Markets
Nifty Financial Services
Nifty Financial Services is an NSE sector index of 20 stocks. Since 2004 it has compounded 16.4% a year with dividends reinvested; over the past year it fell 6.2%. Its deepest fall was 70%, from Jan 2008 to Mar 2009, and it took 2.6 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Financial Services. Data to 14 Oct 2026.
- Trend
- Downtrend since Mar 2026
- Momentum
- 94th of 133 markets, by rank
- Below its high
- 11.6% total return
- P/E
- 15.3 3rd percentile since 2021
- 1 year
- −6.2% total return
- 5 years
- 6.7% a year
- 10 years
- 13.2% a year
- Since 2004
- 16.4% a year
- Volatility
- 17.4% past year; usual 21%
NSE launched Nifty Financial Services in Sept 2011. 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 2004, dividends added about 1.3 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Financial Services: growth of 100
Weekly, from Jan 2004, 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 | −5.8% | −6.0% | +0.2 pts | |
| 6 months | −3.5% | −4.2% | +0.8 pts | |
| This year | −8.9% | −9.7% | +0.8 pts | |
| 1 year | −6.2% | −7.0% | +0.8 pts | |
| 3 years, a year | +9.0% | +8.0% | +1.0 pts | |
| 5 years, a year | +6.7% | +5.7% | +1.0 pts | |
| 10 years, a year | +13.2% | +12.3% | +0.8 pts | |
| 15 years, a year | +14.1% | +13.1% | +1.0 pts | |
| 20 years, a year | +14.4% | +13.3% | +1.1 pts | |
| Since Jan 2004, a year | +16.4% | +15.2% | +1.3 pts |
Year by year
17 of the 21 full calendar years since 2005 ended higher. 16 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Financial Services: 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 | −8.9% | −9.7% | +0.8 pts | −17.3% | |
| 2025 | +18.6% | +17.4% | +1.2 pts | −6.8% | |
| 2024 | +10.5% | +9.4% | +1.1 pts | −8.0% | |
| 2023 | +14.3% | +13.2% | +1.1 pts | −9.3% | |
| 2022 | +10.5% | +9.5% | +1.0 pts | −19.2% | |
| 2021 | +14.6% | +14.0% | +0.6 pts | −15.9% | |
| 2020 | +4.7% | +4.5% | +0.3 pts | −43.5% | |
| 2019 | +26.4% | +25.7% | +0.7 pts | −12.8% | |
| 2018 | +11.3% | +10.6% | +0.7 pts | −14.0% | |
| 2017 | +42.7% | +41.4% | +1.3 pts | −4.7% | |
| 2016 | +6.2% | +4.9% | +1.2 pts | −19.7% | |
| 2015 | −4.5% | −5.4% | +0.9 pts | −20.3% | |
| 2014 | +59.1% | +57.3% | +1.8 pts | −9.0% | |
| 2013 | −6.1% | −7.3% | +1.2 pts | −30.9% | |
| 2012 | +54.1% | +52.0% | +2.1 pts | −17.0% | |
| 2011 | −28.3% | −29.0% | +0.7 pts | −30.2% | |
| 2010 | +31.3% | +29.9% | +1.4 pts | −15.7% | |
| 2009 | +91.3% | +88.7% | +2.6 pts | −34.2% | |
| 2008 | −54.6% | −55.1% | +0.5 pts | −65.5% | |
| 2007 | +84.8% | +82.9% | +2.0 pts | −19.8% | |
| 2006 | +41.8% | +39.6% | +2.2 pts | −30.6% | |
| 2005 | +38.5% | +36.2% | +2.3 pts | −17.2% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 70%, took 14 months to reach bottom and 17 months more to climb back. Today it is 11.6% below its high.
Nifty Financial Services: 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 |
|---|---|---|---|---|---|---|
| −69.6% | 14 Jan 2008 | 9 Mar 2009 | 14 months | 17 months | 19 Aug 2010 | 2.6 years |
| −43.5% | 2 Jan 2020 | 23 Mar 2020 | 3 months | 9 months | 15 Dec 2020 | 11 months |
| −37.0% | 5 Nov 2010 | 20 Dec 2011 | 13 months | 12 months | 1 Jan 2013 | 2.2 years |
| −30.9% | 17 May 2013 | 28 Aug 2013 | 3 months | 7 months | 9 Apr 2014 | 11 months |
| −30.9% | 23 Apr 2004 | 17 May 2004 | 24 days | 6 months | 30 Nov 2004 | 7 months |
| −30.6% | 10 May 2006 | 14 Jun 2006 | 35 days | 3 months | 21 Sept 2006 | 4 months |
| −30.5% | 28 Jan 2015 | 25 Feb 2016 | 13 months | 6 months | 31 Aug 2016 | 19 months |
| −23.1% | 26 Oct 2021 | 16 Jun 2022 | 8 months | 11 months | 4 May 2023 | 18 months |
| −19.8% | 8 Feb 2007 | 2 Apr 2007 | 53 days | 45 days | 17 May 2007 | 3 months |
| −17.3% | 18 Feb 2026 | 30 Mar 2026 | 40 days | +7% off the low | not yet | 7 months since the low |
What holding it was like
From every day in its history, what holding Nifty Financial Services for a fixed span would have returned a year. Over five years the middle outcome was 15.8% a year; the worst 2.5% and the best 34.1%; 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 | −60.1% | −10.0% | +17.7% | +61.5% | +167.2% | 20% | 22.8 |
| 3 years | −6.7% | +5.9% | +15.5% | +29.0% | +65.2% | 3% | 7.6 |
| 5 years | +2.5% | +9.5% | +15.8% | +24.8% | +34.1% | 0% | 4.6 |
| 7 years | +7.9% | +11.9% | +15.4% | +20.7% | +29.6% | 0% | 3.3 |
| 10 years | +8.4% | +12.6% | +15.8% | +21.3% | +25.2% | 0% | 2.3 |
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 (+7.9% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,15,111 | 0.98× | −2.5% | |
| 2024 | 34 | ₹3,40,000 | ₹3,50,941 | 1.03× | +2.3% | |
| 2023 | 46 | ₹4,60,000 | ₹5,11,741 | 1.11× | +5.6% | |
| 2022 | 58 | ₹5,80,000 | ₹6,91,145 | 1.19× | +7.3% | |
| 2021 | 70 | ₹7,00,000 | ₹8,79,610 | 1.26× | +7.9% | |
| 2020 | 82 | ₹8,20,000 | ₹11,55,965 | 1.41× | +10.0% | |
| 2019 | 94 | ₹9,40,000 | ₹14,07,201 | 1.50× | +10.2% | |
| 2018 | 106 | ₹10,60,000 | ₹16,99,954 | 1.60× | +10.5% | |
| 2017 | 118 | ₹11,80,000 | ₹20,49,000 | 1.74× | +10.9% | |
| 2016 | 130 | ₹13,00,000 | ₹25,01,703 | 1.92× | +11.7% | |
| 2015 | 142 | ₹14,20,000 | ₹29,42,340 | 2.07× | +11.8% | |
| 2014 | 154 | ₹15,40,000 | ₹35,27,350 | 2.29× | +12.2% | |
| 2013 | 166 | ₹16,60,000 | ₹42,37,828 | 2.55× | +12.7% | |
| 2012 | 178 | ₹17,80,000 | ₹50,47,596 | 2.84× | +13.0% | |
| 2011 | 190 | ₹19,00,000 | ₹58,64,069 | 3.09× | +13.1% | |
| 2010 | 202 | ₹20,20,000 | ₹67,20,748 | 3.33× | +13.0% | |
| 2009 | 214 | ₹21,40,000 | ₹81,74,925 | 3.82× | +13.6% | |
| 2008 | 226 | ₹22,60,000 | ₹95,19,436 | 4.21× | +13.7% | |
| 2007 | 238 | ₹23,80,000 | ₹1,08,54,305 | 4.56× | +13.6% | |
| 2006 | 250 | ₹25,00,000 | ₹1,28,95,411 | 5.16× | +13.9% | |
| 2005 | 262 | ₹26,20,000 | ₹1,56,37,468 | 5.97× | +14.3% | |
| 2004 | 274 | ₹27,40,000 | ₹1,96,28,126 | 7.16× | +14.9% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 17.4%, against a usual 21.3% for this index. 60% of months ended higher, and 387 days moved 3% or more either way.
Nifty Financial Services: 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 | −15.9% |
| 17 May 2004 | −13.4% |
| 24 Oct 2008 | −11.8% |
| 14 May 2004 | −11.4% |
| 17 Mar 2008 | −9.0% |
| Best days | Return |
|---|---|
| 18 May 2009 | +19.5% |
| 18 May 2004 | +12.7% |
| 13 Oct 2008 | +10.2% |
| 23 Jul 2008 | +9.9% |
| 25 Mar 2020 | +9.3% |
| Worst months | Return |
|---|---|
| Mar 2020 | −31.3% |
| Jun 2008 | −23.7% |
| Oct 2008 | −23.7% |
| May 2004 | −22.7% |
| Mar 2008 | −22.5% |
| Best months | Return |
|---|---|
| May 2009 | +44.0% |
| Apr 2009 | +24.1% |
| Nov 2020 | +22.8% |
| Sept 2007 | +21.5% |
| Jan 2012 | +21.0% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Sept 2011. Today's P/E of 15.3 is near the bottom of its range since NSE moved to consolidated earnings in March 2021. Price to book, 2.30, is near the bottom 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, Sept 2011 to Oct 2026. Price to earnings: latest 15.3×, range 12.2× to 49.1×.
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, Sept 2011 to Oct 2026. Price to book: latest 2.30×, range 2.11× to 4.56×.
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 | 15.29 | 7 | 2 | 3 | 18.89 | 12.23 | 49.10 |
| Price to book | 2.30 | 4 | 2 | – | 3.09 | 2.11 | 4.56 |
| Dividend yield, % | 1.00 | 65 | 96 | – | 0.89 | 0.23 | 1.73 |
What it holds
20 stocks as NSE lists them today. The ten largest make up 86.2% 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 | HDFC Bank Ltd. | 18.63% |
| 2 | ICICI Bank Ltd. | 14.20% |
| 3 | Axis Bank Ltd. | 10.18% |
| 4 | Kotak Mahindra Bank Ltd. | 10.11% |
| 5 | State Bank of India | 9.94% |
| 6 | Bajaj Finance Ltd. | 8.62% |
| 7 | Shriram Finance Ltd. | 4.53% |
| 8 | BSE Ltd. | 4.16% |
| 9 | Bajaj Finserv Ltd. | 3.31% |
| 10 | SBI Life Insurance Company Ltd. | 2.51% |
NSE's constituent list for Nifty Financial Services, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Axis Bank Ltd. | Financial Services | AXISBANK | |
| BSE Ltd. | Financial Services | BSE | |
| Bajaj Finance Ltd. | Financial Services | BAJFINANCE | |
| Bajaj Finserv Ltd. | Financial Services | BAJAJFINSV | |
| Cholamandalam Investment and Finance Company Ltd. | Financial Services | CHOLAFIN | |
| HDFC Bank Ltd. | Financial Services | HDFCBANK | |
| HDFC Life Insurance Company Ltd. | Financial Services | HDFCLIFE | |
| ICICI Bank Ltd. | Financial Services | ICICIBANK | |
| ICICI Lombard General Insurance Company Ltd. | Financial Services | ICICIGI | |
| Jio Financial Services Ltd. | Financial Services | JIOFIN | |
| Kotak Mahindra Bank Ltd. | Financial Services | KOTAKBANK | |
| LIC Housing Finance Ltd. | Financial Services | LICHSGFIN | |
| Max Financial Services Ltd. | Financial Services | MFSL | |
| Muthoot Finance Ltd. | Financial Services | MUTHOOTFIN | |
| Power Finance Corporation Ltd. | Financial Services | PFC | |
| REC Ltd. | Financial Services | RECLTD | |
| SBI Cards and Payment Services Ltd. | Financial Services | SBICARD | |
| SBI Life Insurance Company Ltd. | Financial Services | SBILIFE | |
| Shriram Finance Ltd. | Financial Services | SHRIRAMFIN | |
| State Bank of India | Financial Services | SBIN |
Against the Nifty 500
How Nifty Financial Services has done against the broad market it is part of. Over 23 years it beat the Nifty 500 by 2.3 percentage points a year, and was ahead in 13 of 21 calendar years.
Relative strength
Weekly: Nifty Financial Services's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Financial Services 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 Financial Services'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 2004 | +2.3 pts | 117 | 117 | 1.16 | 0.91 | 12.3% |
| Last 5 years, from Oct 2021 | −1.9 pts | 89 | 95 | 0.92 | 0.86 | 8.2% |
Models and ETFs
4 Tipsheet models can hold Nifty Financial Services; 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 Financial Services today |
|---|---|
| Sector rotation | 0% |
| Sector rotation (sectors counted from launch) | 0% |
| Sector rotation, top 3 (NSE history) | 0% |
| Sector rotation, top 3 (sectors counted from launch) | 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 |
|---|---|---|---|---|---|---|---|
| Mirae Asset Nifty Financial Services ETF | BFSI | 0.11% | ₹401 cr | −0.40 pts | 1.75% | ₹0.5 cr |
Data and sources
Nifty Financial Services is computed and published by NSE Indices. History here starts 1 Jan 2004; NSE launched the index on 7 Sept 2011, from a base date of January 01, 2004. 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 Financial Services there to download its full series.
- Nifty Financial Services 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.