Markets
Nifty Housing
Nifty Housing is an NSE theme index of 50 stocks. Since 2005 it has compounded 13.3% a year with dividends reinvested; over the past year it fell 3.8%. Its deepest fall was 71%, from Jan 2008 to Oct 2008, and it took 8.5 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Housing. Data to 14 Oct 2026.
- Trend
- Downtrend since Aug 2026
- Momentum
- 115th of 133 markets, by rank
- Below its high
- 9.1% total return
- P/E
- 19.3 33rd percentile
- 1 year
- −3.8% total return
- 5 years
- 7.5% a year
- 10 years
- 12.4% a year
- Since 2005
- 13.3% a year
- Volatility
- 17.0% past year; usual 20%
NSE launched Nifty Housing in Feb 2022. 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 1.5 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Housing: 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 | −4.0% | −4.0% | 0.0 pts | |
| 3 months | −7.9% | −8.1% | +0.2 pts | |
| 6 months | −3.5% | −4.2% | +0.7 pts | |
| This year | −5.2% | −5.9% | +0.8 pts | |
| 1 year | −3.8% | −4.7% | +0.8 pts | |
| 3 years, a year | +8.4% | +7.6% | +0.9 pts | |
| 5 years, a year | +7.5% | +6.5% | +1.0 pts | |
| 10 years, a year | +12.4% | +11.3% | +1.2 pts | |
| 15 years, a year | +12.0% | +10.7% | +1.3 pts | |
| 20 years, a year | +11.2% | +9.8% | +1.3 pts | |
| Since Apr 2005, a year | +13.3% | +11.8% | +1.5 pts |
Year by year
15 of the 20 full calendar years since 2006 ended higher. 18 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Housing: 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 | −5.2% | −5.9% | +0.8 pts | −14.1% | |
| 2025 | +7.5% | +6.6% | +0.8 pts | −11.4% | |
| 2024 | +8.4% | +7.6% | +0.8 pts | −12.6% | |
| 2023 | +25.1% | +24.1% | +1.0 pts | −13.7% | |
| 2022 | +9.4% | +7.9% | +1.4 pts | −21.0% | |
| 2021 | +34.8% | +33.5% | +1.3 pts | −9.3% | |
| 2020 | +18.9% | +17.3% | +1.6 pts | −37.7% | |
| 2019 | +7.5% | +6.1% | +1.4 pts | −13.4% | |
| 2018 | −4.4% | −5.5% | +1.0 pts | −16.1% | |
| 2017 | +44.4% | +42.8% | +1.6 pts | −6.6% | |
| 2016 | +11.9% | +10.6% | +1.3 pts | −16.2% | |
| 2015 | −2.7% | −4.5% | +1.8 pts | −20.4% | |
| 2014 | +30.1% | +28.3% | +1.8 pts | −14.6% | |
| 2013 | −9.7% | −11.2% | +1.5 pts | −31.9% | |
| 2012 | +40.5% | +38.5% | +2.0 pts | −20.1% | |
| 2011 | −34.3% | −35.2% | +0.8 pts | −36.0% | |
| 2010 | +7.3% | +6.1% | +1.2 pts | −13.9% | |
| 2009 | +102.5% | +99.8% | +2.7 pts | −26.1% | |
| 2008 | −61.9% | −62.4% | +0.5 pts | −70.8% | |
| 2007 | +113.1% | +110.0% | +3.1 pts | −19.1% | |
| 2006 | +53.2% | +50.6% | +2.6 pts | −33.6% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 71%, took 10 months to reach bottom and 7.7 years more to climb back. Today it is 9.1% below its high.
Nifty Housing: 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 |
|---|---|---|---|---|---|---|
| −70.8% | 7 Jan 2008 | 27 Oct 2008 | 10 months | 7.7 years | 25 Jul 2016 | 8.5 years |
| −37.7% | 15 Jan 2020 | 24 Mar 2020 | 2 months | 8 months | 13 Nov 2020 | 10 months |
| −33.6% | 10 May 2006 | 14 Jun 2006 | 35 days | 4 months | 27 Oct 2006 | 6 months |
| −21.0% | 17 Jan 2022 | 20 Jun 2022 | 5 months | 59 days | 18 Aug 2022 | 7 months |
| −19.9% | 26 Sept 2024 | 28 Feb 2025 | 5 months | +13% off the low | not yet | 20 months since the low |
| −19.1% | 8 Feb 2007 | 7 Mar 2007 | 27 days | 2 months | 15 May 2007 | 3 months |
| −17.1% | 4 Oct 2005 | 28 Oct 2005 | 24 days | 2 months | 3 Jan 2006 | 3 months |
| −16.2% | 8 Sept 2016 | 26 Dec 2016 | 4 months | 3 months | 14 Mar 2017 | 6 months |
| −16.1% | 31 Aug 2018 | 26 Oct 2018 | 56 days | 7 months | 27 May 2019 | 9 months |
| −14.9% | 14 Dec 2022 | 27 Feb 2023 | 2 months | 5 months | 25 Jul 2023 | 7 months |
What holding it was like
From every day in its history, what holding Nifty Housing for a fixed span would have returned a year. Over five years the middle outcome was 12.8% a year; the worst −5.8% and the best 29.5%; 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 | −66.7% | −13.3% | +10.8% | +63.8% | +145.4% | 29% | 21.5 |
| 3 years | −12.6% | −1.4% | +13.5% | +23.0% | +51.1% | 14% | 7.2 |
| 5 years | −5.8% | +2.3% | +12.8% | +21.4% | +29.5% | 5% | 4.3 |
| 7 years | −2.4% | +5.6% | +12.3% | +16.2% | +18.7% | 1% | 3.1 |
| 10 years | +2.2% | +6.0% | +12.5% | +15.7% | +17.8% | 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 (+8.2% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,16,510 | 0.98× | −1.8% | |
| 2024 | 34 | ₹3,40,000 | ₹3,37,154 | 0.99× | −0.6% | |
| 2023 | 46 | ₹4,60,000 | ₹5,03,774 | 1.10× | +4.8% | |
| 2022 | 58 | ₹5,80,000 | ₹6,82,890 | 1.18× | +6.8% | |
| 2021 | 70 | ₹7,00,000 | ₹8,87,360 | 1.27× | +8.2% | |
| 2020 | 82 | ₹8,20,000 | ₹12,21,640 | 1.49× | +11.6% | |
| 2019 | 94 | ₹9,40,000 | ₹15,27,519 | 1.63× | +12.3% | |
| 2018 | 106 | ₹10,60,000 | ₹18,37,169 | 1.73× | +12.2% | |
| 2017 | 118 | ₹11,80,000 | ₹21,85,808 | 1.85× | +12.2% | |
| 2016 | 130 | ₹13,00,000 | ₹26,30,404 | 2.02× | +12.5% | |
| 2015 | 142 | ₹14,20,000 | ₹31,01,501 | 2.18× | +12.6% | |
| 2014 | 154 | ₹15,40,000 | ₹36,33,028 | 2.36× | +12.6% | |
| 2013 | 166 | ₹16,60,000 | ₹42,69,255 | 2.57× | +12.8% | |
| 2012 | 178 | ₹17,80,000 | ₹49,03,258 | 2.75× | +12.7% | |
| 2011 | 190 | ₹19,00,000 | ₹55,03,889 | 2.90× | +12.4% | |
| 2010 | 202 | ₹20,20,000 | ₹60,45,103 | 2.99× | +12.0% | |
| 2009 | 214 | ₹21,40,000 | ₹68,80,415 | 3.22× | +11.9% | |
| 2008 | 226 | ₹22,60,000 | ₹76,27,351 | 3.37× | +11.7% | |
| 2007 | 238 | ₹23,80,000 | ₹83,80,417 | 3.52× | +11.4% | |
| 2006 | 250 | ₹25,00,000 | ₹95,18,379 | 3.81× | +11.5% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 17.0%, against a usual 19.8% for this index. 60% of months ended higher, and 279 days moved 3% or more either way.
Nifty Housing: 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 | −13.3% |
| 24 Oct 2008 | −12.1% |
| 21 Jan 2008 | −11.6% |
| 4 Jun 2024 | −9.7% |
| 7 Jan 2009 | −8.5% |
| Best days | Return |
|---|---|
| 18 May 2009 | +18.9% |
| 25 Jan 2008 | +9.5% |
| 23 Jan 2008 | +8.9% |
| 13 Oct 2008 | +7.8% |
| 23 Jul 2008 | +7.7% |
| Worst months | Return |
|---|---|
| Oct 2008 | −30.0% |
| Mar 2020 | −25.5% |
| Jun 2008 | −23.7% |
| Jan 2008 | −17.6% |
| May 2006 | −16.4% |
| Best months | Return |
|---|---|
| May 2009 | +46.1% |
| Oct 2007 | +21.7% |
| Apr 2009 | +21.4% |
| Jan 2012 | +20.6% |
| Sept 2007 | +19.4% |
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 19.3 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 2.49, 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 19.3×, range 19.3× to 20.8×.
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, Aug 2026 to Oct 2026. Price to book: latest 2.49×, range 2.49× to 2.68×.
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 | 19.31 | 33 | – | – | 19.63 | 19.31 | 20.79 |
| Price to book | 2.49 | 33 | – | – | 2.53 | 2.49 | 2.68 |
| Dividend yield, % | 1.12 | 100 | – | – | 0.95 | 0.90 | 1.12 |
What it holds
50 stocks as NSE lists them today. The ten largest make up 58.0% 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 9 items. Weight, %: highest Financial Services at 25.1%, lowest Oil, Gas & Consumable Fuels at 0.8%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Larsen & Toubro Ltd. | 9.91% |
| 2 | HDFC Bank Ltd. | 7.69% |
| 3 | ICICI Bank Ltd. | 6.71% |
| 4 | NTPC Ltd. | 5.97% |
| 5 | Tata Steel Ltd. | 5.95% |
| 6 | UltraTech Cement Ltd. | 5.05% |
| 7 | JSW Steel Ltd. | 4.70% |
| 8 | Grasim Industries Ltd. | 4.50% |
| 9 | Asian Paints Ltd. | 4.23% |
| 10 | Adani Power Ltd. | 3.30% |
NSE's constituent list for Nifty Housing, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| ACC Ltd. | CEMENT & CEMENT PRODUCTS | ACC | |
| Adani Green Energy Ltd. | POWER | ADANIGREEN | |
| Adani Total Gas Ltd. | OIL & GAS | ATGL | |
| Ambuja Cements Ltd. | CEMENT & CEMENT PRODUCTS | AMBUJACEM | |
| Asian Paints Ltd. | CONSUMER GOODS | ASIANPAINT | |
| Axis Bank Ltd. | FINANCIAL SERVICES | AXISBANK | |
| Bandhan Bank Ltd. | FINANCIAL SERVICES | BANDHANBNK | |
| Bank of Baroda | FINANCIAL SERVICES | BANKBARODA | |
| Berger Paints India Ltd. | CONSUMER GOODS | BERGEPAINT | |
| City Union Bank Ltd. | FINANCIAL SERVICES | CUB | |
| Crompton Greaves Consumer Electricals Ltd. | CONSUMER GOODS | CROMPTON | |
| DLF Ltd. | CONSTRUCTION | DLF | |
| Dalmia Bharat Ltd. | CEMENT & CEMENT PRODUCTS | DALBHARAT | |
| Dixon Technologies (India) Ltd. | CONSUMER GOODS | DIXON | |
| Federal Bank Ltd. | FINANCIAL SERVICES | FEDERALBNK | |
| Godrej Properties Ltd. | CONSTRUCTION | GODREJPROP | |
| Grasim Industries Ltd. | CEMENT & CEMENT PRODUCTS | GRASIM | |
| HDFC Bank Ltd. | FINANCIAL SERVICES | HDFCBANK | |
| Havells India Ltd. | CONSUMER GOODS | HAVELLS | |
| Housing Development Finance Corporation Ltd. | FINANCIAL SERVICES | HDFC | |
| ICICI Bank Ltd. | FINANCIAL SERVICES | ICICIBANK | |
| IDFC First Bank Ltd. | FINANCIAL SERVICES | IDFCFIRSTB | |
| Indiabulls Housing Finance Ltd. | FINANCIAL SERVICES | IBULHSGFIN | |
| Indraprastha Gas Ltd. | OIL & GAS | IGL | |
| IndusInd Bank Ltd. | FINANCIAL SERVICES | INDUSINDBK | |
| J.K. Cement Ltd. | CEMENT & CEMENT PRODUCTS | JKCEMENT | |
| JSW Steel Ltd. | METALS | JSWSTEEL | |
| Jindal Steel & Power Ltd. | METALS | JINDALSTEL | |
| Kajaria Ceramics Ltd. | CONSUMER GOODS | KAJARIACER | |
| Kansai Nerolac Paints Ltd. | CONSUMER GOODS | KANSAINER | |
| Kotak Mahindra Bank Ltd. | FINANCIAL SERVICES | KOTAKBANK | |
| LIC Housing Finance Ltd. | FINANCIAL SERVICES | LICHSGFIN | |
| Larsen & Toubro Ltd. | CONSTRUCTION | LT | |
| Mahanagar Gas Ltd. | OIL & GAS | MGL | |
| NTPC Ltd. | POWER | NTPC | |
| Oberoi Realty Ltd. | CONSTRUCTION | OBEROIRLTY | |
| Petronet LNG Ltd. | OIL & GAS | PETRONET | |
| Punjab National Bank | FINANCIAL SERVICES | PNB | |
| RBL Bank Ltd. | FINANCIAL SERVICES | RBLBANK | |
| Shree Cement Ltd. | CEMENT & CEMENT PRODUCTS | SHREECEM | |
| State Bank of India | FINANCIAL SERVICES | SBIN | |
| Steel Authority of India Ltd. | METALS | SAIL | |
| Tata Power Co. Ltd. | POWER | TATAPOWER | |
| Tata Steel Ltd. | METALS | TATASTEEL | |
| The Ramco Cements Ltd. | CEMENT & CEMENT PRODUCTS | RAMCOCEM | |
| Torrent Power Ltd. | POWER | TORNTPOWER | |
| UltraTech Cement Ltd. | CEMENT & CEMENT PRODUCTS | ULTRACEMCO | |
| Voltas Ltd. | CONSUMER GOODS | VOLTAS | |
| Whirlpool of India Ltd. | CONSUMER GOODS | WHIRLPOOL | |
| Yes Bank Ltd. | FINANCIAL SERVICES | YESBANK |
Against the Nifty 500
How Nifty Housing has done against the broad market it is part of. Over 21 years it trailed the Nifty 500 by 0.2 percentage points a year, and was ahead in 9 of 20 calendar years.
Relative strength
Weekly: Nifty Housing's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Housing 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 Housing'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 | 114 | 122 | 1.21 | 0.96 | 8.9% |
| Last 5 years, from Oct 2021 | −0.2 pts | 104 | 107 | 1.13 | 0.93 | 6.9% |
Models and ETFs
No Tipsheet model uses Nifty Housing. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty Housing is computed and published by NSE Indices. History here starts 1 Apr 2005; NSE launched the index on 15 Feb 2022, 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 Housing there to download its full series.
- Nifty Housing 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.