Markets
Nifty Energy
Nifty Energy is an NSE theme index of 40 stocks. Since 2001 it has compounded 17.6% a year with dividends reinvested; over the past year it rose 5.3%. Its deepest fall was 60%, from Jan 2008 to Oct 2008, and it took 9.0 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Energy. Data to 14 Oct 2026.
- Trend
- Downtrend since Sep 2026
- Momentum
- 80th of 133 markets, by rank
- Below its high
- 16.2% total return
- P/E
- 14.5 58th percentile since 2021
- 1 year
- +5.3% total return
- 5 years
- 9.7% a year
- 10 years
- 16.0% a year
- Since 2001
- 17.6% a year
- Volatility
- 16.1% past year; usual 21%
NSE launched Nifty Energy in Jul 2005. 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 2001, dividends added about 2.6 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Energy: growth of 100
Weekly, from Jan 2001, 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 | −3.8% | −3.8% | 0.0 pts | |
| 3 months | −6.4% | −6.9% | +0.5 pts | |
| 6 months | −1.3% | −1.9% | +0.6 pts | |
| This year | +4.4% | +3.3% | +1.0 pts | |
| 1 year | +5.3% | +4.1% | +1.2 pts | |
| 3 years, a year | +11.8% | +10.3% | +1.5 pts | |
| 5 years, a year | +9.7% | +8.1% | +1.7 pts | |
| 10 years, a year | +16.0% | +13.8% | +2.3 pts | |
| 15 years, a year | +12.6% | +10.6% | +2.0 pts | |
| 20 years, a year | +11.8% | +9.9% | +1.9 pts | |
| Since Jan 2001, a year | +17.6% | +15.0% | +2.6 pts |
Year by year
22 of the 24 full calendar years since 2002 ended higher. 23 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Energy: 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 | +4.4% | +3.3% | +1.0 pts | −13.7% | |
| 2025 | +1.8% | +0.4% | +1.5 pts | −15.9% | |
| 2024 | +6.5% | +5.1% | +1.4 pts | −21.9% | |
| 2023 | +30.6% | +29.4% | +1.2 pts | −17.7% | |
| 2022 | +16.5% | +14.3% | +2.2 pts | −18.4% | |
| 2021 | +38.4% | +33.7% | +4.6 pts | −11.8% | |
| 2020 | +9.5% | +6.4% | +3.1 pts | −38.0% | |
| 2019 | +13.3% | +11.0% | +2.3 pts | −17.2% | |
| 2018 | +2.8% | +0.6% | +2.2 pts | −18.0% | |
| 2017 | +41.9% | +38.7% | +3.2 pts | −6.9% | |
| 2016 | +21.6% | +19.7% | +1.9 pts | −13.8% | |
| 2015 | +1.1% | −0.7% | +1.8 pts | −19.1% | |
| 2014 | +10.1% | +8.5% | +1.6 pts | −20.9% | |
| 2013 | +1.9% | +0.4% | +1.5 pts | −19.1% | |
| 2012 | +15.5% | +13.8% | +1.8 pts | −17.3% | |
| 2011 | −28.2% | −28.7% | +0.5 pts | −29.0% | |
| 2010 | +4.8% | +3.4% | +1.3 pts | −11.4% | |
| 2009 | +63.5% | +61.0% | +2.5 pts | −17.2% | |
| 2008 | −47.4% | −48.2% | +0.8 pts | −60.1% | |
| 2007 | +100.2% | +96.7% | +3.4 pts | −11.5% | |
| 2006 | +23.3% | +20.1% | +3.2 pts | −31.6% | |
| 2005 | +34.2% | +30.7% | +3.5 pts | −11.6% | |
| 2004 | +5.1% | +0.6% | +4.4 pts | −35.2% | |
| 2003 | +140.0% | +128.2% | +11.8 pts | −15.4% | |
| 2002 | +62.8% | +56.7% | +6.2 pts | −13.8% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 60%, took 9 months to reach bottom and 8.2 years more to climb back. Today it is 16.2% below its high.
Nifty Energy: 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 |
|---|---|---|---|---|---|---|
| −60.1% | 14 Jan 2008 | 27 Oct 2008 | 9 months | 8.2 years | 12 Jan 2017 | 9.0 years |
| −39.7% | 3 Jun 2019 | 23 Mar 2020 | 10 months | 8 months | 23 Nov 2020 | 18 months |
| −35.1% | 8 Jan 2004 | 17 May 2004 | 4 months | 14 months | 25 Jul 2005 | 19 months |
| −34.0% | 15 Feb 2001 | 21 Sept 2001 | 7 months | 5 months | 6 Feb 2002 | 12 months |
| −32.3% | 1 Aug 2024 | 3 Mar 2025 | 7 months | +24% off the low | not yet | 19 months since the low |
| −31.6% | 10 May 2006 | 8 Jun 2006 | 29 days | 7 months | 12 Jan 2007 | 8 months |
| −24.7% | 28 Apr 2022 | 28 Feb 2023 | 10 months | 9 months | 23 Nov 2023 | 19 months |
| −18.0% | 28 Aug 2018 | 5 Oct 2018 | 38 days | 5 months | 13 Mar 2019 | 6 months |
| −15.4% | 11 Sept 2003 | 22 Sept 2003 | 11 days | 14 days | 6 Oct 2003 | 25 days |
| −13.8% | 16 May 2002 | 4 Oct 2002 | 5 months | 2 months | 6 Dec 2002 | 7 months |
What holding it was like
From every day in its history, what holding Nifty Energy for a fixed span would have returned a year. Over five years the middle outcome was 15.6% a year; the worst −6.2% and the best 54.1%; 8% 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 | −53.3% | −12.6% | +16.7% | +60.2% | +166.9% | 23% | 25.8 |
| 3 years | −8.4% | −0.8% | +17.1% | +42.4% | +66.3% | 11% | 8.6 |
| 5 years | −6.2% | +0.6% | +15.6% | +37.9% | +54.1% | 8% | 5.2 |
| 7 years | −3.8% | +4.3% | +14.1% | +30.6% | +46.7% | 1% | 3.7 |
| 10 years | +2.7% | +6.7% | +13.5% | +20.4% | +29.3% | 0% | 2.6 |
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 (+10.4% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,27,352 | 1.03× | +3.7% | |
| 2024 | 34 | ₹3,40,000 | ₹3,39,947 | 1.00× | 0.0% | |
| 2023 | 46 | ₹4,60,000 | ₹5,22,312 | 1.14× | +6.7% | |
| 2022 | 58 | ₹5,80,000 | ₹7,01,693 | 1.21× | +8.0% | |
| 2021 | 70 | ₹7,00,000 | ₹9,45,117 | 1.35× | +10.4% | |
| 2020 | 82 | ₹8,20,000 | ₹12,91,792 | 1.58× | +13.3% | |
| 2019 | 94 | ₹9,40,000 | ₹16,16,387 | 1.72× | +13.7% | |
| 2018 | 106 | ₹10,60,000 | ₹19,78,713 | 1.87× | +13.8% | |
| 2017 | 118 | ₹11,80,000 | ₹24,09,984 | 2.04× | +14.1% | |
| 2016 | 130 | ₹13,00,000 | ₹30,11,541 | 2.32× | +14.8% | |
| 2015 | 142 | ₹14,20,000 | ₹36,60,059 | 2.58× | +15.2% | |
| 2014 | 154 | ₹15,40,000 | ₹42,90,957 | 2.79× | +15.0% | |
| 2013 | 166 | ₹16,60,000 | ₹50,08,797 | 3.02× | +14.8% | |
| 2012 | 178 | ₹17,80,000 | ₹57,59,808 | 3.24× | +14.6% | |
| 2011 | 190 | ₹19,00,000 | ₹64,39,055 | 3.39× | +14.1% | |
| 2010 | 202 | ₹20,20,000 | ₹70,66,788 | 3.50× | +13.6% | |
| 2009 | 214 | ₹21,40,000 | ₹78,49,664 | 3.67× | +13.2% | |
| 2008 | 226 | ₹22,60,000 | ₹86,05,505 | 3.81× | +12.8% | |
| 2007 | 238 | ₹23,80,000 | ₹94,81,894 | 3.98× | +12.5% | |
| 2006 | 250 | ₹25,00,000 | ₹1,06,84,694 | 4.27× | +12.4% | |
| 2005 | 262 | ₹26,20,000 | ₹1,23,56,162 | 4.72× | +12.5% | |
| 2004 | 274 | ₹27,40,000 | ₹1,43,56,476 | 5.24× | +12.7% | |
| 2003 | 286 | ₹28,60,000 | ₹1,77,82,657 | 6.22× | +13.3% | |
| 2002 | 298 | ₹29,80,000 | ₹2,29,38,971 | 7.70× | +14.1% | |
| 2001 | 310 | ₹31,00,000 | ₹3,00,64,380 | 9.70× | +14.8% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 16.1%, against a usual 21.2% for this index. 58% of months ended higher, and 324 days moved 3% or more either way.
Nifty Energy: 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 |
|---|---|
| 17 May 2004 | −14.0% |
| 24 Oct 2008 | −13.5% |
| 4 Jun 2024 | −12.5% |
| 14 May 2004 | −12.1% |
| 21 Jan 2008 | −11.4% |
| Best days | Return |
|---|---|
| 18 May 2009 | +16.7% |
| 1 Apr 2002 | +10.2% |
| 23 Jan 2008 | +8.7% |
| 20 Mar 2020 | +8.6% |
| 19 May 2004 | +7.5% |
| Worst months | Return |
|---|---|
| Oct 2008 | −29.0% |
| May 2004 | −27.2% |
| Jan 2008 | −20.4% |
| Mar 2020 | −17.3% |
| May 2006 | −13.3% |
| Best months | Return |
|---|---|
| May 2009 | +26.6% |
| Aug 2003 | +26.0% |
| Oct 2007 | +25.5% |
| Feb 2002 | +25.3% |
| May 2003 | +25.1% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Jul 2005. Today's P/E of 14.5 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 2.00, 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, Jul 2005 to Oct 2026. Price to earnings: latest 14.5×, range 8.7× to 24.4×.
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, Jul 2005 to Oct 2026. Price to book: latest 2.00×, range 1.07× to 4.48×.
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 | 14.45 | 55 | 54 | 58 | 14.07 | 8.65 | 24.41 |
| Price to book | 2.00 | 46 | 48 | – | 2.08 | 1.07 | 4.48 |
| Dividend yield, % | 2.47 | 75 | 50 | – | 1.96 | 0.99 | 4.62 |
What it holds
40 stocks as NSE lists them today. The ten largest make up 59.2% 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 3 items. Weight, %: highest Oil, Gas & Consumable Fuels at 50.0%, lowest Capital Goods at 24.9%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Coal India Ltd. | 10.19% |
| 2 | Reliance Industries Ltd. | 9.89% |
| 3 | Oil & Natural Gas Corporation Ltd. | 9.27% |
| 4 | NTPC Ltd. | 6.10% |
| 5 | GAIL (India) Ltd. | 4.86% |
| 6 | Power Grid Corporation of India Ltd. | 4.69% |
| 7 | Bharat Heavy Electricals Ltd. | 3.84% |
| 8 | CG Power and Industrial Solutions Ltd. | 3.72% |
| 9 | Adani Power Ltd. | 3.37% |
| 10 | GE Vernova T&D India Ltd. | 3.30% |
NSE's constituent list for Nifty Energy, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| ABB India Ltd. | Capital Goods | ABB | |
| Adani Energy Solutions Ltd. | Power | ADANIENSOL | |
| Adani Green Energy Ltd. | Power | ADANIGREEN | |
| Adani Power Ltd. | Power | ADANIPOWER | |
| Adani Total Gas Ltd. | Oil Gas & Consumable Fuels | ATGL | |
| Aegis Logistics Ltd. | Oil Gas & Consumable Fuels | AEGISLOG | |
| Bharat Heavy Electricals Ltd. | Capital Goods | BHEL | |
| Bharat Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | BPCL | |
| CESC Ltd. | Power | CESC | |
| CG Power and Industrial Solutions Ltd. | Capital Goods | CGPOWER | |
| Castrol India Ltd. | Oil Gas & Consumable Fuels | CASTROLIND | |
| Coal India Ltd. | Oil Gas & Consumable Fuels | COALINDIA | |
| GAIL (India) Ltd. | Oil Gas & Consumable Fuels | GAIL | |
| GE Vernova T&D India Ltd. | Capital Goods | GVT&D | |
| Hindustan Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | HINDPETRO | |
| Hitachi Energy India Ltd. | Capital Goods | POWERINDIA | |
| Indian Oil Corporation Ltd. | Oil Gas & Consumable Fuels | IOC | |
| Indraprastha Gas Ltd. | Oil Gas & Consumable Fuels | IGL | |
| Inox Wind Ltd. | Capital Goods | INOXWIND | |
| JSW Energy Ltd. | Power | JSWENERGY | |
| Jaiprakash Power Ventures Ltd. | Power | JPPOWER | |
| Mahanagar Gas Ltd. | Oil Gas & Consumable Fuels | MGL | |
| NHPC Ltd. | Power | NHPC | |
| NLC India Ltd. | Power | NLCINDIA | |
| NTPC Green Energy Ltd. | Power | NTPCGREEN | |
| NTPC Ltd. | Power | NTPC | |
| Nava Ltd. | Power | NAVA | |
| Oil & Natural Gas Corporation Ltd. | Oil Gas & Consumable Fuels | ONGC | |
| Oil India Ltd. | Oil Gas & Consumable Fuels | OIL | |
| Petronet LNG Ltd. | Oil Gas & Consumable Fuels | PETRONET | |
| Power Grid Corporation of India Ltd. | Power | POWERGRID | |
| Reliance Industries Ltd. | Oil Gas & Consumable Fuels | RELIANCE | |
| Reliance Power Ltd. | Power | RPOWER | |
| Siemens Energy India Ltd. | Capital Goods | ENRIN | |
| Siemens Ltd. | Capital Goods | SIEMENS | |
| Suzlon Energy Ltd. | Capital Goods | SUZLON | |
| TD Power Systems Ltd. | Capital Goods | TDPOWERSYS | |
| Tata Power Co. Ltd. | Power | TATAPOWER | |
| Thermax Ltd. | Capital Goods | THERMAX | |
| Torrent Power Ltd. | Power | TORNTPOWER |
Against the Nifty 500
How Nifty Energy has done against the broad market it is part of. Over 26 years it beat the Nifty 500 by 2.5 percentage points a year, and was ahead in 12 of 24 calendar years.
Relative strength
Weekly: Nifty Energy's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Energy 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 Energy'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 2001 | +2.5 pts | 100 | 90 | 0.95 | 0.84 | 13.8% |
| Last 5 years, from Oct 2021 | +2.6 pts | 115 | 108 | 1.12 | 0.76 | 14.1% |
Models and ETFs
No Tipsheet model uses Nifty Energy. 3 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 |
|---|---|---|---|---|---|---|---|
| Mirae Asset Nifty Energy ETF | ENERGY | 0.29% | ₹295 cr | – | 1.18% | ₹0.9 cr | |
| Motilal Oswal Nifty Energy ETF | MOENERGY | 0.45% | ₹66.0 cr | – | 2.36% | ₹0.4 cr | |
| Axis Nifty Energy ETF | ENERGYAXIS | 0.25% | ₹2.7 cr | – | – | ₹0.0 cr |
Data and sources
Nifty Energy is computed and published by NSE Indices. History here starts 1 Jan 2001; NSE launched the index on 1 Jul 2005, from a base date of January 01, 2001. 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 Energy there to download its full series.
- Nifty Energy 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.