Markets
Nifty Bank
Nifty Bank is an NSE sector index of 14 stocks. Since 2000 it has compounded 17.6% a year with dividends reinvested; over the past year it fell 1.5%. Its deepest fall was 68%, from Jan 2008 to Mar 2009, and it took 2.5 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Bank. Data to 14 Oct 2026.
- Trend
- Downtrend since Jul 2026
- Momentum
- 50th of 133 markets, by rank
- Below its high
- 9.5% total return
- P/E
- 13.1 4th percentile since 2021
- 1 year
- −1.5% total return
- 5 years
- 7.9% a year
- 10 years
- 11.9% a year
- Since 2000
- 17.6% a year
- Volatility
- 17.0% past year; usual 24%
NSE launched Nifty Bank in Sept 2003. Figures before that use NSE's back-calculated history: today's rules applied to the past, chosen with that past in view. Charts mark the launch.
Returns
Total return counts dividends reinvested; price return does not. Since 2000, dividends added about 1.5 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Bank: growth of 100
Weekly, from Jan 2000, log scale: equal slopes are equal rates of growth. Drag the range below the chart to start anywhere; both lines restart at 100.
How to read it. The gap between the two lines is what dividends were worth. It widens slowly and never closes.
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To 14 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | −2.3% | −2.3% | 0.0 pts | |
| 3 months | −3.6% | −3.7% | +0.2 pts | |
| 6 months | +0.1% | −0.5% | +0.7 pts | |
| This year | −6.6% | −7.2% | +0.6 pts | |
| 1 year | −1.5% | −2.1% | +0.6 pts | |
| 3 years, a year | +8.5% | +7.7% | +0.8 pts | |
| 5 years, a year | +7.9% | +7.1% | +0.9 pts | |
| 10 years, a year | +11.9% | +11.3% | +0.7 pts | |
| 15 years, a year | +13.2% | +12.3% | +0.8 pts | |
| 20 years, a year | +13.4% | +12.4% | +1.0 pts | |
| Since Jan 2000, a year | +17.6% | +16.2% | +1.5 pts |
Year by year
19 of the 25 full calendar years since 2001 ended higher. 22 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Bank: each calendar year
The worst fall is the largest drop from a peak within the year, with the previous year-end as the first peak (the convention of J.P. Morgan's Guide to the Markets). Total return, %.
| Year | Total return | Price return | Dividends | Worst fall in the year | More |
|---|---|---|---|---|---|
| 2026 so far | −6.6% | −7.2% | +0.6 pts | −18.3% | |
| 2025 | +18.1% | +17.2% | +0.9 pts | −7.3% | |
| 2024 | +6.3% | +5.3% | +0.9 pts | −8.0% | |
| 2023 | +13.3% | +12.3% | +0.9 pts | −10.1% | |
| 2022 | +22.1% | +21.2% | +1.0 pts | −16.7% | |
| 2021 | +13.9% | +13.5% | +0.4 pts | −17.5% | |
| 2020 | −2.8% | −2.8% | 0.0 pts | −47.9% | |
| 2019 | +18.9% | +18.4% | +0.5 pts | −15.1% | |
| 2018 | +6.8% | +6.4% | +0.4 pts | −13.9% | |
| 2017 | +41.4% | +40.5% | +0.9 pts | −5.2% | |
| 2016 | +8.5% | +7.4% | +1.1 pts | −20.4% | |
| 2015 | −9.0% | −9.7% | +0.7 pts | −22.6% | |
| 2014 | +66.2% | +64.6% | +1.6 pts | −11.2% | |
| 2013 | −7.7% | −8.7% | +1.0 pts | −34.2% | |
| 2012 | +58.4% | +56.5% | +1.9 pts | −18.1% | |
| 2011 | −31.8% | −32.4% | +0.7 pts | −33.8% | |
| 2010 | +32.0% | +30.6% | +1.4 pts | −16.2% | |
| 2009 | +83.5% | +80.5% | +3.0 pts | −38.1% | |
| 2008 | −48.5% | −49.3% | +0.8 pts | −61.5% | |
| 2007 | +66.1% | +64.2% | +2.0 pts | −21.2% | |
| 2006 | +35.1% | +32.5% | +2.5 pts | −30.9% | |
| 2005 | +32.1% | +29.7% | +2.5 pts | −19.5% | |
| 2004 | +38.4% | +35.1% | +3.3 pts | −33.6% | |
| 2003 | +118.8% | +111.1% | +7.8 pts | −10.1% | |
| 2002 | +45.3% | +41.2% | +4.0 pts | −13.6% | |
| 2001 | −8.4% | −10.6% | +2.2 pts | −38.8% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 68%, took 14 months to reach bottom and 17 months more to climb back. Today it is 9.5% below its high.
Nifty Bank: how far below its previous high
Weekly, the week's lowest close against the highest close before it, total return, %.
How to read it. Zero is a new high. The depth of each dip is what a holder sat through; its width is how long getting back took.
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Total return, closing prices. A fall ends when the index closes at or above the high it fell from. Calendar time.
| Fall | From the high of | To the low of | Falling for | Recovering for | Back at the high | High to high |
|---|---|---|---|---|---|---|
| −68.3% | 14 Jan 2008 | 9 Mar 2009 | 14 months | 17 months | 2 Aug 2010 | 2.5 years |
| −47.8% | 2 Jan 2020 | 23 Mar 2020 | 3 months | 10 months | 13 Jan 2021 | 12 months |
| −40.6% | 5 Nov 2010 | 20 Dec 2011 | 13 months | 17 months | 15 May 2013 | 2.5 years |
| −38.8% | 1 Mar 2001 | 21 Sept 2001 | 7 months | 15 months | 13 Dec 2002 | 21 months |
| −34.2% | 17 May 2013 | 3 Sept 2013 | 4 months | 8 months | 9 May 2014 | 12 months |
| −33.6% | 23 Apr 2004 | 17 May 2004 | 24 days | 7 months | 2 Dec 2004 | 7 months |
| −33.5% | 27 Jan 2015 | 25 Feb 2016 | 13 months | 6 months | 6 Sept 2016 | 19 months |
| −30.9% | 10 May 2006 | 19 Jul 2006 | 2 months | 2 months | 21 Sept 2006 | 4 months |
| −30.6% | 14 Feb 2000 | 24 Oct 2000 | 8 months | 4 months | 9 Feb 2001 | 12 months |
| −22.6% | 1 Dec 2006 | 16 Mar 2007 | 3 months | 2 months | 21 May 2007 | 6 months |
What holding it was like
From every day in its history, what holding Nifty Bank for a fixed span would have returned a year. Over five years the middle outcome was 16.4% a year; the worst −1.1% and the best 60.9%; 0% of five-year spans lost money.
Total return a year, %, over every span of that length starting on any session. Spans overlap, so 'separate spans' is how many non-overlapping ones the history holds: the longer the span, the fewer truly independent readings behind each figure.
| Held for | Worst | 1 in 10 worse than | Middle | 1 in 10 better than | Best | Spans that lost | Separate spans |
|---|---|---|---|---|---|---|---|
| 1 year | −56.6% | −11.0% | +16.5% | +66.2% | +178.6% | 20% | 26.8 |
| 3 years | −8.9% | +5.9% | +16.1% | +44.4% | +69.5% | 5% | 8.9 |
| 5 years | −1.1% | +9.1% | +16.4% | +38.4% | +60.9% | 0% | 5.4 |
| 7 years | +4.8% | +10.9% | +15.3% | +33.0% | +43.6% | 0% | 3.8 |
| 10 years | +6.1% | +12.0% | +15.8% | +28.2% | +33.9% | 0% | 2.7 |
Rolling returns, a year
Weekly: the return a year over the 3 and 5 years to each date, total return, %.
How to read it. Each point is what someone who bought 3 or 5 years earlier had earned a year by then. The lows mark the worst times to have bought.
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₹10,000 on the first session of every month into the index itself, from January of each year to 14 Oct 2026. Before any fund cost or tax; an index fund would have returned a little less. Of SIPs that ran five years or more, the weakest started in 2021 (+8.6% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,22,611 | 1.01× | +1.3% | |
| 2024 | 34 | ₹3,40,000 | ₹3,57,786 | 1.05× | +3.7% | |
| 2023 | 46 | ₹4,60,000 | ₹5,15,667 | 1.12× | +6.1% | |
| 2022 | 58 | ₹5,80,000 | ₹6,98,916 | 1.21× | +7.8% | |
| 2021 | 70 | ₹7,00,000 | ₹8,97,156 | 1.28× | +8.6% | |
| 2020 | 82 | ₹8,20,000 | ₹11,90,980 | 1.45× | +10.9% | |
| 2019 | 94 | ₹9,40,000 | ₹14,29,700 | 1.52× | +10.6% | |
| 2018 | 106 | ₹10,60,000 | ₹16,97,500 | 1.60× | +10.5% | |
| 2017 | 118 | ₹11,80,000 | ₹20,08,502 | 1.70× | +10.5% | |
| 2016 | 130 | ₹13,00,000 | ₹24,14,861 | 1.86× | +11.0% | |
| 2015 | 142 | ₹14,20,000 | ₹28,04,753 | 1.98× | +11.0% | |
| 2014 | 154 | ₹15,40,000 | ₹33,29,561 | 2.16× | +11.4% | |
| 2013 | 166 | ₹16,60,000 | ₹39,72,282 | 2.39× | +11.9% | |
| 2012 | 178 | ₹17,80,000 | ₹46,93,226 | 2.64× | +12.2% | |
| 2011 | 190 | ₹19,00,000 | ₹54,03,161 | 2.84× | +12.2% | |
| 2010 | 202 | ₹20,20,000 | ₹61,48,099 | 3.04× | +12.1% | |
| 2009 | 214 | ₹21,40,000 | ₹74,19,643 | 3.47× | +12.7% | |
| 2008 | 226 | ₹22,60,000 | ₹86,60,465 | 3.83× | +12.8% | |
| 2007 | 238 | ₹23,80,000 | ₹98,61,467 | 4.14× | +12.8% | |
| 2006 | 250 | ₹25,00,000 | ₹1,15,81,185 | 4.63× | +13.0% | |
| 2005 | 262 | ₹26,20,000 | ₹1,37,32,798 | 5.24× | +13.3% | |
| 2004 | 274 | ₹27,40,000 | ₹1,69,61,429 | 6.19× | +13.9% | |
| 2003 | 286 | ₹28,60,000 | ₹2,24,00,408 | 7.83× | +14.8% | |
| 2002 | 298 | ₹29,80,000 | ₹3,09,83,206 | 10.40× | +15.9% | |
| 2001 | 310 | ₹31,00,000 | ₹4,02,84,574 | 13.00× | +16.6% | |
| 2000 | 322 | ₹32,20,000 | ₹4,93,94,296 | 15.34× | +16.8% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 17.0%, against a usual 23.7% for this index. 58% of months ended higher, and 524 days moved 3% or more either way.
Nifty Bank: volatility over the past year
Weekly: standard deviation of daily total returns over the past 252 sessions, annualised, %.
How to read it. Spikes come with sell-offs; calm stretches come with rising markets. High readings rarely last.
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| Worst days | Return |
|---|---|
| 23 Mar 2020 | −16.7% |
| 17 May 2004 | −14.1% |
| 14 May 2004 | −12.9% |
| 24 Oct 2008 | −12.6% |
| 12 Mar 2020 | −9.5% |
| Best days | Return |
|---|---|
| 18 May 2009 | +18.8% |
| 18 May 2004 | +12.1% |
| 13 Oct 2008 | +11.3% |
| 7 Apr 2020 | +10.5% |
| 23 Jul 2008 | +9.5% |
| Worst months | Return |
|---|---|
| Mar 2020 | −34.3% |
| May 2004 | −26.5% |
| Jun 2008 | −23.5% |
| Mar 2008 | −23.4% |
| Oct 2008 | −22.1% |
| Best months | Return |
|---|---|
| May 2009 | +44.7% |
| Jan 2012 | +24.5% |
| May 2003 | +24.2% |
| Apr 2009 | +24.1% |
| Nov 2020 | +23.9% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Sept 2003. Today's P/E of 13.1 is near the bottom of its range since NSE moved to consolidated earnings in March 2021. Price to book, 1.67, is near the bottom of its range over the full history.
Price to earnings
Month-ends, as NSE publishes them. 14 month-ends above 49 are left out (highest 67): earnings near zero make the ratio meaningless.
How to read it. Higher is dearer. Before March 2021 NSE used standalone earnings, so readings on either side of the line are not strictly comparable.
Price to earnings. Line chart, Sept 2003 to Oct 2026. Price to earnings: latest 13.1×, range 6.9× to 40.8×.
Price to book
Month-ends, as NSE publishes them.
How to read it. Higher is dearer. Book value has no accounting break, so the whole history compares.
Price to book. Line chart, Sept 2003 to Oct 2026. Price to book: latest 1.67×, range 1.13× to 4.34×.
Today is 14 Oct 2026; the history is month-ends. A percentile is the share of month-ends at or below today's reading: 90 means dearer than nine months in ten (for dividend yield, the reverse).
| Today | Percentile, full history | Last 10 years | Since March 2021 | Median | Low | High | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 13.11 | 20 | 2 | 4 | 16.36 | 6.90 | 67.29 |
| Price to book | 1.67 | 7 | 2 | – | 2.46 | 1.13 | 4.34 |
| Dividend yield, % | 1.13 | 59 | 99 | – | 1.04 | 0.16 | 3.01 |
What it holds
14 stocks as NSE lists them today. The ten largest make up 87.5% of the index. It is weighted by periodic capped free float and rebalanced twice a yearly.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | HDFC Bank Ltd. | 18.61% |
| 2 | ICICI Bank Ltd. | 14.18% |
| 3 | Kotak Mahindra Bank Ltd. | 10.20% |
| 4 | Axis Bank Ltd. | 10.06% |
| 5 | State Bank of India | 9.93% |
| 6 | Federal Bank Ltd. | 6.56% |
| 7 | IndusInd Bank Ltd. | 4.97% |
| 8 | AU Small Finance Bank Ltd. | 4.85% |
| 9 | IDFC First Bank Ltd. | 4.54% |
| 10 | Bank of Baroda | 3.59% |
NSE's constituent list for Nifty Bank, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| AU Small Finance Bank Ltd. | Financial Services | AUBANK | |
| Axis Bank Ltd. | Financial Services | AXISBANK | |
| Bank of Baroda | Financial Services | BANKBARODA | |
| Canara Bank | Financial Services | CANBK | |
| Federal Bank Ltd. | Financial Services | FEDERALBNK | |
| HDFC Bank Ltd. | Financial Services | HDFCBANK | |
| ICICI Bank Ltd. | Financial Services | ICICIBANK | |
| IDFC First Bank Ltd. | Financial Services | IDFCFIRSTB | |
| IndusInd Bank Ltd. | Financial Services | INDUSINDBK | |
| Kotak Mahindra Bank Ltd. | Financial Services | KOTAKBANK | |
| Punjab National Bank | Financial Services | PNB | |
| State Bank of India | Financial Services | SBIN | |
| Union Bank of India | Financial Services | UNIONBANK | |
| Yes Bank Ltd. | Financial Services | YESBANK |
Against the Nifty 500
How Nifty Bank has done against the broad market it is part of. Over 27 years it beat the Nifty 500 by 4.3 percentage points a year, and was ahead in 15 of 25 calendar years.
Relative strength
Weekly: Nifty Bank's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Bank is outrunning the Nifty 500. Falling: it is lagging. The level means nothing; the direction is the reading.
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Three-year lead or lag
Weekly: Nifty Bank's return a year over the past three years minus the Nifty 500's, percentage points.
How to read it. Above zero, someone who bought three years earlier was ahead of the broad index; below, behind.
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Monthly total returns. Up capture: how much of the Nifty 500's gain in its rising months this index caught (100 is all of it); down capture: the same for falling months. Beta above 1 means bigger swings than the Nifty 500.
| Ahead by, a year | Up capture | Down capture | Beta | Correlation | Tracking error | |
|---|---|---|---|---|---|---|
| Full history, from Feb 2000 | +4.3 pts | 113 | 103 | 1.05 | 0.84 | 16.1% |
| Last 5 years, from Oct 2021 | −0.3 pts | 94 | 93 | 0.94 | 0.82 | 9.6% |
Models and ETFs
No Tipsheet model uses Nifty Bank. 14 ETFs track it. Its trend and momentum have a page of their own.
From the ETF desk. Tracking difference: what a holder buying and selling on the exchange got, minus the index's total return, over the past year. Tracking error: how much that gap wobbled week to week.
| ETF | NSE symbol | Expense ratio | Assets | Tracking difference, 1 year | Tracking error, 1 year | Daily traded value (median) | More |
|---|---|---|---|---|---|---|---|
| Nippon India ETF Nifty Bank BeES | BANKBEES | 0.16% | ₹8,306 cr | −0.09 pts | 1.35% | ₹31.9 cr | |
| Kotak Nifty Bank ETF | BANKNIFTY1 | 0.13% | ₹4,549 cr | −0.05 pts | 3.88% | ₹1.6 cr | |
| SBI Nifty Bank ETF | SETFNIFBK | 0.17% | ₹3,681 cr | −0.01 pts | 1.83% | ₹2.3 cr | |
| UTI Nifty Bank ETF | BANKBETA | 0.15% | ₹3,089 cr | +0.04 pts | 1.72% | ₹0.7 cr | |
| ICICI Prudential Nifty Bank ETF | BANKIETF | 0.13% | ₹2,993 cr | −0.20 pts | 1.45% | ₹1.8 cr | |
| Aditya Birla Sun Life Nifty Bank ETF | ABSLBANETF | 0.12% | ₹2,493 cr | +0.06 pts | 1.57% | ₹0.3 cr | |
| HDFC NIFTY Bank ETF - GROWTH | HDFCNIFBAN | 0.14% | ₹2,194 cr | +0.07 pts | 1.91% | ₹0.5 cr | |
| DSP Nifty Bank ETF | BANKADD | 0.13% | ₹440 cr | +0.06 pts | 1.44% | ₹0.1 cr | |
| Bajaj Finserv Nifty Bank ETF | BANKBETF | 0.12% | ₹406 cr | +0.12 pts | 1.78% | ₹0.1 cr | |
| Axis NIFTY Bank ETF | BNKETFAXIS | 0.17% | ₹325 cr | −0.06 pts | 2.74% | ₹0.0 cr | |
| Mirae Asset Nifty Bank ETF | BANKETF | 0.09% | ₹324 cr | −0.06 pts | 1.14% | ₹1.1 cr | |
| Baroda BNP Paribas Nifty Bank ETF | BBNPNBETF | 0.32% | ₹4.3 cr | +0.58 pts | 3.77% | ₹0.0 cr | |
| Invesco India Nifty Bank ETF | IVZBANKNF | 0.11% | ₹3.9 cr | – | – | ₹0.0 cr | |
| Edelweiss Nifty Bank ETF - Growth | EBANKNIFTY | 0.23% | ₹3.3 cr | −0.47 pts | 2.54% | ₹0.0 cr |
Data and sources
Nifty Bank is computed and published by NSE Indices. History here starts 1 Jan 2000; NSE launched the index on 15 Sept 2003, from a base date of January 01, 2000. All returns are on NSE's total-return index unless marked as price return.
Historical index data. NSE publishes daily index values, total-return values and P/E, P/B and dividend yield for every index on niftyindices.com: historical data. Pick Nifty Bank there to download its full series.
- Nifty Bank on niftyindices.com: description and methodology
- NSE's monthly factsheet (PDF)
- Current constituents (CSV)
- The weekly series on this page (JSON): growth of 100, drawdown, volatility and rolling returns
Index values themselves are NSE's and are not republished here; the charts show growth of 100 and other figures computed from them.
The workings
The question
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.