Markets
Nifty India Digital
Nifty India Digital is an NSE theme index of 50 stocks. Since 2005 it has compounded 11.9% a year with dividends reinvested; over the past year it fell 6.6%. Its deepest fall was 60%, from Jan 2008 to Mar 2009, and it took 2.8 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty India Digital. Data to 26 Oct 2026.
- Trend
- Downtrend since Sep 2026
- Momentum
- 13th of 139 markets, by rank
- Below its high
- 13.5% total return
- P/E
- 28.3 67th percentile
- 1 year
- −6.6% total return
- 5 years
- 5.9% a year
- 10 years
- 12.4% a year
- Since 2005
- 11.9% a year
- Volatility
- 18.0% past year; usual 18%
NSE launched Nifty India Digital in Dec 2021. 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 1.4 percentage points a year. Returns over more than a year are a year, compounded.
Nifty India Digital: 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 26 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | +4.0% | +3.8% | +0.2 pts | |
| 3 months | +6.0% | +5.7% | +0.3 pts | |
| 6 months | +12.1% | +11.3% | +0.8 pts | |
| This year | −8.4% | −9.3% | +1.0 pts | |
| 1 year | −6.6% | −7.7% | +1.1 pts | |
| 3 years, a year | +12.8% | +11.6% | +1.3 pts | |
| 5 years, a year | +5.9% | +4.7% | +1.2 pts | |
| 10 years, a year | +12.4% | +10.9% | +1.5 pts | |
| 15 years, a year | +12.8% | +11.4% | +1.5 pts | |
| 20 years, a year | +9.8% | +8.5% | +1.4 pts | |
| Since Apr 2005, a year | +11.9% | +10.5% | +1.4 pts |
Year by year
13 of the 20 full calendar years since 2006 ended higher. 15 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty India Digital: 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 | −8.4% | −9.3% | +1.0 pts | −23.5% | |
| 2025 | −1.8% | −3.0% | +1.2 pts | −22.5% | |
| 2024 | +34.6% | +33.3% | +1.3 pts | −8.8% | |
| 2023 | +40.0% | +38.5% | +1.5 pts | −7.9% | |
| 2022 | −26.4% | −27.4% | +1.0 pts | −31.5% | |
| 2021 | +57.8% | +55.9% | +1.9 pts | −9.5% | |
| 2020 | +50.0% | +47.6% | +2.4 pts | −36.5% | |
| 2019 | −2.6% | −4.2% | +1.7 pts | −14.0% | |
| 2018 | −15.4% | −16.9% | +1.4 pts | −22.8% | |
| 2017 | +34.6% | +32.7% | +1.9 pts | −5.3% | |
| 2016 | −13.5% | −14.6% | +1.1 pts | −18.1% | |
| 2015 | +10.4% | +9.1% | +1.3 pts | −12.0% | |
| 2014 | +38.1% | +36.1% | +2.0 pts | −7.2% | |
| 2013 | +36.0% | +34.6% | +1.4 pts | −11.3% | |
| 2012 | +13.9% | +12.6% | +1.3 pts | −16.7% | |
| 2011 | −29.8% | −30.6% | +0.8 pts | −31.0% | |
| 2010 | +7.0% | +6.1% | +0.9 pts | −17.2% | |
| 2009 | +99.4% | +97.5% | +1.9 pts | −16.2% | |
| 2008 | −54.5% | −55.2% | +0.7 pts | −59.3% | |
| 2007 | +26.3% | +25.1% | +1.2 pts | −15.8% | |
| 2006 | +38.0% | +36.0% | +2.1 pts | −35.4% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 60%, took 14 months to reach bottom and 19 months more to climb back. Today it is 13.5% below its high.
Nifty India Digital: 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 |
|---|---|---|---|---|---|---|
| −59.7% | 1 Jan 2008 | 9 Mar 2009 | 14 months | 19 months | 13 Oct 2010 | 2.8 years |
| −47.5% | 23 Jan 2018 | 23 Mar 2020 | 2.2 years | 6 months | 16 Sept 2020 | 2.6 years |
| −35.4% | 8 May 2006 | 14 Jun 2006 | 37 days | 5 months | 14 Nov 2006 | 6 months |
| −33.3% | 13 Oct 2010 | 20 Dec 2011 | 14 months | 24 months | 10 Dec 2013 | 3.2 years |
| −32.0% | 18 Oct 2021 | 20 Jun 2022 | 8 months | 18 months | 15 Dec 2023 | 2.2 years |
| −27.0% | 16 Dec 2024 | 30 Mar 2026 | 15 months | +19% off the low | not yet | 7 months since the low |
| −19.3% | 5 Aug 2015 | 21 Nov 2016 | 16 months | 11 months | 13 Oct 2017 | 2.2 years |
| −15.8% | 9 Jul 2007 | 21 Aug 2007 | 43 days | 50 days | 10 Oct 2007 | 3 months |
| −15.7% | 7 Feb 2007 | 5 Mar 2007 | 26 days | 3 months | 5 Jun 2007 | 4 months |
| −13.4% | 4 Oct 2005 | 28 Oct 2005 | 24 days | 28 days | 25 Nov 2005 | 52 days |
What holding it was like
From every day in its history, what holding Nifty India Digital for a fixed span would have returned a year. Over five years the middle outcome was 11.5% a year; the worst −7.9% and the best 33.8%; 9% 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 | −56.3% | −17.7% | +9.4% | +54.2% | +144.6% | 38% | 21.6 |
| 3 years | −14.0% | −1.7% | +11.0% | +25.5% | +36.6% | 14% | 7.2 |
| 5 years | −7.9% | +0.5% | +11.5% | +20.2% | +33.8% | 9% | 4.3 |
| 7 years | +1.1% | +5.4% | +10.6% | +16.4% | +21.3% | 0% | 3.1 |
| 10 years | +0.9% | +6.0% | +11.6% | +14.3% | +18.3% | 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 26 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 (+9.2% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,22,304 | 1.01× | +1.1% | |
| 2024 | 34 | ₹3,40,000 | ₹3,48,854 | 1.03× | +1.8% | |
| 2023 | 46 | ₹4,60,000 | ₹5,34,147 | 1.16× | +7.8% | |
| 2022 | 58 | ₹5,80,000 | ₹7,20,293 | 1.24× | +9.0% | |
| 2021 | 70 | ₹7,00,000 | ₹9,16,142 | 1.31× | +9.2% | |
| 2020 | 82 | ₹8,20,000 | ₹12,66,952 | 1.55× | +12.6% | |
| 2019 | 94 | ₹9,40,000 | ₹16,17,216 | 1.72× | +13.6% | |
| 2018 | 106 | ₹10,60,000 | ₹19,34,378 | 1.82× | +13.2% | |
| 2017 | 118 | ₹11,80,000 | ₹22,88,942 | 1.94× | +13.0% | |
| 2016 | 130 | ₹13,00,000 | ₹26,63,788 | 2.05× | +12.7% | |
| 2015 | 142 | ₹14,20,000 | ₹30,18,863 | 2.13× | +12.1% | |
| 2014 | 154 | ₹15,40,000 | ₹34,69,079 | 2.25× | +11.9% | |
| 2013 | 166 | ₹16,60,000 | ₹41,13,591 | 2.48× | +12.3% | |
| 2012 | 178 | ₹17,80,000 | ₹48,46,786 | 2.72× | +12.5% | |
| 2011 | 190 | ₹19,00,000 | ₹55,08,227 | 2.90× | +12.4% | |
| 2010 | 202 | ₹20,20,000 | ₹61,10,049 | 3.02× | +12.0% | |
| 2009 | 214 | ₹21,40,000 | ₹69,94,395 | 3.27× | +12.1% | |
| 2008 | 226 | ₹22,60,000 | ₹78,14,216 | 3.46× | +11.9% | |
| 2007 | 238 | ₹23,80,000 | ₹84,63,704 | 3.56× | +11.5% | |
| 2006 | 250 | ₹25,00,000 | ₹93,29,453 | 3.73× | +11.3% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 18.0%, against a usual 17.7% for this index. 61% of months ended higher, and 207 days moved 3% or more either way.
Nifty India Digital: 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 | −11.2% |
| 24 Oct 2008 | −9.6% |
| 21 Jan 2008 | −8.5% |
| 10 Oct 2008 | −7.9% |
| 18 Mar 2020 | −7.6% |
| Best days | Return |
|---|---|
| 18 May 2009 | +13.8% |
| 31 Oct 2008 | +8.6% |
| 13 Oct 2008 | +7.6% |
| 23 Jan 2008 | +7.1% |
| 15 Jun 2006 | +7.0% |
| Worst months | Return |
|---|---|
| Jan 2008 | −24.2% |
| Oct 2008 | −20.2% |
| Mar 2020 | −19.4% |
| May 2006 | −15.6% |
| Jun 2008 | −15.5% |
| Best months | Return |
|---|---|
| May 2009 | +28.0% |
| Apr 2009 | +17.1% |
| Apr 2008 | +13.9% |
| Jul 2009 | +13.9% |
| Mar 2006 | +13.6% |
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 28.3 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 6.34, 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 28.3×, range 27.0× to 29.6×.
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 6.34×, range 5.95× to 6.70×.
Today is 26 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 | 28.25 | 67 | – | – | 28.25 | 27.04 | 29.58 |
| Price to book | 6.34 | 67 | – | – | 6.34 | 5.95 | 6.70 |
| Dividend yield, % | 1.84 | 100 | – | – | 1.52 | 1.36 | 1.84 |
What it holds
50 stocks as NSE lists them today. The ten largest make up 60.2% 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 4 items. Weight, %: highest Information Technology at 50.3%, lowest Financial Services at 9.7%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Infosys Ltd. | 7.63% |
| 2 | Tata Consultancy Services Ltd. | 7.56% |
| 3 | Bharti Airtel Ltd. | 7.55% |
| 4 | HCL Technologies Ltd. | 7.50% |
| 5 | Eternal Ltd. | 7.33% |
| 6 | One 97 Communications Ltd. | 5.87% |
| 7 | Tech Mahindra Ltd. | 5.74% |
| 8 | Info Edge (India) Ltd. | 3.84% |
| 9 | Coforge Ltd. | 3.61% |
| 10 | FSN E-Commerce Ventures Ltd. | 3.56% |
NSE's constituent list for Nifty India Digital, as seen on 21 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Affle 3i Ltd. | Information Technology | AFFLE | |
| BLS International Services Ltd. | Consumer Services | BLS | |
| Bharti Airtel Ltd. | Telecommunication | BHARTIARTL | |
| Bharti Hexacom Ltd. | Telecommunication | BHARTIHEXA | |
| Birlasoft Ltd. | Information Technology | BSOFT | |
| Black Box Ltd. | Information Technology | BBOX | |
| Brainbees Solutions Ltd. | Consumer Services | FIRSTCRY | |
| Cartrade Tech Ltd. | Consumer Services | CARTRADE | |
| Coforge Ltd. | Information Technology | COFORGE | |
| Cyient Ltd. | Information Technology | CYIENT | |
| Eternal Ltd. | Consumer Services | ETERNAL | |
| FSN E-Commerce Ventures Ltd. | Consumer Services | NYKAA | |
| Fractal Analytics Ltd. | Information Technology | FRACTAL | |
| HCL Technologies Ltd. | Information Technology | HCLTECH | |
| Hexaware Technologies Ltd. | Information Technology | HEXT | |
| ITI Ltd. | Telecommunication | ITI | |
| Indiamart Intermesh Ltd. | Consumer Services | INDIAMART | |
| Indian Railway Catering And Tourism Corporation Ltd. | Consumer Services | IRCTC | |
| Info Edge (India) Ltd. | Consumer Services | NAUKRI | |
| Infosys Ltd. | Information Technology | INFY | |
| Intellect Design Arena Ltd. | Information Technology | INTELLECT | |
| Inventurus Knowledge Solutions Ltd. | Information Technology | IKS | |
| KPIT Technologies Ltd. | Information Technology | KPITTECH | |
| L&T Technology Services Ltd. | Information Technology | LTTS | |
| LTM Ltd. | Information Technology | LTM | |
| Meesho Ltd. | Consumer Services | MEESHO | |
| MphasiS Ltd. | Information Technology | MPHASIS | |
| Netweb Technologies India Ltd. | Information Technology | NETWEB | |
| One 97 Communications Ltd. | Financial Services | PAYTM | |
| Oracle Financial Services Software Ltd. | Information Technology | OFSS | |
| PB Fintech Ltd. | Financial Services | POLICYBZR | |
| Persistent Systems Ltd. | Information Technology | PERSISTENT | |
| Physicswallah Ltd. | Consumer Services | PWL | |
| Pine Labs Ltd. | Financial Services | PINELABS | |
| Railtel Corporation Of India Ltd. | Telecommunication | RAILTEL | |
| Sagility Ltd. | Information Technology | SAGILITY | |
| Sterlite Technologies Ltd. | Telecommunication | STLTECH | |
| Swiggy Ltd. | Consumer Services | SWIGGY | |
| TBO Tek Ltd. | Consumer Services | TBOTEK | |
| Tata Communications Ltd. | Telecommunication | TATACOMM | |
| Tata Consultancy Services Ltd. | Information Technology | TCS | |
| Tata Elxsi Ltd. | Information Technology | TATAELXSI | |
| Tata Technologies Ltd. | Information Technology | TATATECH | |
| Tata Teleservices (Maharashtra) Ltd. | Telecommunication | TTML | |
| Tech Mahindra Ltd. | Information Technology | TECHM | |
| Tejas Networks Ltd. | Telecommunication | TEJASNET | |
| Urban Company Ltd. | Consumer Services | URBANCO | |
| Vodafone Idea Ltd. | Telecommunication | IDEA | |
| Wipro Ltd. | Information Technology | WIPRO | |
| Zensar Technolgies Ltd. | Information Technology | ZENSARTECH |
Against the Nifty 500
How Nifty India Digital has done against the broad market it is part of. Over 21 years it trailed the Nifty 500 by 2.2 percentage points a year, and was ahead in 9 of 20 calendar years.
Relative strength
Weekly: Nifty India Digital's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty India Digital 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 India Digital'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 | −2.2 pts | 89 | 92 | 0.88 | 0.86 | 11.9% |
| Last 5 years, from Oct 2021 | −4.7 pts | 93 | 117 | 0.97 | 0.74 | 13.1% |
Models and ETFs
No Tipsheet model uses Nifty India Digital. 1 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 |
|---|---|---|---|---|---|---|---|
| Tata Nifty India Digital Exchange Traded Fund | TNIDETF | 0.34% | ₹171 cr | −1.78 pts | 4.43% | ₹0.7 cr |
Data and sources
Nifty India Digital is computed and published by NSE Indices. History here starts 1 Apr 2005; NSE launched the index on 14 Dec 2021, 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 India Digital there to download its full series.
- Nifty India Digital 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.