Markets
Nifty FMCG
Nifty FMCG is an NSE sector index of 15 stocks. Since 1996 it has compounded 15.1% a year with dividends reinvested; over the past year it fell 15.7%. Its deepest fall was 46%, from Aug 1999 to Apr 2003, and it took 5.8 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty FMCG. Data to 14 Oct 2026.
- Trend
- Downtrend since Sep 2025
- Momentum
- 98th of 133 markets, by rank
- Below its high
- 29.7% total return
- P/E
- 31.4 3rd percentile since 2021
- 1 year
- −15.7% total return
- 5 years
- 3.5% a year
- 10 years
- 9.5% a year
- Since 1996
- 15.1% a year
- Volatility
- 15.2% past year; usual 18%
NSE launched Nifty FMCG in Sept 1999. 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 1996, dividends added about 1.9 percentage points a year. Returns over more than a year are a year, compounded.
Nifty FMCG: growth of 100
Weekly, from Jan 1996, 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 | +0.5% | +0.5% | 0.0 pts | |
| 3 months | −6.5% | −6.7% | +0.2 pts | |
| 6 months | −4.3% | −4.8% | +0.6 pts | |
| This year | −17.8% | −18.4% | +0.6 pts | |
| 1 year | −15.7% | −16.5% | +0.8 pts | |
| 3 years, a year | −3.3% | −4.8% | +1.5 pts | |
| 5 years, a year | +3.5% | +1.8% | +1.7 pts | |
| 10 years, a year | +9.5% | +7.8% | +1.7 pts | |
| 15 years, a year | +12.1% | +10.5% | +1.6 pts | |
| 20 years, a year | +13.0% | +11.2% | +1.8 pts | |
| Since Jan 1996, a year | +15.1% | +13.2% | +1.9 pts |
Year by year
24 of the 29 full calendar years since 1997 ended higher. 24 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty FMCG: 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 | −17.8% | −18.4% | +0.6 pts | −20.5% | |
| 2025 | −0.4% | −2.3% | +1.9 pts | −13.0% | |
| 2024 | +1.6% | −0.3% | +1.9 pts | −15.9% | |
| 2023 | +30.8% | +29.0% | +1.8 pts | −6.1% | |
| 2022 | +20.1% | +17.5% | +2.5 pts | −11.0% | |
| 2021 | +12.4% | +10.0% | +2.4 pts | −13.0% | |
| 2020 | +14.7% | +13.5% | +1.3 pts | −26.3% | |
| 2019 | +0.1% | −1.3% | +1.4 pts | −7.8% | |
| 2018 | +15.3% | +13.7% | +1.6 pts | −17.5% | |
| 2017 | +31.2% | +29.4% | +1.8 pts | −12.2% | |
| 2016 | +4.6% | +2.8% | +1.8 pts | −15.3% | |
| 2015 | +1.4% | +0.3% | +1.1 pts | −15.0% | |
| 2014 | +19.6% | +18.2% | +1.4 pts | −6.7% | |
| 2013 | +13.3% | +12.2% | +1.2 pts | −19.1% | |
| 2012 | +50.7% | +48.5% | +2.2 pts | −6.9% | |
| 2011 | +10.2% | +8.6% | +1.6 pts | −15.2% | |
| 2010 | +32.9% | +30.6% | +2.3 pts | −7.6% | |
| 2009 | +44.4% | +41.6% | +2.8 pts | −12.7% | |
| 2008 | −17.8% | −19.6% | +1.8 pts | −34.3% | |
| 2007 | +25.2% | +22.3% | +2.9 pts | −17.8% | |
| 2006 | +19.1% | +17.1% | +2.0 pts | −32.3% | |
| 2005 | +62.3% | +58.7% | +3.6 pts | −14.2% | |
| 2004 | +0.4% | −2.7% | +3.1 pts | −33.4% | |
| 2003 | +35.3% | +31.0% | +4.3 pts | −13.5% | |
| 2002 | −10.5% | −12.6% | +2.1 pts | −27.3% | |
| 2001 | −9.4% | −10.3% | +0.9 pts | −22.1% | |
| 2000 | −0.6% | −1.8% | +1.1 pts | −33.1% | |
| 1999 | +20.0% | +19.0% | +1.1 pts | −22.9% | |
| 1998 | +23.9% | +22.6% | +1.3 pts | −19.5% | |
| 1997 | +65.3% | +63.6% | +1.6 pts | −19.1% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 46%, took 3.7 years to reach bottom and 2.2 years more to climb back. Today it is 29.7% below its high.
Nifty FMCG: 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 |
|---|---|---|---|---|---|---|
| −45.9% | 26 Aug 1999 | 24 Apr 2003 | 3.7 years | 2.2 years | 24 Jun 2005 | 5.8 years |
| −34.3% | 7 Jan 2008 | 27 Oct 2008 | 10 months | 9 months | 24 Jul 2009 | 19 months |
| −32.2% | 3 May 2006 | 14 Jun 2006 | 42 days | 18 months | 14 Dec 2007 | 19 months |
| −32.0% | 23 Sept 2024 | 1 Oct 2026 | 2.0 years | +3% off the low | not yet | 13 days since the low |
| −28.6% | 7 Nov 2019 | 23 Mar 2020 | 5 months | 8 months | 4 Dec 2020 | 13 months |
| −19.5% | 4 May 1998 | 23 Jun 1998 | 50 days | 6 months | 30 Dec 1998 | 8 months |
| −19.1% | 6 Aug 1997 | 19 Nov 1997 | 3 months | 3 months | 27 Feb 1998 | 7 months |
| −19.1% | 23 Jul 2013 | 28 Aug 2013 | 36 days | 12 months | 27 Aug 2014 | 13 months |
| −18.3% | 21 Sept 2021 | 7 Mar 2022 | 5 months | 4 months | 6 Jul 2022 | 9 months |
| −18.2% | 14 Jun 1996 | 4 Dec 1996 | 6 months | 40 days | 13 Jan 1997 | 7 months |
What holding it was like
From every day in its history, what holding Nifty FMCG for a fixed span would have returned a year. Over five years the middle outcome was 15.3% a year; the worst −8.2% and the best 33.7%; 5% 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 | −27.5% | −10.4% | +15.7% | +47.4% | +127.3% | 24% | 30.8 |
| 3 years | −15.1% | +0.3% | +15.6% | +32.6% | +52.3% | 10% | 10.3 |
| 5 years | −8.2% | +4.2% | +15.3% | +25.0% | +33.7% | 5% | 6.2 |
| 7 years | +2.4% | +9.0% | +14.9% | +23.0% | +28.1% | 0% | 4.4 |
| 10 years | +6.1% | +11.4% | +15.8% | +23.7% | +27.5% | 0% | 3.1 |
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 2021 (+0.9% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹1,92,700 | 0.88× | −13.9% | |
| 2024 | 34 | ₹3,40,000 | ₹2,90,220 | 0.85× | −10.9% | |
| 2023 | 46 | ₹4,60,000 | ₹4,06,790 | 0.88× | −6.4% | |
| 2022 | 58 | ₹5,80,000 | ₹5,52,597 | 0.95× | −2.0% | |
| 2021 | 70 | ₹7,00,000 | ₹7,17,750 | 1.03× | +0.9% | |
| 2020 | 82 | ₹8,20,000 | ₹9,22,242 | 1.12× | +3.4% | |
| 2019 | 94 | ₹9,40,000 | ₹11,25,495 | 1.20× | +4.6% | |
| 2018 | 106 | ₹10,60,000 | ₹13,42,293 | 1.27× | +5.3% | |
| 2017 | 118 | ₹11,80,000 | ₹16,00,043 | 1.36× | +6.1% | |
| 2016 | 130 | ₹13,00,000 | ₹19,08,171 | 1.47× | +6.9% | |
| 2015 | 142 | ₹14,20,000 | ₹22,28,093 | 1.57× | +7.4% | |
| 2014 | 154 | ₹15,40,000 | ₹25,90,186 | 1.68× | +7.8% | |
| 2013 | 166 | ₹16,60,000 | ₹29,93,402 | 1.80× | +8.2% | |
| 2012 | 178 | ₹17,80,000 | ₹35,43,592 | 1.99× | +8.8% | |
| 2011 | 190 | ₹19,00,000 | ₹42,46,220 | 2.23× | +9.5% | |
| 2010 | 202 | ₹20,20,000 | ₹51,11,303 | 2.53× | +10.2% | |
| 2009 | 214 | ₹21,40,000 | ₹63,16,574 | 2.95× | +11.1% | |
| 2008 | 226 | ₹22,60,000 | ₹76,11,831 | 3.37× | +11.7% | |
| 2007 | 238 | ₹23,80,000 | ₹90,45,415 | 3.80× | +12.1% | |
| 2006 | 250 | ₹25,00,000 | ₹1,04,78,154 | 4.19× | +12.3% | |
| 2005 | 262 | ₹26,20,000 | ₹1,28,05,257 | 4.89× | +12.8% | |
| 2004 | 274 | ₹27,40,000 | ₹1,60,40,413 | 5.85× | +13.5% | |
| 2003 | 286 | ₹28,60,000 | ₹1,97,19,547 | 6.89× | +14.0% | |
| 2002 | 298 | ₹29,80,000 | ₹2,33,58,627 | 7.84× | +14.2% | |
| 2001 | 310 | ₹31,00,000 | ₹2,66,72,528 | 8.60× | +14.1% | |
| 2000 | 322 | ₹32,20,000 | ₹2,96,50,585 | 9.21× | +14.0% | |
| 1999 | 334 | ₹33,40,000 | ₹3,24,86,039 | 9.73× | +13.7% | |
| 1998 | 346 | ₹34,60,000 | ₹3,65,52,998 | 10.56× | +13.7% | |
| 1997 | 358 | ₹35,80,000 | ₹4,20,86,066 | 11.76× | +13.7% | |
| 1996 | 370 | ₹37,00,000 | ₹5,00,20,917 | 13.52× | +13.9% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 15.2%, against a usual 18.0% for this index. 55% of months ended higher, and 275 days moved 3% or more either way.
Nifty FMCG: 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 | −11.7% |
| 23 Mar 2020 | −10.6% |
| 22 Jan 2008 | −8.2% |
| 28 Oct 1997 | −8.0% |
| 31 Mar 1997 | −7.8% |
| Best days | Return |
|---|---|
| 26 May 2000 | +8.8% |
| 18 May 2009 | +8.7% |
| 7 Apr 2020 | +8.3% |
| 20 Mar 2020 | +8.2% |
| 16 Apr 1999 | +8.0% |
| Worst months | Return |
|---|---|
| May 2006 | −17.9% |
| Oct 2008 | −15.4% |
| Jun 2008 | −14.6% |
| Oct 1999 | −11.6% |
| Mar 2026 | −11.0% |
| Best months | Return |
|---|---|
| Jun 1997 | +23.2% |
| Jul 2009 | +19.6% |
| Dec 2003 | +16.6% |
| Nov 2004 | +15.7% |
| Mar 1999 | +15.7% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Sept 1999. Today's P/E of 31.4 is near the bottom of its range since NSE moved to consolidated earnings in March 2021. Price to book, 7.52, 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 1999 to Oct 2026. Price to earnings: latest 31.4×, range 15.8× to 53.8×.
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 1999 to Oct 2026. Price to book: latest 7.52×, range 4.65× to 16.83×.
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 | 31.39 | 38 | 2 | 3 | 35.17 | 15.81 | 53.84 |
| Price to book | 7.52 | 15 | 2 | – | 10.24 | 4.65 | 16.83 |
| Dividend yield, % | 2.55 | 91 | 95 | – | 1.67 | 0.58 | 4.15 |
What it holds
15 stocks as NSE lists them today. The ten largest make up 91.9% 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 | ITC Ltd. | 27.65% |
| 2 | Hindustan Unilever Ltd. | 18.20% |
| 3 | Nestle India Ltd. | 10.25% |
| 4 | Tata Consumer Products Ltd. | 6.75% |
| 5 | Varun Beverages Ltd. | 6.45% |
| 6 | Britannia Industries Ltd. | 6.21% |
| 7 | Marico Ltd. | 4.55% |
| 8 | United Spirits Ltd. | 4.37% |
| 9 | Radico Khaitan Ltd | 3.74% |
| 10 | Godrej Consumer Products Ltd. | 3.73% |
NSE's constituent list for Nifty FMCG, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Britannia Industries Ltd. | Fast Moving Consumer Goods | BRITANNIA | |
| Colgate Palmolive (India) Ltd. | Fast Moving Consumer Goods | COLPAL | |
| Dabur India Ltd. | Fast Moving Consumer Goods | DABUR | |
| Godfrey Phillips India Ltd. | Fast Moving Consumer Goods | GODFRYPHLP | |
| Godrej Consumer Products Ltd. | Fast Moving Consumer Goods | GODREJCP | |
| Hindustan Unilever Ltd. | Fast Moving Consumer Goods | HINDUNILVR | |
| ITC Ltd. | Fast Moving Consumer Goods | ITC | |
| Marico Ltd. | Fast Moving Consumer Goods | MARICO | |
| Nestle India Ltd. | Fast Moving Consumer Goods | NESTLEIND | |
| Patanjali Foods Ltd. | Fast Moving Consumer Goods | PATANJALI | |
| Radico Khaitan Ltd | Fast Moving Consumer Goods | RADICO | |
| Tata Consumer Products Ltd. | Fast Moving Consumer Goods | TATACONSUM | |
| United Breweries Ltd. | Fast Moving Consumer Goods | UBL | |
| United Spirits Ltd. | Fast Moving Consumer Goods | UNITDSPR | |
| Varun Beverages Ltd. | Fast Moving Consumer Goods | VBL |
Against the Nifty 500
How Nifty FMCG has done against the broad market it is part of. Over 31 years it beat the Nifty 500 by 1.1 percentage points a year, and was ahead in 14 of 29 calendar years.
Relative strength
Weekly: Nifty FMCG's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty FMCG 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 FMCG'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 1996 | +1.1 pts | 64 | 43 | 0.56 | 0.67 | 18.5% |
| Last 5 years, from Oct 2021 | −5.4 pts | 57 | 66 | 0.83 | 0.76 | 10.6% |
Models and ETFs
4 Tipsheet models can hold Nifty FMCG; none does today. 2 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 FMCG 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Nifty FMCG ETF | FMCGIETF | 0.17% | ₹760 cr | −0.53 pts | 1.79% | ₹6.6 cr | |
| DSP Nifty FMCG ETF | FMCGADD | 0.15% | ₹6.3 cr | – | – | ₹0.1 cr |
Data and sources
Nifty FMCG is computed and published by NSE Indices. History here starts 1 Jan 1996; NSE launched the index on 22 Sept 1999, from a base date of January 01, 1996. 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 FMCG there to download its full series.
- Nifty FMCG 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.