Markets
Nifty Metal
Nifty Metal is an NSE sector index of 15 stocks. Since 2004 it has compounded 13.6% a year with dividends reinvested; over the past year it rose 20.1%. Its deepest fall was 78%, from Jan 2008 to Nov 2008, and it took 13.3 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Metal. Data to 14 Oct 2026.
- Trend
- Downtrend since Oct 2026
- Momentum
- 69th of 133 markets, by rank
- Below its high
- 11.8% total return
- P/E
- 15.8 37th percentile since 2021
- 1 year
- +20.1% total return
- 5 years
- 16.3% a year
- 10 years
- 18.6% a year
- Since 2004
- 13.6% a year
- Volatility
- 23.0% past year; usual 28%
NSE launched Nifty Metal in Jul 2011. 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 2.1 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Metal: 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.
Loading chart…
To 14 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | −7.5% | −7.6% | +0.2 pts | |
| 3 months | −5.1% | −5.3% | +0.2 pts | |
| 6 months | −1.8% | −2.6% | +0.8 pts | |
| This year | +8.8% | +7.5% | +1.2 pts | |
| 1 year | +20.1% | +18.7% | +1.4 pts | |
| 3 years, a year | +21.8% | +20.7% | +1.0 pts | |
| 5 years, a year | +16.3% | +14.8% | +1.5 pts | |
| 10 years, a year | +18.6% | +16.3% | +2.2 pts | |
| 15 years, a year | +11.9% | +9.7% | +2.1 pts | |
| 20 years, a year | +12.3% | +10.3% | +2.0 pts | |
| Since Jan 2004, a year | +13.6% | +11.5% | +2.1 pts |
Year by year
15 of the 21 full calendar years since 2005 ended higher. 21 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Metal: 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 | +8.8% | +7.5% | +1.2 pts | −12.9% | |
| 2025 | +29.9% | +29.1% | +0.8 pts | −15.3% | |
| 2024 | +9.3% | +8.4% | +0.8 pts | −15.5% | |
| 2023 | +19.1% | +18.7% | +0.5 pts | −23.7% | |
| 2022 | +25.3% | +21.8% | +3.6 pts | −32.9% | |
| 2021 | +73.4% | +69.7% | +3.8 pts | −16.7% | |
| 2020 | +18.0% | +16.2% | +1.8 pts | −48.4% | |
| 2019 | −9.6% | −11.2% | +1.6 pts | −29.5% | |
| 2018 | −16.8% | −19.9% | +3.1 pts | −25.2% | |
| 2017 | +54.0% | +48.5% | +5.4 pts | −10.7% | |
| 2016 | +48.4% | +45.2% | +3.2 pts | −19.7% | |
| 2015 | −29.4% | −31.4% | +2.0 pts | −39.4% | |
| 2014 | +8.4% | +7.0% | +1.4 pts | −28.2% | |
| 2013 | −12.2% | −14.3% | +2.0 pts | −44.8% | |
| 2012 | +19.5% | +17.7% | +1.8 pts | −26.2% | |
| 2011 | −47.2% | −47.7% | +0.5 pts | −48.2% | |
| 2010 | +0.9% | 0.0% | +0.9 pts | −24.1% | |
| 2009 | +232.5% | +227.4% | +5.1 pts | −24.2% | |
| 2008 | −73.3% | −73.6% | +0.4 pts | −78.1% | |
| 2007 | +143.3% | +139.3% | +4.0 pts | −18.5% | |
| 2006 | +98.1% | +93.9% | +4.2 pts | −41.1% | |
| 2005 | +6.1% | +2.6% | +3.5 pts | −25.2% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 78%, took 11 months to reach bottom and 12.4 years more to climb back. Today it is 11.8% below its high.
Nifty Metal: 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.
Loading chart…
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 |
|---|---|---|---|---|---|---|
| −78.1% | 4 Jan 2008 | 20 Nov 2008 | 11 months | 12.4 years | 5 Apr 2021 | 13.3 years |
| −48.0% | 2 Jan 2004 | 17 May 2004 | 4 months | 7 months | 1 Dec 2004 | 11 months |
| −41.1% | 10 May 2006 | 14 Jun 2006 | 35 days | 5 months | 21 Nov 2006 | 6 months |
| −32.9% | 11 Apr 2022 | 22 Jun 2022 | 2 months | 5 months | 1 Dec 2022 | 8 months |
| −25.2% | 16 Mar 2005 | 30 Jun 2005 | 3 months | 3 months | 19 Sept 2005 | 6 months |
| −24.2% | 19 Sept 2005 | 28 Oct 2005 | 39 days | 3 months | 27 Jan 2006 | 4 months |
| −23.7% | 18 Jan 2023 | 28 Feb 2023 | 41 days | 6 months | 4 Sept 2023 | 8 months |
| −23.0% | 1 Oct 2024 | 7 Apr 2025 | 6 months | 6 months | 3 Oct 2025 | 12 months |
| −18.5% | 29 Jan 2007 | 7 Mar 2007 | 37 days | 40 days | 16 Apr 2007 | 3 months |
| −16.7% | 18 Oct 2021 | 30 Nov 2021 | 43 days | 3 months | 3 Mar 2022 | 4 months |
What holding it was like
From every day in its history, what holding Nifty Metal for a fixed span would have returned a year. Over five years the middle outcome was 12.5% a year; the worst −17.6% and the best 46.0%; 22% 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 | −74.9% | −30.9% | +16.3% | +92.6% | +270.4% | 36% | 22.8 |
| 3 years | −26.2% | −12.5% | +16.2% | +44.1% | +79.6% | 27% | 7.6 |
| 5 years | −17.6% | −9.4% | +12.5% | +34.5% | +46.0% | 22% | 4.6 |
| 7 years | −9.0% | −3.2% | +8.5% | +23.5% | +36.0% | 19% | 3.3 |
| 10 years | −9.1% | −1.7% | +9.5% | +19.2% | +25.9% | 14% | 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.
Loading chart…
₹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 (+13.3% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,57,308 | 1.17× | +18.3% | |
| 2024 | 34 | ₹3,40,000 | ₹4,20,089 | 1.24× | +15.6% | |
| 2023 | 46 | ₹4,60,000 | ₹6,55,919 | 1.43× | +19.2% | |
| 2022 | 58 | ₹5,80,000 | ₹9,15,241 | 1.58× | +19.3% | |
| 2021 | 70 | ₹7,00,000 | ₹12,49,811 | 1.79× | +20.1% | |
| 2020 | 82 | ₹8,20,000 | ₹19,73,628 | 2.41× | +25.7% | |
| 2019 | 94 | ₹9,40,000 | ₹25,55,716 | 2.72× | +25.1% | |
| 2018 | 106 | ₹10,60,000 | ₹30,13,691 | 2.84× | +22.9% | |
| 2017 | 118 | ₹11,80,000 | ₹35,41,238 | 3.00× | +21.4% | |
| 2016 | 130 | ₹13,00,000 | ₹43,62,255 | 3.36× | +21.1% | |
| 2015 | 142 | ₹14,20,000 | ₹52,02,067 | 3.66× | +20.5% | |
| 2014 | 154 | ₹15,40,000 | ₹58,77,433 | 3.82× | +19.3% | |
| 2013 | 166 | ₹16,60,000 | ₹67,23,939 | 4.05× | +18.6% | |
| 2012 | 178 | ₹17,80,000 | ₹74,03,703 | 4.16× | +17.5% | |
| 2011 | 190 | ₹19,00,000 | ₹79,26,923 | 4.17× | +16.4% | |
| 2010 | 202 | ₹20,20,000 | ₹83,69,052 | 4.14× | +15.3% | |
| 2009 | 214 | ₹21,40,000 | ₹92,28,683 | 4.31× | +14.7% | |
| 2008 | 226 | ₹22,60,000 | ₹99,27,413 | 4.39× | +14.1% | |
| 2007 | 238 | ₹23,80,000 | ₹1,06,49,387 | 4.47× | +13.5% | |
| 2006 | 250 | ₹25,00,000 | ₹1,19,65,180 | 4.79× | +13.3% | |
| 2005 | 262 | ₹26,20,000 | ₹1,39,19,175 | 5.31× | +13.4% | |
| 2004 | 274 | ₹27,40,000 | ₹1,66,63,790 | 6.08× | +13.7% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 23.0%, against a usual 27.6% for this index. 55% of months ended higher, and 656 days moved 3% or more either way.
Nifty Metal: 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.
Loading chart…
| Worst days | Return |
|---|---|
| 17 May 2004 | −14.3% |
| 21 Jan 2008 | −12.6% |
| 24 Oct 2008 | −12.3% |
| 23 Oct 2008 | −11.9% |
| 18 May 2006 | −11.9% |
| Best days | Return |
|---|---|
| 21 Nov 2006 | +31.6% |
| 18 May 2009 | +17.6% |
| 23 May 2006 | +10.7% |
| 25 Jan 2008 | +10.6% |
| 18 May 2004 | +10.0% |
| Worst months | Return |
|---|---|
| Oct 2008 | −39.0% |
| Mar 2020 | −29.1% |
| Sept 2008 | −24.1% |
| Jan 2008 | −23.8% |
| Jun 2008 | −22.9% |
| Best months | Return |
|---|---|
| May 2009 | +51.1% |
| Nov 2006 | +31.5% |
| Oct 2007 | +29.3% |
| Mar 2009 | +25.9% |
| Jul 2004 | +25.6% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Jul 2011. Today's P/E of 15.8 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 2.55, is near the top of its range over the full history.
Price to earnings
Month-ends, as NSE publishes them. 1 month-ends above 42 are left out (highest 44): 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 2011 to Oct 2026. Price to earnings: latest 15.8×, range 4.9× to 40.9×.
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, Jul 2011 to Oct 2026. Price to book: latest 2.55×, range 0.61× to 3.52×.
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 | 15.75 | 60 | 48 | 37 | 13.89 | 4.93 | 44.36 |
| Price to book | 2.55 | 86 | 79 | – | 1.48 | 0.61 | 3.52 |
| Dividend yield, % | 1.77 | 18 | 14 | – | 3.00 | 0.95 | 7.92 |
What it holds
15 stocks as NSE lists them today. The ten largest make up 86.4% 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 | Tata Steel Ltd. | 17.30% |
| 2 | Hindalco Industries Ltd. | 15.43% |
| 3 | JSW Steel Ltd. | 13.65% |
| 4 | Adani Enterprises Ltd. | 11.14% |
| 5 | Vedanta Aluminium Metal Ltd. | 7.92% |
| 6 | Vedanta Ltd. | 5.16% |
| 7 | Jindal Steel Ltd. | 4.76% |
| 8 | APL Apollo Tubes Ltd. | 4.51% |
| 9 | National Aluminium Co. Ltd. | 3.46% |
| 10 | Hindustan Zinc Ltd. | 3.08% |
NSE's constituent list for Nifty Metal, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| APL Apollo Tubes Ltd. | Capital Goods | APLAPOLLO | |
| Adani Enterprises Ltd. | Metals & Mining | ADANIENT | |
| Hindalco Industries Ltd. | Metals & Mining | HINDALCO | |
| Hindustan Copper Ltd. | Metals & Mining | HINDCOPPER | |
| Hindustan Zinc Ltd. | Metals & Mining | HINDZINC | |
| JSW Steel Ltd. | Metals & Mining | JSWSTEEL | |
| Jindal Stainless Ltd. | Metals & Mining | JSL | |
| Jindal Steel Ltd. | Metals & Mining | JINDALSTEL | |
| Lloyds Metals And Energy Ltd. | Metals & Mining | LLOYDSME | |
| NMDC Ltd. | Metals & Mining | NMDC | |
| National Aluminium Co. Ltd. | Metals & Mining | NATIONALUM | |
| Steel Authority of India Ltd. | Metals & Mining | SAIL | |
| Tata Steel Ltd. | Metals & Mining | TATASTEEL | |
| Vedanta Aluminium Metal Ltd. | Metals & Mining | VAML | |
| Vedanta Ltd. | Metals & Mining | VEDL |
Against the Nifty 500
How Nifty Metal has done against the broad market it is part of. Over 23 years it beat the Nifty 500 by 0.7 percentage points a year, and was ahead in 9 of 21 calendar years.
Relative strength
Weekly: Nifty Metal's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Metal is outrunning the Nifty 500. Falling: it is lagging. The level means nothing; the direction is the reading.
Loading chart…
Three-year lead or lag
Weekly: Nifty Metal'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.
Loading chart…
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 | +0.7 pts | 128 | 139 | 1.35 | 0.82 | 22.0% |
| Last 5 years, from Oct 2021 | +10.3 pts | 137 | 98 | 1.17 | 0.69 | 18.3% |
Models and ETFs
4 of the Tipsheet models hold Nifty Metal today. 6 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 Metal today |
|---|---|
| Sector rotation | 33% |
| Sector rotation (sectors counted from launch) | 33% |
| Sector rotation, top 3 (NSE history) | 33% |
| Sector rotation, top 3 (sectors counted from launch) | 33% |
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 Metal ETF | METALIETF | 0.34% | ₹996 cr | −1.07 pts | 2.26% | ₹8.6 cr | |
| Mirae Asset Nifty Metal ETF | METAL | 0.31% | ₹537 cr | −0.93 pts | 1.54% | ₹2.7 cr | |
| HDFC Nifty Metal ETF - Growth Option | HDFCNIMEG | 0.30% | ₹75.7 cr | – | – | ₹0.3 cr | |
| Groww Nifty Metal ETF | GROWWMETAL | 0.40% | ₹42.1 cr | – | 4.10% | ₹0.5 cr | |
| Edelweiss Nifty Metal ETF | EMETAL | 0.30% | ₹5.6 cr | – | – | ₹0.0 cr | |
| Motilal Oswal Nifty Metal ETF | MOMETAL | 0.35% | ₹1.2 cr | – | – | ₹0.0 cr |
Data and sources
Nifty Metal is computed and published by NSE Indices. History here starts 1 Jan 2004; NSE launched the index on 12 Jul 2011, 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 Metal there to download its full series.
- Nifty Metal 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.