Markets
Nifty Capital Markets
Nifty Capital Markets is an NSE theme index of 17 stocks. Since 2019 it has compounded 26.1% a year with dividends reinvested; over the past year it rose 14.8%. Its deepest fall was 43%, from Feb 2020 to Mar 2020, and it took 9 months from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Capital Markets. Data to 14 Oct 2026.
- Trend
- Downtrend since Oct 2026
- Momentum
- 27th of 133 markets, by rank
- Below its high
- 7.7% total return
- P/E
- 43.3 67th percentile
- 1 year
- +14.8% total return
- 5 years
- 24.3% a year
- 10 years
- – a year
- Since 2019
- 26.1% a year
- Volatility
- 24.6% past year; usual 26%
NSE launched Nifty Capital Markets in Sept 2024. 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 2019, dividends added about 1.6 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Capital Markets: growth of 100
Weekly, from Apr 2019, 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 | −2.8% | −2.8% | 0.0 pts | |
| 3 months | −4.9% | −5.0% | +0.2 pts | |
| 6 months | +5.9% | +5.5% | +0.4 pts | |
| This year | +12.8% | +12.1% | +0.6 pts | |
| 1 year | +14.8% | +14.0% | +0.8 pts | |
| 3 years, a year | +43.6% | +42.4% | +1.2 pts | |
| 5 years, a year | +24.3% | +23.0% | +1.3 pts | |
| Since Apr 2019, a year | +26.1% | +24.5% | +1.6 pts |
Year by year
5 of the 6 full calendar years since 2020 ended higher. 6 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Capital Markets: 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 | +12.8% | +12.1% | +0.6 pts | −14.1% | |
| 2025 | +16.5% | +15.6% | +0.9 pts | −28.6% | |
| 2024 | +73.9% | +72.1% | +1.8 pts | −13.5% | |
| 2023 | +81.4% | +79.8% | +1.6 pts | −17.9% | |
| 2022 | −22.5% | −24.1% | +1.5 pts | −32.2% | |
| 2021 | +50.6% | +48.4% | +2.3 pts | −12.0% | |
| 2020 | +15.9% | +14.0% | +1.9 pts | −43.1% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 43%, took 33 days to reach bottom and 8 months more to climb back. Today it is 7.7% below its high.
Nifty Capital Markets: 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 |
|---|---|---|---|---|---|---|
| −43.1% | 20 Feb 2020 | 24 Mar 2020 | 33 days | 8 months | 3 Dec 2020 | 9 months |
| −40.8% | 14 Oct 2021 | 28 Mar 2023 | 17 months | 7 months | 13 Oct 2023 | 24 months |
| −30.5% | 16 Dec 2024 | 13 Mar 2025 | 3 months | 3 months | 30 May 2025 | 5 months |
| −23.3% | 3 Jun 2019 | 15 Oct 2019 | 4 months | 44 days | 28 Nov 2019 | 6 months |
| −14.1% | 10 Feb 2026 | 23 Mar 2026 | 41 days | 18 days | 10 Apr 2026 | 59 days |
| −13.7% | 3 Jul 2025 | 29 Aug 2025 | 57 days | 3 months | 19 Nov 2025 | 5 months |
| −13.5% | 8 Feb 2024 | 19 Mar 2024 | 40 days | 15 days | 3 Apr 2024 | 55 days |
| −12.0% | 19 Jul 2021 | 23 Aug 2021 | 35 days | 14 days | 6 Sept 2021 | 49 days |
| −11.9% | 26 Apr 2024 | 4 Jun 2024 | 39 days | 14 days | 18 Jun 2024 | 53 days |
| −10.8% | 26 May 2026 | 1 Oct 2026 | 4 months | +4% off the low | not yet | 13 days since the low |
What holding it was like
From every day in its history, what holding Nifty Capital Markets for a fixed span would have returned a year. Over five years the middle outcome was 33.5% a year; the worst 21.3% and the best 44.6%; no five-year span 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 | −31.9% | −20.0% | +31.4% | +100.9% | +145.0% | 21% | 7.5 |
| 3 years | +3.6% | +12.6% | +29.1% | +57.7% | +69.9% | 0% | 2.5 |
| 5 years | +21.3% | +25.8% | +33.5% | +40.2% | +44.6% | 0% | 1.5 |
| 7 years | +25.4% | +28.4% | +30.1% | +32.4% | +33.6% | 0% | 1.1 |
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 2020 (+34.3% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,64,210 | 1.20× | +21.6% | |
| 2024 | 34 | ₹3,40,000 | ₹4,84,387 | 1.42× | +26.9% | |
| 2023 | 46 | ₹4,60,000 | ₹9,46,273 | 2.06× | +40.7% | |
| 2022 | 58 | ₹5,80,000 | ₹14,05,844 | 2.42× | +38.5% | |
| 2021 | 70 | ₹7,00,000 | ₹18,89,858 | 2.70× | +34.8% | |
| 2020 | 82 | ₹8,20,000 | ₹26,39,732 | 3.22× | +34.3% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 24.6%, against a usual 25.6% for this index. 64% of months ended higher, and 124 days moved 3% or more either way.
Nifty Capital Markets: 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 | −11.8% |
| 4 Jun 2024 | −9.8% |
| 12 Mar 2020 | −8.9% |
| 18 Mar 2020 | −6.7% |
| 9 Mar 2020 | −6.7% |
| Best days | Return |
|---|---|
| 20 Sept 2019 | +8.6% |
| 20 May 2019 | +6.0% |
| 8 Apr 2026 | +5.7% |
| 12 May 2025 | +5.7% |
| 3 Feb 2026 | +5.3% |
| Worst months | Return |
|---|---|
| Mar 2020 | −31.8% |
| Jan 2025 | −14.5% |
| May 2022 | −11.4% |
| Jun 2022 | −10.2% |
| Feb 2025 | −10.1% |
| Best months | Return |
|---|---|
| Apr 2026 | +23.2% |
| Nov 2023 | +21.3% |
| Jul 2021 | +16.5% |
| May 2025 | +14.1% |
| Oct 2023 | +13.0% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Aug 2026. Today's P/E of 43.3 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 11.09, is in the middle of its range over the full history.
Price to earnings
Month-ends, as NSE publishes them.
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, Aug 2026 to Oct 2026. Price to earnings: latest 43.3×, range 42.2× to 45.1×.
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, Aug 2026 to Oct 2026. Price to book: latest 11.09×, range 10.81× to 11.81×.
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 | 43.31 | 67 | – | – | 43.31 | 42.21 | 45.12 |
| Price to book | 11.09 | 67 | – | – | 11.09 | 10.81 | 11.81 |
| Dividend yield, % | 0.98 | 100 | – | – | 0.68 | 0.66 | 0.98 |
What it holds
17 stocks as NSE lists them today. The ten largest make up 83.0% of the index. It is weighted by periodic capped free float and rebalanced twice a year.
Sector weights
NSE's factsheet, 30 Sept 2026. % of the index.
How to read it. Sectors as NSE classifies them. A sector index of one industry has no split to show.
Sector weights. Bar chart of 1 items. Weight, %: highest Financial Services at 100.0%, lowest Financial Services at 100.0%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | BSE Ltd. | 19.98% |
| 2 | Multi Commodity Exchange of India Ltd. | 18.84% |
| 3 | HDFC Asset Management Company Ltd. | 10.42% |
| 4 | 360 ONE WAM Ltd. | 6.06% |
| 5 | Billionbrains Garage Ventures Ltd. | 5.89% |
| 6 | Central Depository Services (India) Ltd. | 5.04% |
| 7 | Anand Rathi Wealth Ltd. | 4.34% |
| 8 | Nippon Life India Asset Management Ltd. | 4.32% |
| 9 | ICICI Prudential Asset Management Company Ltd. | 4.11% |
| 10 | Angel One Ltd. | 4.00% |
NSE's constituent list for Nifty Capital Markets, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| 360 ONE WAM Ltd. | Financial Services | 360ONE | |
| Aditya Birla Sun Life AMC Ltd. | Financial Services | ABSLAMC | |
| Anand Rathi Wealth Ltd. | Financial Services | ANANDRATHI | |
| Angel One Ltd. | Financial Services | ANGELONE | |
| BSE Ltd. | Financial Services | BSE | |
| Billionbrains Garage Ventures Ltd. | Financial Services | GROWW | |
| Central Depository Services (India) Ltd. | Financial Services | CDSL | |
| Computer Age Management Services Ltd. | Financial Services | CAMS | |
| HDFC Asset Management Company Ltd. | Financial Services | HDFCAMC | |
| ICICI Prudential Asset Management Company Ltd. | Financial Services | ICICIAMC | |
| Indian Energy Exchange Ltd. | Financial Services | IEX | |
| Kfin Technologies Ltd. | Financial Services | KFINTECH | |
| Motilal Oswal Financial Services Ltd. | Financial Services | MOTILALOFS | |
| Multi Commodity Exchange of India Ltd. | Financial Services | MCX | |
| Nippon Life India Asset Management Ltd. | Financial Services | NAM-INDIA | |
| Nuvama Wealth Management Ltd. | Financial Services | NUVAMA | |
| UTI Asset Management Company Ltd. | Financial Services | UTIAMC |
Against the Nifty 500
How Nifty Capital Markets has done against the broad market it is part of. Over 7 years it beat the Nifty 500 by 14.2 percentage points a year, and was ahead in 4 of 6 calendar years.
Relative strength
Weekly: Nifty Capital Markets's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Capital Markets 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 Capital Markets'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 May 2019 | +14.2 pts | 146 | 107 | 1.16 | 0.74 | 19.4% |
| Last 5 years, from Oct 2021 | +17.3 pts | 165 | 106 | 1.30 | 0.70 | 19.7% |
Models and ETFs
No Tipsheet model uses Nifty Capital Markets. 1 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 |
|---|---|---|---|---|---|---|---|
| Groww Nifty Capital Markets ETF | GROWWCAPM | 0.40% | ₹46.5 cr | – | 5.11% | ₹0.5 cr |
Data and sources
Nifty Capital Markets is computed and published by NSE Indices. History here starts 1 Apr 2019; NSE launched the index on 9 Sept 2024, from a base date of April 01, 2019. 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 Capital Markets there to download its full series.
- Nifty Capital Markets 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.