inflation: 4.8%Core CPI inflation: 4.4%WorldUS 10-year real yield: 2.92%Brent crude: 114.0The broad dollar: 121.4US net liquidity: 5,747US financial conditions (NFCI): −0.55Nifty 50 and 11 world markets, median correlation: 0.39US CPI inflation: 3.4%US 10-year minus 2-year: +0.45 ptsNifty 50 and S&P 500, 1-year correlation: 0.45US 10-year Treasury yield: 5.28%FundsArbitrage funds: estimated net equity (the control): 8.5%International ETFs: median premium to NAV: 15.70%Gold ETFs: median premium to NAV: 0.26%Equity ETFs: median 1-year tracking difference: −0.23 ptsBalanced advantage funds' net equity: 58%Equity ETFs: median premium to NAV: −0.02%Margin book as a share of market valueMutual funds' shareArbitrage funds: estimated net equity (the control)usuallowest everhighest everPriceNifty 500 CAPE: 31.2Nifty 50 CAPE: 25.5Nifty 500 P/E: 21.7Nifty 50 P/E: 19.3BreadthNet new 52-week highs: −22Stocks above their 50-day average: 30%Stocks above their 200-day average: 50%Stocks 20% or more below their high: 51%SpeculationMargin book as a share of market value: 32 bpsForeign investors' long share of index futures: 8%Equity derivatives open interest against market value: 5.7%Index options' share of F&O premium: 31%IPO heat: 0.77Share of cash turnover that ends in delivery: 44%Options premium against cash turnover: 0.45×Index options put-call ratio: 0.98Median IPO listing-day gain, last 3 months: 15%Cash turnover as a share of market value, annualised: 61%BuyersMutual funds' share: 11.6%Mutual funds' share minus foreign investors': −4.3 ptsDomestic institutions' share: 19.1%SIP stoppage ratio: 81%Retail investors' share: 7.4%Foreign investors' share of listed India: 15.9%Promoters' share: 50.2%MoneyRBI repo rate: 5.25%Money supply (M3) growth: 16.6%Banks' average rate on new loans: 8.61%Real repo rate: 0.43%Bank lending to individuals, growth: 16.2%EconomyWPI inflation: 9.9%Real GDP growth: 7.8%Industrial production growth: 8.0%CPI inflation: 4.8%Core CPI inflation: 4.4%WorldUS 10-year real yield: 2.92%Brent crude: 114.0The broad dollar: 121.4US net liquidity: 5,747US financial conditions (NFCI): −0.55Nifty 50 and 11 world markets, median correlation: 0.39US CPI inflation: 3.4%US 10-year minus 2-year: +0.45 ptsNifty 50 and S&P 500, 1-year correlation: 0.45US 10-year Treasury yield: 5.28%FundsArbitrage funds: estimated net equity (the control): 8.5%International ETFs: median premium to NAV: 15.70%Gold ETFs: median premium to NAV: 0.26%Equity ETFs: median 1-year tracking difference: −0.23 ptsBalanced advantage funds' net equity: 58%Equity ETFs: median premium to NAV: −0.02%Margin book as a share of market valueMutual funds' shareArbitrage funds: estimated net equity (the control)
Each dot is one reading, placed by how today compares with its whole history: far left is the lowest it has ever been, far right the highest. Inside the band is usual. Filled dots are outside their usual range. Tap or click a dot to open it.
  1. Mutual funds' share11.6%

    The highest reading since the series began in 2009.

  2. Margin book as a share of market value32 bps

    The highest reading since the series began in 2017.

  3. Arbitrage funds: estimated net equity (the control)8.5%

    The highest reading since the series began in 2018.

Every reading, on one page