Markets
Nifty IT
Nifty IT is an NSE sector index of 10 stocks. Since 1999 it has compounded 13.6% a year with dividends reinvested; over the past year it fell 12.4%. Its deepest fall was 90%, from Feb 2000 to Oct 2001, and it took 13.6 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty IT. Data to 14 Oct 2026.
- Trend
- Downtrend since Feb 2026
- Momentum
- 40th of 133 markets, by rank
- Below its high
- 31.8% total return
- P/E
- 18.7 4th percentile since 2021
- 1 year
- −12.4% total return
- 5 years
- −1.4% a year
- 10 years
- 13.7% a year
- Since 1999
- 13.6% a year
- Volatility
- 25.8% past year; usual 23%
Returns
Total return counts dividends reinvested; price return does not. Since 1999, dividends added about 1.5 percentage points a year. Returns over more than a year are a year, compounded.
Nifty IT: growth of 100
Weekly, from Jun 1999, 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 | +4.4% | +4.3% | +0.1 pts | |
| 3 months | +5.5% | +5.0% | +0.5 pts | |
| 6 months | −0.7% | −1.6% | +1.0 pts | |
| This year | −19.2% | −20.4% | +1.2 pts | |
| 1 year | −12.4% | −14.3% | +1.9 pts | |
| 3 years, a year | +0.4% | −1.8% | +2.2 pts | |
| 5 years, a year | −1.4% | −3.3% | +2.0 pts | |
| 10 years, a year | +13.7% | +11.4% | +2.3 pts | |
| 15 years, a year | +13.4% | +11.2% | +2.2 pts | |
| 20 years, a year | +11.3% | +9.5% | +1.8 pts | |
| Since Jun 1999, a year | +13.6% | +12.0% | +1.5 pts |
Year by year
17 of the 26 full calendar years since 2000 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 IT: 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 | −19.2% | −20.4% | +1.2 pts | −33.7% | |
| 2025 | −10.4% | −12.6% | +2.1 pts | −26.7% | |
| 2024 | +24.4% | +22.0% | +2.4 pts | −15.3% | |
| 2023 | +26.3% | +24.1% | +2.2 pts | −15.3% | |
| 2022 | −24.5% | −26.0% | +1.6 pts | −32.0% | |
| 2021 | +62.4% | +59.6% | +2.8 pts | −10.0% | |
| 2020 | +58.1% | +54.9% | +3.1 pts | −33.1% | |
| 2019 | +11.0% | +8.4% | +2.6 pts | −10.6% | |
| 2018 | +26.1% | +23.8% | +2.3 pts | −14.7% | |
| 2017 | +14.5% | +12.2% | +2.3 pts | −8.6% | |
| 2016 | −5.3% | −7.3% | +1.9 pts | −17.2% | |
| 2015 | +1.6% | 0.0% | +1.6 pts | −15.5% | |
| 2014 | +20.1% | +17.8% | +2.3 pts | −16.1% | |
| 2013 | +60.2% | +58.0% | +2.2 pts | −19.4% | |
| 2012 | −0.2% | −1.9% | +1.7 pts | −17.7% | |
| 2011 | −17.0% | −18.1% | +1.0 pts | −32.1% | |
| 2010 | +30.8% | +28.8% | +2.1 pts | −11.8% | |
| 2009 | +167.6% | +166.0% | +1.5 pts | −13.6% | |
| 2008 | −54.2% | −54.6% | +0.4 pts | −55.4% | |
| 2007 | −11.1% | −11.4% | +0.3 pts | −28.2% | |
| 2006 | +39.9% | +39.0% | +0.8 pts | −29.2% | |
| 2005 | +33.5% | +33.0% | +0.5 pts | −15.5% | |
| 2004 | +26.1% | +110.7% | −84.6 pts | −27.2% | |
| 2003 | +24.3% | −26.9% | +51.2 pts | −44.1% | |
| 2002 | +4.8% | +4.3% | +0.5 pts | −37.3% | |
| 2001 | −37.5% | −37.8% | +0.2 pts | −72.1% | |
| 2000 | −29.6% | −29.6% | +0.1 pts | −71.3% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 90%, took 19 months to reach bottom and 12.0 years more to climb back. Today it is 31.8% below its high.
Nifty IT: 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 |
|---|---|---|---|---|---|---|
| −89.9% | 21 Feb 2000 | 3 Oct 2001 | 19 months | 12.0 years | 9 Oct 2013 | 13.6 years |
| −42.0% | 13 Dec 2024 | 1 Jul 2026 | 19 months | +18% off the low | not yet | 3 months since the low |
| −33.1% | 19 Feb 2020 | 23 Mar 2020 | 33 days | 4 months | 16 Jul 2020 | 5 months |
| −32.0% | 4 Jan 2022 | 15 Jul 2022 | 6 months | 19 months | 6 Feb 2024 | 2.1 years |
| −24.9% | 13 Oct 1999 | 1 Nov 1999 | 19 days | 24 days | 25 Nov 1999 | 43 days |
| −24.0% | 3 Mar 2015 | 11 Nov 2016 | 20 months | 14 months | 16 Jan 2018 | 2.9 years |
| −19.3% | 4 Jan 2000 | 13 Jan 2000 | 9 days | 14 days | 27 Jan 2000 | 23 days |
| −16.1% | 28 Feb 2014 | 19 May 2014 | 3 months | 2 months | 23 Jul 2014 | 5 months |
| −15.3% | 16 Feb 2024 | 4 Jun 2024 | 4 months | 38 days | 12 Jul 2024 | 5 months |
| −14.7% | 25 Sept 2018 | 26 Oct 2018 | 31 days | 6 months | 22 Apr 2019 | 7 months |
What holding it was like
From every day in its history, what holding Nifty IT for a fixed span would have returned a year. Over five years the middle outcome was 15.2% a year; the worst −21.0% and the best 40.4%; 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 | −81.8% | −23.0% | +14.6% | +57.1% | +231.6% | 35% | 27.3 |
| 3 years | −44.1% | −2.0% | +14.1% | +33.5% | +57.7% | 11% | 9.1 |
| 5 years | −21.0% | +3.5% | +15.2% | +26.1% | +40.4% | 5% | 5.5 |
| 7 years | −6.7% | +8.5% | +15.5% | +21.7% | +29.5% | 1% | 3.9 |
| 10 years | −4.4% | +8.8% | +15.3% | +19.6% | +24.9% | 1% | 2.7 |
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 (−0.2% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹1,98,461 | 0.90× | −10.9% | |
| 2024 | 34 | ₹3,40,000 | ₹2,99,127 | 0.88× | −8.9% | |
| 2023 | 46 | ₹4,60,000 | ₹4,28,340 | 0.93× | −3.7% | |
| 2022 | 58 | ₹5,80,000 | ₹5,55,682 | 0.96× | −1.8% | |
| 2021 | 70 | ₹7,00,000 | ₹6,96,028 | 0.99× | −0.2% | |
| 2020 | 82 | ₹8,20,000 | ₹9,49,137 | 1.16× | +4.3% | |
| 2019 | 94 | ₹9,40,000 | ₹12,18,370 | 1.30× | +6.6% | |
| 2018 | 106 | ₹10,60,000 | ₹15,28,359 | 1.44× | +8.2% | |
| 2017 | 118 | ₹11,80,000 | ₹19,45,146 | 1.65× | +9.9% | |
| 2016 | 130 | ₹13,00,000 | ₹23,57,522 | 1.81× | +10.6% | |
| 2015 | 142 | ₹14,20,000 | ₹27,49,212 | 1.94× | +10.7% | |
| 2014 | 154 | ₹15,40,000 | ₹32,04,756 | 2.08× | +10.9% | |
| 2013 | 166 | ₹16,60,000 | ₹38,52,813 | 2.32× | +11.5% | |
| 2012 | 178 | ₹17,80,000 | ₹46,25,043 | 2.60× | +12.0% | |
| 2011 | 190 | ₹19,00,000 | ₹53,77,309 | 2.83× | +12.2% | |
| 2010 | 202 | ₹20,20,000 | ₹61,87,195 | 3.06× | +12.2% | |
| 2009 | 214 | ₹21,40,000 | ₹77,43,728 | 3.62× | +13.1% | |
| 2008 | 226 | ₹22,60,000 | ₹91,17,450 | 4.03× | +13.3% | |
| 2007 | 238 | ₹23,80,000 | ₹1,01,09,605 | 4.25× | +13.0% | |
| 2006 | 250 | ₹25,00,000 | ₹1,12,92,267 | 4.52× | +12.8% | |
| 2005 | 262 | ₹26,20,000 | ₹1,29,75,632 | 4.95× | +12.9% | |
| 2004 | 274 | ₹27,40,000 | ₹1,52,30,499 | 5.56× | +13.1% | |
| 2003 | 286 | ₹28,60,000 | ₹1,85,83,294 | 6.50× | +13.6% | |
| 2002 | 298 | ₹29,80,000 | ₹2,16,72,899 | 7.27× | +13.7% | |
| 2001 | 310 | ₹31,00,000 | ₹2,46,89,574 | 7.96× | +13.7% | |
| 2000 | 322 | ₹32,20,000 | ₹2,59,34,078 | 8.05× | +13.2% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 25.8%, against a usual 22.7% for this index. 56% of months ended higher, and 666 days moved 3% or more either way.
Nifty IT: 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 |
|---|---|
| 10 Apr 2003 | −19.9% |
| 11 Apr 2001 | −15.8% |
| 12 Mar 2001 | −13.4% |
| 17 May 2004 | −13.4% |
| 17 Sept 2001 | −13.4% |
| Best days | Return |
|---|---|
| 18 Apr 2001 | +15.7% |
| 30 Apr 2001 | +13.3% |
| 18 May 2004 | +12.6% |
| 18 May 2009 | +12.4% |
| 14 Mar 2001 | +11.6% |
| Worst months | Return |
|---|---|
| Mar 2001 | −42.0% |
| Apr 2000 | −30.9% |
| Sept 2001 | −30.6% |
| May 2000 | −28.1% |
| Apr 2003 | −24.2% |
| Best months | Return |
|---|---|
| Dec 1999 | +63.9% |
| Feb 2000 | +47.0% |
| Nov 2001 | +38.2% |
| Jun 2000 | +30.9% |
| Sept 1999 | +25.9% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Jan 1999. Today's P/E of 18.7 is near the bottom of its range since NSE moved to consolidated earnings in March 2021. Price to book, 5.28, is in the middle of its range over the full history.
Price to earnings
Month-ends, as NSE publishes them. 25 month-ends above 72 are left out (highest 298): 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, Jul 1999 to Oct 2026. Price to earnings: latest 18.7×, range 9.9× to 70.2×.
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, Jan 1999 to Oct 2026. Price to book: latest 5.28×, range 3.00× to 80.81×.
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 | 18.72 | 17 | 18 | 4 | 24.00 | 9.85 | 298.49 |
| Price to book | 5.28 | 22 | 32 | – | 6.71 | 3.00 | 80.81 |
| Dividend yield, % | 3.86 | 100 | 99 | – | 1.52 | 0.05 | 3.88 |
What it holds
10 stocks as NSE lists them today. The ten largest make up 100.0% 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 | Infosys Ltd. | 31.30% |
| 2 | Tata Consultancy Services Ltd. | 19.08% |
| 3 | HCL Technologies Ltd. | 11.81% |
| 4 | Tech Mahindra Ltd. | 10.47% |
| 5 | Coforge Ltd. | 6.59% |
| 6 | Persistent Systems Ltd. | 6.21% |
| 7 | Wipro Ltd. | 4.64% |
| 8 | LTM Ltd. | 4.06% |
| 9 | MphasiS Ltd. | 3.09% |
| 10 | Oracle Financial Services Software Ltd. | 2.75% |
NSE's constituent list for Nifty IT, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Coforge Ltd. | Information Technology | COFORGE | |
| HCL Technologies Ltd. | Information Technology | HCLTECH | |
| Infosys Ltd. | Information Technology | INFY | |
| LTM Ltd. | Information Technology | LTM | |
| MphasiS Ltd. | Information Technology | MPHASIS | |
| Oracle Financial Services Software Ltd. | Information Technology | OFSS | |
| Persistent Systems Ltd. | Information Technology | PERSISTENT | |
| Tata Consultancy Services Ltd. | Information Technology | TCS | |
| Tech Mahindra Ltd. | Information Technology | TECHM | |
| Wipro Ltd. | Information Technology | WIPRO |
Against the Nifty 500
How Nifty IT has done against the broad market it is part of. Over 27 years it trailed the Nifty 500 by 1.3 percentage points a year, and was ahead in 13 of 26 calendar years.
Relative strength
Weekly: Nifty IT's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty IT 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 IT'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 Jul 1999 | −1.3 pts | 96 | 98 | 0.95 | 0.63 | 27.5% |
| Last 5 years, from Oct 2021 | −11.7 pts | 59 | 108 | 0.80 | 0.50 | 20.5% |
Models and ETFs
4 Tipsheet models can hold Nifty IT; none does today. 10 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 IT 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 |
|---|---|---|---|---|---|---|---|
| Nippon India ETF Nifty IT | ITBEES | 0.19% | ₹3,747 cr | −0.09 pts | 1.44% | ₹29.6 cr | |
| ICICI Prudential Nifty IT ETF | ITIETF | 0.17% | ₹560 cr | −0.23 pts | 2.85% | ₹2.3 cr | |
| Kotak Nifty IT ETF | IT | 0.08% | ₹312 cr | −0.07 pts | 3.00% | ₹1.2 cr | |
| DSP Nifty IT ETF | ITADD | 0.17% | ₹170 cr | +0.20 pts | 4.13% | ₹0.1 cr | |
| Mirae Asset Nifty IT ETF | ITETF | 0.09% | ₹101 cr | −0.03 pts | 1.65% | ₹1.2 cr | |
| Axis NIFTY IT ETF | ITAXIS | 0.21% | ₹94.5 cr | −0.74 pts | 3.57% | ₹0.1 cr | |
| SBI Nifty IT ETF | SBIETFIT | 0.17% | ₹79.2 cr | −0.73 pts | 1.66% | ₹0.3 cr | |
| HDFC NIFTY IT ETF - Growth option | HDFCNIFIT | 0.17% | ₹78.7 cr | −0.25 pts | 2.56% | ₹0.5 cr | |
| Aditya Birla Sun Life Nifty IT ETF | TECH | 0.16% | ₹34.2 cr | +0.16 pts | 2.73% | ₹0.1 cr | |
| UTI Nifty IT ETF | ITBETA | 0.18% | ₹6.5 cr | −0.17 pts | 4.16% | ₹0.0 cr |
Data and sources
Nifty IT is computed and published by NSE Indices. History here starts 30 Jun 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 IT there to download its full series.
- Nifty IT 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.