Markets
Nifty Infrastructure
Nifty Infrastructure is an NSE theme index of 30 stocks. Since 2004 it has compounded 11.2% a year with dividends reinvested; over the past year it fell 5.3%. Its deepest fall was 68%, from Jan 2008 to Sept 2013, and it took 13.8 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Infrastructure. Data to 14 Oct 2026.
- Trend
- Downtrend since Aug 2026
- Momentum
- 130th of 133 markets, by rank
- Below its high
- 11.5% total return
- P/E
- 21.5 51st percentile since 2021
- 1 year
- −5.3% total return
- 5 years
- 11.3% a year
- 10 years
- 13.3% a year
- Since 2004
- 11.2% a year
- Volatility
- 15.6% past year; usual 20%
NSE launched Nifty Infrastructure in Aug 2007. 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 Infrastructure: 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 | −5.5% | −5.5% | 0.0 pts | |
| 3 months | −7.9% | −8.2% | +0.3 pts | |
| 6 months | −4.6% | −5.1% | +0.6 pts | |
| This year | −10.1% | −10.8% | +0.6 pts | |
| 1 year | −5.3% | −6.1% | +0.8 pts | |
| 3 years, a year | +11.7% | +10.8% | +0.9 pts | |
| 5 years, a year | +11.3% | +10.2% | +1.1 pts | |
| 10 years, a year | +13.3% | +11.8% | +1.5 pts | |
| 15 years, a year | +9.6% | +8.2% | +1.4 pts | |
| 20 years, a year | +7.2% | +5.9% | +1.3 pts | |
| Since Jan 2004, a year | +11.2% | +9.9% | +1.3 pts |
Year by year
14 of the 21 full calendar years since 2005 ended higher. 19 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Infrastructure: 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 | −10.1% | −10.8% | +0.6 pts | −12.3% | |
| 2025 | +14.6% | +13.6% | +1.0 pts | −10.9% | |
| 2024 | +16.8% | +15.9% | +0.9 pts | −14.2% | |
| 2023 | +40.1% | +39.1% | +1.0 pts | −6.3% | |
| 2022 | +7.5% | +6.1% | +1.4 pts | −16.1% | |
| 2021 | +37.8% | +35.6% | +2.2 pts | −10.7% | |
| 2020 | +14.3% | +12.2% | +2.2 pts | −37.4% | |
| 2019 | +4.5% | +2.5% | +2.0 pts | −14.1% | |
| 2018 | −11.0% | −12.7% | +1.7 pts | −23.0% | |
| 2017 | +36.1% | +34.1% | +2.0 pts | −6.0% | |
| 2016 | −0.9% | −2.1% | +1.2 pts | −18.9% | |
| 2015 | −7.6% | −8.9% | +1.3 pts | −24.1% | |
| 2014 | +24.2% | +22.7% | +1.5 pts | −16.7% | |
| 2013 | −2.8% | −4.2% | +1.4 pts | −27.7% | |
| 2012 | +23.0% | +21.7% | +1.4 pts | −23.9% | |
| 2011 | −38.0% | −38.5% | +0.6 pts | −40.4% | |
| 2010 | −3.3% | −4.0% | +0.8 pts | −16.2% | |
| 2009 | +40.9% | +39.7% | +1.3 pts | −22.4% | |
| 2008 | −56.9% | −57.2% | +0.3 pts | −67.7% | |
| 2007 | +96.6% | +95.2% | +1.4 pts | −16.2% | |
| 2006 | +57.0% | +55.4% | +1.6 pts | −30.8% | |
| 2005 | +45.6% | +43.5% | +2.2 pts | −12.9% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 68%, took 5.7 years to reach bottom and 8.1 years more to climb back. Today it is 11.5% below its high.
Nifty Infrastructure: 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 |
|---|---|---|---|---|---|---|
| −68.0% | 9 Jan 2008 | 3 Sept 2013 | 5.7 years | 8.1 years | 14 Oct 2021 | 13.8 years |
| −32.2% | 23 Apr 2004 | 17 May 2004 | 24 days | 7 months | 1 Dec 2004 | 7 months |
| −30.8% | 10 May 2006 | 14 Jun 2006 | 35 days | 4 months | 13 Oct 2006 | 5 months |
| −20.6% | 27 Sept 2024 | 28 Feb 2025 | 5 months | 8 months | 29 Oct 2025 | 13 months |
| −16.1% | 5 Feb 2007 | 5 Mar 2007 | 28 days | 50 days | 24 Apr 2007 | 3 months |
| −16.1% | 17 Jan 2022 | 20 Jun 2022 | 5 months | 3 months | 13 Sept 2022 | 8 months |
| −13.1% | 8 Mar 2004 | 22 Mar 2004 | 14 days | 11 days | 2 Apr 2004 | 25 days |
| −12.9% | 24 Jul 2007 | 21 Aug 2007 | 28 days | 29 days | 19 Sept 2007 | 57 days |
| −12.9% | 4 Oct 2005 | 27 Oct 2005 | 23 days | 29 days | 25 Nov 2005 | 52 days |
| −12.7% | 14 Jan 2004 | 22 Jan 2004 | 8 days | 25 days | 16 Feb 2004 | 33 days |
What holding it was like
From every day in its history, what holding Nifty Infrastructure for a fixed span would have returned a year. Over five years the middle outcome was 8.3% a year; the worst −15.3% and the best 35.4%; 23% 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 | −63.0% | −15.5% | +9.2% | +59.5% | +111.2% | 34% | 22.8 |
| 3 years | −19.2% | −8.9% | +8.2% | +28.9% | +72.9% | 23% | 7.6 |
| 5 years | −15.3% | −4.1% | +8.3% | +23.9% | +35.4% | 23% | 4.6 |
| 7 years | −9.0% | −2.1% | +6.2% | +17.5% | +20.8% | 20% | 3.3 |
| 10 years | −4.3% | −0.6% | +8.4% | +13.8% | +17.1% | 15% | 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 2006 (+9.2% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,11,895 | 0.96× | −4.1% | |
| 2024 | 34 | ₹3,40,000 | ₹3,32,893 | 0.98× | −1.5% | |
| 2023 | 46 | ₹4,60,000 | ₹5,21,095 | 1.13× | +6.6% | |
| 2022 | 58 | ₹5,80,000 | ₹7,34,427 | 1.27× | +9.9% | |
| 2021 | 70 | ₹7,00,000 | ₹9,83,218 | 1.40× | +11.7% | |
| 2020 | 82 | ₹8,20,000 | ₹13,52,973 | 1.65× | +14.6% | |
| 2019 | 94 | ₹9,40,000 | ₹17,08,920 | 1.82× | +15.1% | |
| 2018 | 106 | ₹10,60,000 | ₹20,59,602 | 1.94× | +14.7% | |
| 2017 | 118 | ₹11,80,000 | ₹24,24,229 | 2.05× | +14.2% | |
| 2016 | 130 | ₹13,00,000 | ₹28,60,435 | 2.20× | +14.0% | |
| 2015 | 142 | ₹14,20,000 | ₹32,46,822 | 2.29× | +13.3% | |
| 2014 | 154 | ₹15,40,000 | ₹36,75,555 | 2.39× | +12.8% | |
| 2013 | 166 | ₹16,60,000 | ₹42,06,240 | 2.53× | +12.6% | |
| 2012 | 178 | ₹17,80,000 | ₹47,23,466 | 2.65× | +12.3% | |
| 2011 | 190 | ₹19,00,000 | ₹51,57,472 | 2.71× | +11.7% | |
| 2010 | 202 | ₹20,20,000 | ₹55,25,026 | 2.74× | +11.0% | |
| 2009 | 214 | ₹21,40,000 | ₹59,49,544 | 2.78× | +10.5% | |
| 2008 | 226 | ₹22,60,000 | ₹63,08,384 | 2.79× | +10.0% | |
| 2007 | 238 | ₹23,80,000 | ₹66,54,083 | 2.80× | +9.5% | |
| 2006 | 250 | ₹25,00,000 | ₹71,94,926 | 2.88× | +9.2% | |
| 2005 | 262 | ₹26,20,000 | ₹80,60,547 | 3.08× | +9.3% | |
| 2004 | 274 | ₹27,40,000 | ₹93,36,800 | 3.41× | +9.6% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 15.6%, against a usual 19.9% for this index. 57% of months ended higher, and 304 days moved 3% or more either way.
Nifty Infrastructure: 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 | −14.0% |
| 24 Oct 2008 | −12.9% |
| 23 Mar 2020 | −11.8% |
| 21 Jan 2008 | −11.2% |
| 14 May 2004 | −11.0% |
| Best days | Return |
|---|---|
| 18 May 2009 | +19.2% |
| 18 May 2004 | +10.8% |
| 13 Oct 2008 | +9.1% |
| 25 Jan 2008 | +8.2% |
| 23 Oct 2007 | +7.9% |
| Worst months | Return |
|---|---|
| Oct 2008 | −28.4% |
| May 2004 | −23.5% |
| Jun 2008 | −21.4% |
| Mar 2020 | −21.0% |
| Jan 2008 | −19.5% |
| Best months | Return |
|---|---|
| May 2009 | +32.7% |
| Oct 2007 | +25.1% |
| May 2014 | +21.2% |
| Jan 2012 | +19.3% |
| Apr 2009 | +17.4% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Aug 2007. Today's P/E of 21.5 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 2.55, is in the middle of its range over the full history.
Price to earnings
Month-ends, as NSE publishes them. 2 month-ends above 67 are left out (highest 76): earnings near zero make the ratio meaningless.
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 2007 to Oct 2026. Price to earnings: latest 21.5×, range 13.1× to 65.8×.
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 2007 to Oct 2026. Price to book: latest 2.55×, range 1.46× to 8.34×.
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 | 21.46 | 44 | 32 | 51 | 22.27 | 13.14 | 75.61 |
| Price to book | 2.55 | 50 | 45 | – | 2.56 | 1.46 | 8.34 |
| Dividend yield, % | 1.35 | 69 | 52 | – | 1.17 | 0.40 | 2.53 |
What it holds
30 stocks as NSE lists them today. The ten largest make up 69.6% of the index. It is weighted by periodic capped free float and rebalanced twice a yearly.
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 11 items. Weight, %: highest Oil, Gas & Consumable Fuels at 27.4%, lowest Realty at 1.2%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Reliance Industries Ltd. | 19.86% |
| 2 | Bharti Airtel Ltd. | 14.50% |
| 3 | Larsen & Toubro Ltd. | 11.94% |
| 4 | NTPC Ltd. | 4.16% |
| 5 | Adani Ports and Special Economic Zone Ltd. | 3.82% |
| 6 | UltraTech Cement Ltd. | 3.52% |
| 7 | Power Grid Corporation of India Ltd. | 3.20% |
| 8 | Grasim Industries Ltd. | 3.14% |
| 9 | InterGlobe Aviation Ltd. | 3.06% |
| 10 | Oil & Natural Gas Corporation Ltd. | 2.38% |
NSE's constituent list for Nifty Infrastructure, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Adani Green Energy Ltd. | Power | ADANIGREEN | |
| Adani Ports and Special Economic Zone Ltd. | Services | ADANIPORTS | |
| Adani Power Ltd. | Power | ADANIPOWER | |
| Apollo Hospitals Enterprise Ltd. | Healthcare | APOLLOHOSP | |
| Ashok Leyland Ltd. | Capital Goods | ASHOKLEY | |
| Bharat Forge Ltd. | Automobile and Auto Components | BHARATFORG | |
| Bharat Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | BPCL | |
| Bharti Airtel Ltd. | Telecommunication | BHARTIARTL | |
| CG Power and Industrial Solutions Ltd. | Capital Goods | CGPOWER | |
| Cummins India Ltd. | Capital Goods | CUMMINSIND | |
| DLF Ltd. | Realty | DLF | |
| Fortis Healthcare Ltd. | Healthcare | FORTIS | |
| GAIL (India) Ltd. | Oil Gas & Consumable Fuels | GAIL | |
| GE Vernova T&D India Ltd. | Capital Goods | GVT&D | |
| Grasim Industries Ltd. | Construction Materials | GRASIM | |
| Hindustan Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | HINDPETRO | |
| Indian Hotels Co. Ltd. | Consumer Services | INDHOTEL | |
| Indian Oil Corporation Ltd. | Oil Gas & Consumable Fuels | IOC | |
| Indus Towers Ltd. | Telecommunication | INDUSTOWER | |
| InterGlobe Aviation Ltd. | Services | INDIGO | |
| Larsen & Toubro Ltd. | Construction | LT | |
| Max Healthcare Institute Ltd. | Healthcare | MAXHEALTH | |
| NTPC Ltd. | Power | NTPC | |
| Oil & Natural Gas Corporation Ltd. | Oil Gas & Consumable Fuels | ONGC | |
| Power Grid Corporation of India Ltd. | Power | POWERGRID | |
| Reliance Industries Ltd. | Oil Gas & Consumable Fuels | RELIANCE | |
| Samvardhana Motherson International Ltd. | Automobile and Auto Components | MOTHERSON | |
| Suzlon Energy Ltd. | Capital Goods | SUZLON | |
| Tata Power Co. Ltd. | Power | TATAPOWER | |
| UltraTech Cement Ltd. | Construction Materials | ULTRACEMCO |
Against the Nifty 500
How Nifty Infrastructure has done against the broad market it is part of. Over 23 years it trailed the Nifty 500 by 2.9 percentage points a year, and was ahead in 8 of 21 calendar years.
Relative strength
Weekly: Nifty Infrastructure's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Infrastructure 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 Infrastructure'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 | −2.9 pts | 104 | 118 | 1.09 | 0.93 | 9.8% |
| Last 5 years, from Oct 2021 | +3.7 pts | 112 | 97 | 1.02 | 0.93 | 6.0% |
Models and ETFs
No Tipsheet model uses Nifty Infrastructure. 2 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Nifty Infrastructure ETF | INFRAIETF | 0.42% | ₹370 cr | −0.24 pts | 3.43% | ₹1.0 cr | |
| Nippon India ETF Nifty Infrastructure BeES | INFRABEES | 0.43% | ₹185 cr | −0.42 pts | 2.36% | ₹0.8 cr |
Data and sources
Nifty Infrastructure is computed and published by NSE Indices. History here starts 1 Jan 2004; NSE launched the index on 7 Aug 2007, 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 Infrastructure there to download its full series.
- Nifty Infrastructure 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.