Markets
Nifty India Manufacturing
Nifty India Manufacturing is an NSE theme index of 77 stocks. Since 2005 it has compounded 14.7% a year with dividends reinvested; over the past year it fell 2.4%. Its deepest fall was 67%, from Jan 2008 to Nov 2008, and it took 24 months from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty India Manufacturing. Data to 26 Oct 2026.
- Trend
- Downtrend since Oct 2026
- Momentum
- 86th of 139 markets, by rank
- Below its high
- 11.9% total return
- P/E
- 25.7 33rd percentile
- 1 year
- −2.4% total return
- 5 years
- 13.7% a year
- 10 years
- 12.9% a year
- Since 2005
- 14.7% a year
- Volatility
- 16.0% past year; usual 17%
NSE launched Nifty India Manufacturing in Aug 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 Manufacturing: 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 | −7.6% | −7.7% | 0.0 pts | |
| 3 months | −7.3% | −7.4% | +0.2 pts | |
| 6 months | −4.0% | −4.6% | +0.6 pts | |
| This year | −4.1% | −4.9% | +0.8 pts | |
| 1 year | −2.4% | −3.2% | +0.8 pts | |
| 3 years, a year | +16.9% | +16.1% | +0.8 pts | |
| 5 years, a year | +13.7% | +12.7% | +1.0 pts | |
| 10 years, a year | +12.9% | +11.6% | +1.3 pts | |
| 15 years, a year | +13.8% | +12.5% | +1.3 pts | |
| 20 years, a year | +12.5% | +11.1% | +1.4 pts | |
| Since Apr 2005, a year | +14.7% | +13.3% | +1.4 pts |
Year by year
16 of the 20 full calendar years since 2006 ended higher. 17 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 Manufacturing: 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 | −4.1% | −4.9% | +0.8 pts | −12.8% | |
| 2025 | +12.3% | +11.5% | +0.8 pts | −14.1% | |
| 2024 | +26.0% | +25.2% | +0.8 pts | −13.8% | |
| 2023 | +34.9% | +33.9% | +0.9 pts | −7.2% | |
| 2022 | +5.3% | +3.9% | +1.4 pts | −15.7% | |
| 2021 | +37.4% | +35.7% | +1.7 pts | −11.8% | |
| 2020 | +24.7% | +23.0% | +1.8 pts | −38.3% | |
| 2019 | −3.4% | −4.8% | +1.4 pts | −18.5% | |
| 2018 | −15.0% | −16.4% | +1.4 pts | −20.0% | |
| 2017 | +32.7% | +30.8% | +1.9 pts | −5.6% | |
| 2016 | +7.6% | +6.4% | +1.2 pts | −14.8% | |
| 2015 | +3.1% | +2.1% | +0.9 pts | −13.1% | |
| 2014 | +47.0% | +45.3% | +1.7 pts | −8.4% | |
| 2013 | +7.0% | +5.4% | +1.6 pts | −19.2% | |
| 2012 | +29.3% | +27.4% | +1.9 pts | −14.2% | |
| 2011 | −31.0% | −32.0% | +1.1 pts | −32.5% | |
| 2010 | +18.7% | +17.3% | +1.4 pts | −13.0% | |
| 2009 | +158.2% | +155.0% | +3.2 pts | −15.0% | |
| 2008 | −61.1% | −61.7% | +0.5 pts | −66.5% | |
| 2007 | +55.9% | +53.7% | +2.3 pts | −15.1% | |
| 2006 | +35.3% | +33.4% | +2.0 pts | −34.8% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 67%, took 10 months to reach bottom and 14 months more to climb back. Today it is 11.9% below its high.
Nifty India Manufacturing: 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 |
|---|---|---|---|---|---|---|
| −66.5% | 7 Jan 2008 | 20 Nov 2008 | 10 months | 14 months | 5 Jan 2010 | 24 months |
| −48.5% | 8 Jan 2018 | 23 Mar 2020 | 2.2 years | 9 months | 18 Dec 2020 | 2.9 years |
| −34.8% | 10 May 2006 | 14 Jun 2006 | 35 days | 13 months | 29 Jun 2007 | 14 months |
| −33.9% | 9 Nov 2010 | 20 Dec 2011 | 13 months | 2.3 years | 9 Apr 2014 | 3.4 years |
| −23.0% | 27 Sept 2024 | 7 Apr 2025 | 6 months | 9 months | 5 Jan 2026 | 15 months |
| −21.5% | 6 Aug 2015 | 12 Feb 2016 | 6 months | 5 months | 25 Jul 2016 | 12 months |
| −17.4% | 18 Oct 2021 | 20 Jun 2022 | 8 months | 57 days | 16 Aug 2022 | 10 months |
| −14.6% | 4 Oct 2005 | 28 Oct 2005 | 24 days | 31 days | 28 Nov 2005 | 55 days |
| −13.0% | 5 Apr 2010 | 25 May 2010 | 50 days | 3 months | 20 Aug 2010 | 5 months |
| −12.8% | 7 Aug 2026 | 23 Oct 2026 | 3 months | +1% off the low | not yet | 3 days since the low |
What holding it was like
From every day in its history, what holding Nifty India Manufacturing for a fixed span would have returned a year. Over five years the middle outcome was 12.8% a year; the worst −6.0% and the best 36.2%; 1% 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 | −63.6% | −12.4% | +12.5% | +57.7% | +184.0% | 25% | 21.6 |
| 3 years | −14.9% | −1.8% | +15.3% | +26.2% | +42.4% | 13% | 7.2 |
| 5 years | −6.0% | +4.5% | +12.8% | +24.4% | +36.2% | 1% | 4.3 |
| 7 years | +4.6% | +9.0% | +12.0% | +18.4% | +26.4% | 0% | 3.1 |
| 10 years | +2.2% | +8.0% | +13.5% | +16.4% | +20.0% | 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 2006 (+13.6% 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 | ₹3,56,142 | 1.05× | +3.3% | |
| 2023 | 46 | ₹4,60,000 | ₹5,58,410 | 1.21× | +10.2% | |
| 2022 | 58 | ₹5,80,000 | ₹7,85,733 | 1.35× | +12.6% | |
| 2021 | 70 | ₹7,00,000 | ₹10,48,815 | 1.50× | +13.8% | |
| 2020 | 82 | ₹8,20,000 | ₹14,72,705 | 1.80× | +16.9% | |
| 2019 | 94 | ₹9,40,000 | ₹18,77,290 | 2.00× | +17.3% | |
| 2018 | 106 | ₹10,60,000 | ₹22,32,668 | 2.11× | +16.3% | |
| 2017 | 118 | ₹11,80,000 | ₹26,02,641 | 2.21× | +15.4% | |
| 2016 | 130 | ₹13,00,000 | ₹30,53,224 | 2.35× | +15.0% | |
| 2015 | 142 | ₹14,20,000 | ₹35,10,305 | 2.47× | +14.4% | |
| 2014 | 154 | ₹15,40,000 | ₹41,00,045 | 2.66× | +14.3% | |
| 2013 | 166 | ₹16,60,000 | ₹49,01,095 | 2.95× | +14.5% | |
| 2012 | 178 | ₹17,80,000 | ₹57,39,006 | 3.22× | +14.5% | |
| 2011 | 190 | ₹19,00,000 | ₹65,19,547 | 3.43× | +14.2% | |
| 2010 | 202 | ₹20,20,000 | ₹72,78,850 | 3.60× | +13.8% | |
| 2009 | 214 | ₹21,40,000 | ₹86,74,705 | 4.05× | +14.1% | |
| 2008 | 226 | ₹22,60,000 | ₹99,26,072 | 4.39× | +14.0% | |
| 2007 | 238 | ₹23,80,000 | ₹1,10,58,139 | 4.65× | +13.7% | |
| 2006 | 250 | ₹25,00,000 | ₹1,24,51,580 | 4.98× | +13.6% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 16.0%, against a usual 17.2% for this index. 63% of months ended higher, and 179 days moved 3% or more either way.
Nifty India Manufacturing: 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 | −12.2% |
| 24 Oct 2008 | −11.0% |
| 12 Mar 2020 | −8.4% |
| 18 May 2006 | −8.1% |
| 21 Jan 2008 | −8.1% |
| Best days | Return |
|---|---|
| 18 May 2009 | +15.7% |
| 7 Apr 2020 | +7.6% |
| 20 Sept 2019 | +6.6% |
| 9 Jun 2006 | +6.5% |
| 28 Oct 2008 | +6.4% |
| Worst months | Return |
|---|---|
| Oct 2008 | −33.4% |
| Mar 2020 | −22.7% |
| Jan 2008 | −19.7% |
| Jun 2008 | −18.9% |
| Sept 2008 | −15.7% |
| Best months | Return |
|---|---|
| May 2009 | +36.2% |
| Apr 2020 | +21.1% |
| Apr 2009 | +15.9% |
| Mar 2009 | +15.2% |
| Jan 2012 | +15.0% |
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 25.7 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 3.71, 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 25.7×, range 25.7× to 28.7×.
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 3.71×, range 3.71× to 4.16×.
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 | 25.74 | 33 | – | – | 27.25 | 25.74 | 28.65 |
| Price to book | 3.71 | 33 | – | – | 3.91 | 3.71 | 4.16 |
| Dividend yield, % | 1.02 | 100 | – | – | 0.90 | 0.82 | 1.02 |
What it holds
77 stocks as NSE lists them today. The ten largest make up 37.1% of the index. It is weighted by periodic capped free float mcap 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 8 items. Weight, %: highest Automobile and Auto Components at 25.3%, lowest Textiles at 0.8%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Mahindra & Mahindra Ltd. | 4.99% |
| 2 | Reliance Industries Ltd. | 4.97% |
| 3 | Sun Pharmaceutical Industries Ltd. | 4.60% |
| 4 | Maruti Suzuki India Ltd. | 3.72% |
| 5 | Tata Steel Ltd. | 3.66% |
| 6 | Bharat Electronics Ltd. | 3.33% |
| 7 | Hindalco Industries Ltd. | 3.26% |
| 8 | JSW Steel Ltd. | 2.89% |
| 9 | Bajaj Auto Ltd. | 2.84% |
| 10 | Divi's Laboratories Ltd. | 2.83% |
NSE's constituent list for Nifty India Manufacturing, as seen on 21 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| ABB India Ltd. | Capital Goods | ABB | |
| AIA Engineering Ltd. | Capital Goods | AIAENG | |
| APL Apollo Tubes Ltd. | Capital Goods | APLAPOLLO | |
| Alkem Laboratories Ltd. | Healthcare | ALKEM | |
| Amber Enterprises India Ltd. | Consumer Durables | AMBER | |
| Anthem Biosciences Ltd. | Healthcare | ANTHEM | |
| Ashok Leyland Ltd. | Capital Goods | ASHOKLEY | |
| Astral Ltd. | Capital Goods | ASTRAL | |
| Aurobindo Pharma Ltd. | Healthcare | AUROPHARMA | |
| Bajaj Auto Ltd. | Automobile and Auto Components | BAJAJ-AUTO | |
| Balkrishna Industries Ltd. | Automobile and Auto Components | BALKRISIND | |
| Bharat Electronics Ltd. | Capital Goods | BEL | |
| Bharat Forge Ltd. | Automobile and Auto Components | BHARATFORG | |
| Bharat Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | BPCL | |
| Blue Star Ltd. | Consumer Durables | BLUESTARCO | |
| Bosch Ltd. | Automobile and Auto Components | BOSCHLTD | |
| CG Power and Industrial Solutions Ltd. | Capital Goods | CGPOWER | |
| Cipla Ltd. | Healthcare | CIPLA | |
| Cochin Shipyard Ltd. | Capital Goods | COCHINSHIP | |
| Coromandel International Ltd. | Chemicals | COROMANDEL | |
| Crompton Greaves Consumer Electricals Ltd. | Consumer Durables | CROMPTON | |
| Cummins India Ltd. | Capital Goods | CUMMINSIND | |
| Divi's Laboratories Ltd. | Healthcare | DIVISLAB | |
| Dixon Technologies (India) Ltd. | Consumer Durables | DIXON | |
| Dr. Reddy's Laboratories Ltd. | Healthcare | DRREDDY | |
| Eicher Motors Ltd. | Automobile and Auto Components | EICHERMOT | |
| Escorts Kubota Ltd. | Capital Goods | ESCORTS | |
| GE Vernova T&D India Ltd. | Capital Goods | GVT&D | |
| Havells India Ltd. | Consumer Durables | HAVELLS | |
| Himadri Speciality Chemical Ltd. | Chemicals | HSCL | |
| Hindalco Industries Ltd. | Metals & Mining | HINDALCO | |
| Hindustan Aeronautics Ltd. | Capital Goods | HAL | |
| Hindustan Copper Ltd. | Metals & Mining | HINDCOPPER | |
| Hindustan Zinc Ltd. | Metals & Mining | HINDZINC | |
| Hitachi Energy India Ltd. | Capital Goods | POWERINDIA | |
| Hyundai Motor India Ltd. | Automobile and Auto Components | HYUNDAI | |
| Indian Oil Corporation Ltd. | Oil Gas & Consumable Fuels | IOC | |
| JSW Steel Ltd. | Metals & Mining | JSWSTEEL | |
| Jindal Steel Ltd. | Metals & Mining | JINDALSTEL | |
| K.P.R. Mill Ltd. | Textiles | KPRMILL | |
| KEI Industries Ltd. | Capital Goods | KEI | |
| Kaynes Technology India Ltd. | Capital Goods | KAYNES | |
| Laurus Labs Ltd. | Healthcare | LAURUSLABS | |
| Linde India Ltd. | Chemicals | LINDEINDIA | |
| Lupin Ltd. | Healthcare | LUPIN | |
| MRF Ltd. | Automobile and Auto Components | MRF | |
| Mahindra & Mahindra Ltd. | Automobile and Auto Components | M&M | |
| Maruti Suzuki India Ltd. | Automobile and Auto Components | MARUTI | |
| Mazagoan Dock Shipbuilders Ltd. | Capital Goods | MAZDOCK | |
| Navin Fluorine International Ltd. | Chemicals | NAVINFLUOR | |
| PI Industries Ltd. | Chemicals | PIIND | |
| Page Industries Ltd. | Textiles | PAGEIND | |
| Pidilite Industries Ltd. | Chemicals | PIDILITIND | |
| Polycab India Ltd. | Capital Goods | POLYCAB | |
| Reliance Industries Ltd. | Oil Gas & Consumable Fuels | RELIANCE | |
| SRF Ltd. | Chemicals | SRF | |
| Samvardhana Motherson International Ltd. | Automobile and Auto Components | MOTHERSON | |
| Siemens Energy India Ltd. | Capital Goods | ENRIN | |
| Siemens Ltd. | Capital Goods | SIEMENS | |
| Solar Industries India Ltd. | Chemicals | SOLARINDS | |
| Sona BLW Precision Forgings Ltd. | Automobile and Auto Components | SONACOMS | |
| Sun Pharmaceutical Industries Ltd. | Healthcare | SUNPHARMA | |
| Supreme Industries Ltd. | Capital Goods | SUPREMEIND | |
| Suzlon Energy Ltd. | Capital Goods | SUZLON | |
| TVS Motor Company Ltd. | Automobile and Auto Components | TVSMOTOR | |
| Tata Motors Ltd. | Capital Goods | TMCV | |
| Tata Motors Passenger Vehicles Ltd. | Automobile and Auto Components | TMPV | |
| Tata Steel Ltd. | Metals & Mining | TATASTEEL | |
| Torrent Pharmaceuticals Ltd. | Healthcare | TORNTPHARM | |
| Tube Investments of India Ltd. | Automobile and Auto Components | TIINDIA | |
| UNO Minda Ltd. | Automobile and Auto Components | UNOMINDA | |
| UPL Ltd. | Chemicals | UPL | |
| Vedanta Aluminium Metal Ltd. | Metals & Mining | VAML | |
| Vedanta Ltd. | Metals & Mining | VEDL | |
| Voltas Ltd. | Consumer Durables | VOLTAS | |
| Welspun Corp Ltd. | Capital Goods | WELCORP | |
| Zydus Lifesciences Ltd. | Healthcare | ZYDUSLIFE |
Against the Nifty 500
How Nifty India Manufacturing has done against the broad market it is part of. Over 21 years it beat the Nifty 500 by 1.3 percentage points a year, and was ahead in 12 of 20 calendar years.
Relative strength
Weekly: Nifty India Manufacturing's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty India Manufacturing 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 Manufacturing'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 | +1.3 pts | 104 | 101 | 1.04 | 0.96 | 6.8% |
| Last 5 years, from Oct 2021 | +6.3 pts | 118 | 92 | 1.03 | 0.94 | 5.4% |
Models and ETFs
No Tipsheet model uses Nifty India Manufacturing. 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 India Manufacturing ETF | MAKEINDIA | 0.36% | ₹260 cr | −1.04 pts | 1.33% | ₹0.6 cr | |
| Nippon India Nifty India Manufacturing ETF | MANUFGBEES | 0.21% | ₹11.6 cr | −1.05 pts | 5.73% | ₹0.1 cr | |
| Motilal Oswal Nifty India Manufacturing ETF | MOMGF | 0.45% | ₹1.7 cr | −0.70 pts | 4.27% | ₹0.0 cr |
Data and sources
Nifty India Manufacturing is computed and published by NSE Indices. History here starts 1 Apr 2005; NSE launched the index on 16 Aug 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 Manufacturing there to download its full series.
- Nifty India Manufacturing 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.