Markets
Nifty Cement
Nifty Cement is an NSE sector index of 12 stocks. Since 2005 it has compounded 13.9% a year with dividends reinvested; over the past year it fell 21.8%. Its deepest fall was 75%, from Dec 2007 to Nov 2008, and it took 4.8 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Cement. Data to 14 Oct 2026.
- Trend
- Downtrend since Nov 2025
- Momentum
- 133rd of 133 markets, by rank
- Below its high
- 26.3% total return
- P/E
- 25.2 33rd percentile
- 1 year
- −21.8% total return
- 5 years
- 1.7% a year
- 10 years
- 7.2% a year
- Since 2005
- 13.9% a year
- Volatility
- 19.9% past year; usual 22%
NSE launched Nifty Cement in Feb 2026. 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 2005, dividends added about 1.1 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Cement: growth of 100
Weekly, from Apr 2005, 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 | −5.9% | −5.9% | 0.0 pts | |
| 3 months | −11.3% | −11.4% | +0.1 pts | |
| 6 months | −9.8% | −10.1% | +0.3 pts | |
| This year | −17.6% | −17.9% | +0.3 pts | |
| 1 year | −21.8% | −22.1% | +0.3 pts | |
| 3 years, a year | +0.5% | +0.1% | +0.4 pts | |
| 5 years, a year | +1.7% | +1.1% | +0.5 pts | |
| 10 years, a year | +7.2% | +6.6% | +0.6 pts | |
| 15 years, a year | +11.7% | +10.9% | +0.8 pts | |
| 20 years, a year | +9.8% | +8.8% | +1.1 pts | |
| Since Apr 2005, a year | +13.9% | +12.8% | +1.1 pts |
Year by year
15 of the 20 full calendar years since 2006 ended higher. 19 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Cement: 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 | −17.6% | −17.9% | +0.3 pts | −21.7% | |
| 2025 | +6.1% | +5.7% | +0.5 pts | −13.6% | |
| 2024 | +3.0% | +2.5% | +0.4 pts | −12.9% | |
| 2023 | +24.0% | +23.4% | +0.5 pts | −12.5% | |
| 2022 | +1.8% | +0.8% | +1.0 pts | −30.4% | |
| 2021 | +47.2% | +46.5% | +0.7 pts | −14.4% | |
| 2020 | +28.9% | +28.0% | +1.0 pts | −38.0% | |
| 2019 | −0.1% | −0.7% | +0.6 pts | −20.6% | |
| 2018 | −21.7% | −22.2% | +0.4 pts | −34.4% | |
| 2017 | +46.0% | +45.1% | +0.9 pts | −9.8% | |
| 2016 | +16.3% | +15.5% | +0.7 pts | −23.6% | |
| 2015 | +2.3% | +1.4% | +0.9 pts | −19.0% | |
| 2014 | +44.7% | +43.2% | +1.5 pts | −14.0% | |
| 2013 | −19.6% | −20.7% | +1.1 pts | −38.4% | |
| 2012 | +61.3% | +59.3% | +2.0 pts | −18.9% | |
| 2011 | −10.7% | −12.1% | +1.4 pts | −20.4% | |
| 2010 | +8.9% | +7.4% | +1.6 pts | −16.8% | |
| 2009 | +121.8% | +117.7% | +4.1 pts | −18.9% | |
| 2008 | −66.5% | −67.0% | +0.6 pts | −74.6% | |
| 2007 | +39.6% | +37.7% | +2.0 pts | −33.5% | |
| 2006 | +108.0% | +106.1% | +1.8 pts | −40.7% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 75%, took 11 months to reach bottom and 3.8 years more to climb back. Today it is 26.3% below its high.
Nifty Cement: 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 |
|---|---|---|---|---|---|---|
| −74.8% | 14 Dec 2007 | 25 Nov 2008 | 11 months | 3.8 years | 18 Sept 2012 | 4.8 years |
| −47.1% | 8 Jan 2018 | 24 Mar 2020 | 2.2 years | 9 months | 6 Jan 2021 | 3.0 years |
| −40.7% | 29 Apr 2006 | 14 Jun 2006 | 46 days | 5 months | 1 Nov 2006 | 6 months |
| −38.4% | 4 Jan 2013 | 28 Aug 2013 | 8 months | 9 months | 16 May 2014 | 16 months |
| −33.5% | 19 Jan 2007 | 4 Apr 2007 | 2 months | 4 months | 23 Jul 2007 | 6 months |
| −32.5% | 9 Nov 2021 | 17 Jun 2022 | 7 months | 15 months | 13 Sept 2023 | 22 months |
| −27.2% | 20 Aug 2025 | 8 Oct 2026 | 14 months | +1% off the low | not yet | 6 days since the low |
| −24.6% | 2 Mar 2015 | 29 Feb 2016 | 12 months | 4 months | 15 Jun 2016 | 15 months |
| −23.6% | 10 Oct 2016 | 26 Dec 2016 | 3 months | 3 months | 5 Apr 2017 | 6 months |
| −15.8% | 4 Oct 2005 | 28 Oct 2005 | 24 days | 29 days | 26 Nov 2005 | 53 days |
What holding it was like
From every day in its history, what holding Nifty Cement for a fixed span would have returned a year. Over five years the middle outcome was 14.0% a year; the worst −2.3% and the best 29.1%; 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 | −72.9% | −18.5% | +12.3% | +73.9% | +170.1% | 31% | 21.5 |
| 3 years | −13.2% | −0.3% | +12.4% | +26.4% | +45.1% | 11% | 7.2 |
| 5 years | −2.3% | +5.3% | +14.0% | +21.5% | +29.1% | 0% | 4.3 |
| 7 years | +2.3% | +8.1% | +13.2% | +17.9% | +27.2% | 0% | 3.1 |
| 10 years | +4.9% | +9.6% | +13.2% | +17.4% | +21.6% | 0% | 2.2 |
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 (+1.1% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹1,88,310 | 0.86× | −16.1% | |
| 2024 | 34 | ₹3,40,000 | ₹2,91,093 | 0.86× | −10.7% | |
| 2023 | 46 | ₹4,60,000 | ₹4,23,787 | 0.92× | −4.3% | |
| 2022 | 58 | ₹5,80,000 | ₹5,71,121 | 0.98× | −0.6% | |
| 2021 | 70 | ₹7,00,000 | ₹7,22,070 | 1.03× | +1.1% | |
| 2020 | 82 | ₹8,20,000 | ₹9,85,442 | 1.20× | +5.4% | |
| 2019 | 94 | ₹9,40,000 | ₹12,37,158 | 1.32× | +7.0% | |
| 2018 | 106 | ₹10,60,000 | ₹14,74,392 | 1.39× | +7.4% | |
| 2017 | 118 | ₹11,80,000 | ₹17,05,931 | 1.45× | +7.4% | |
| 2016 | 130 | ₹13,00,000 | ₹20,03,886 | 1.54× | +7.8% | |
| 2015 | 142 | ₹14,20,000 | ₹23,36,057 | 1.65× | +8.1% | |
| 2014 | 154 | ₹15,40,000 | ₹27,52,252 | 1.79× | +8.7% | |
| 2013 | 166 | ₹16,60,000 | ₹32,52,520 | 1.96× | +9.3% | |
| 2012 | 178 | ₹17,80,000 | ₹37,69,115 | 2.12× | +9.5% | |
| 2011 | 190 | ₹19,00,000 | ₹44,12,687 | 2.32× | +10.0% | |
| 2010 | 202 | ₹20,20,000 | ₹50,29,198 | 2.49× | +10.1% | |
| 2009 | 214 | ₹21,40,000 | ₹59,79,467 | 2.79× | +10.6% | |
| 2008 | 226 | ₹22,60,000 | ₹69,13,823 | 3.06× | +10.8% | |
| 2007 | 238 | ₹23,80,000 | ₹76,14,928 | 3.20× | +10.6% | |
| 2006 | 250 | ₹25,00,000 | ₹85,93,041 | 3.44× | +10.7% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 19.9%, against a usual 22.1% for this index. 58% of months ended higher, and 321 days moved 3% or more either way.
Nifty Cement: 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 | −12.9% |
| 21 Jan 2008 | −12.5% |
| 24 Oct 2008 | −8.9% |
| 18 May 2006 | −8.8% |
| 7 Jan 2009 | −8.7% |
| Best days | Return |
|---|---|
| 18 May 2009 | +14.7% |
| 10 Dec 2008 | +10.1% |
| 15 Jun 2006 | +9.7% |
| 23 Jan 2008 | +8.7% |
| 20 Sept 2019 | +8.4% |
| Worst months | Return |
|---|---|
| Oct 2008 | −30.5% |
| May 2006 | −27.6% |
| Mar 2020 | −26.8% |
| Jan 2008 | −20.5% |
| Jun 2008 | −20.0% |
| Best months | Return |
|---|---|
| May 2009 | +31.4% |
| Dec 2008 | +29.3% |
| Apr 2006 | +28.0% |
| May 2014 | +21.4% |
| Mar 2014 | +21.4% |
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 25.2 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 1.93, 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 25.2×, range 25.2× to 27.1×.
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 1.93×, range 1.93× to 2.10×.
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 | 25.15 | 33 | – | – | 26.13 | 25.15 | 27.12 |
| Price to book | 1.93 | 33 | – | – | 2.00 | 1.93 | 2.10 |
| Dividend yield, % | 0.76 | 100 | – | – | 0.41 | 0.41 | 0.76 |
What it holds
12 stocks as NSE lists them today. The ten largest make up 97.2% of the index. It is weighted by periodic capped free-float and rebalanced twice a year.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Shree Cement Ltd. | 15.14% |
| 2 | UltraTech Cement Ltd. | 14.98% |
| 3 | Ambuja Cements Ltd. | 14.74% |
| 4 | Grasim Industries Ltd. | 14.64% |
| 5 | J.K. Cement Ltd. | 13.43% |
| 6 | Dalmia Bharat Ltd. | 8.47% |
| 7 | The Ramco Cements Ltd. | 6.76% |
| 8 | ACC Ltd. | 4.56% |
| 9 | JSW Cement Ltd. | 2.32% |
| 10 | Nuvoco Vistas Corporation Ltd. | 2.14% |
NSE's constituent list for Nifty Cement, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| ACC Ltd. | Construction Materials | ACC | |
| Ambuja Cements Ltd. | Construction Materials | AMBUJACEM | |
| Birla Corporation Ltd. | Construction Materials | BIRLACORPN | |
| Dalmia Bharat Ltd. | Construction Materials | DALBHARAT | |
| Grasim Industries Ltd. | Construction Materials | GRASIM | |
| India Cements Ltd. | Construction Materials | INDIACEM | |
| J.K. Cement Ltd. | Construction Materials | JKCEMENT | |
| JSW Cement Ltd. | Construction Materials | JSWCEMENT | |
| Nuvoco Vistas Corporation Ltd. | Construction Materials | NUVOCO | |
| Shree Cement Ltd. | Construction Materials | SHREECEM | |
| The Ramco Cements Ltd. | Construction Materials | RAMCOCEM | |
| UltraTech Cement Ltd. | Construction Materials | ULTRACEMCO |
Against the Nifty 500
How Nifty Cement has done against the broad market it is part of. Over 21 years it beat the Nifty 500 by 0.2 percentage points a year, and was ahead in 10 of 20 calendar years.
Relative strength
Weekly: Nifty Cement's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Cement 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 Cement'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 2005 | +0.2 pts | 108 | 111 | 1.13 | 0.82 | 17.4% |
| Last 5 years, from Oct 2021 | −6.3 pts | 69 | 90 | 1.00 | 0.81 | 10.8% |
Models and ETFs
2 Tipsheet models can hold Nifty Cement; none does today. 1 ETFs track it. Its trend and momentum have a page of their own.
Model holdings on 14 Oct 2026. Rule-based models, not advice; each page has the rule and its record after costs and tax.
| Model | Weight in Nifty Cement today |
|---|---|
| Sector rotation | 0% |
| Sector rotation, top 3 (NSE history) | 0% |
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 Cements ETF | CEMNTGROWW | 0.40% | ₹5.8 cr | – | – | ₹0.1 cr |
Data and sources
Nifty Cement is computed and published by NSE Indices. History here starts 1 Apr 2005; NSE launched the index on 16 Feb 2026, from a base date of April 01, 2005. 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 Cement there to download its full series.
- Nifty Cement 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.