Markets
Nifty MNC
Nifty MNC is an NSE theme index of 30 stocks. Since 1995 it has compounded 12.9% a year with dividends reinvested; over the past year it rose 2.2%. Its deepest fall was 52%, from Dec 2007 to Oct 2008, and it took 21 months from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty MNC. Data to 14 Oct 2026.
- Trend
- Downtrend since Oct 2026
- Momentum
- 95th of 133 markets, by rank
- Below its high
- 11.6% total return
- P/E
- 34.5 33rd percentile
- 1 year
- +2.2% total return
- 5 years
- 10.0% a year
- 10 years
- 12.8% a year
- Since 1995
- 12.9% a year
- Volatility
- 15.0% past year; usual 16%
Returns
Total return counts dividends reinvested; price return does not. Since 1995, dividends added about 1.6 percentage points a year. Returns over more than a year are a year, compounded.
Nifty MNC: growth of 100
Weekly, from Jan 1995, 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 | −5.3% | −5.4% | +0.1 pts | |
| 3 months | −6.9% | −7.3% | +0.5 pts | |
| 6 months | +0.5% | −0.4% | +0.9 pts | |
| This year | −1.0% | −2.1% | +1.2 pts | |
| 1 year | +2.2% | +0.9% | +1.4 pts | |
| 3 years, a year | +11.6% | +10.2% | +1.3 pts | |
| 5 years, a year | +10.0% | +8.7% | +1.4 pts | |
| 10 years, a year | +12.8% | +11.2% | +1.6 pts | |
| 15 years, a year | +14.7% | +13.2% | +1.5 pts | |
| 20 years, a year | +13.1% | +11.6% | +1.5 pts | |
| Since Jan 1995, a year | +12.9% | +11.3% | +1.6 pts |
Year by year
23 of the 30 full calendar years since 1996 ended higher. 25 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty MNC: 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 | −1.0% | −2.1% | +1.2 pts | −13.3% | |
| 2025 | +10.8% | +9.4% | +1.3 pts | −13.0% | |
| 2024 | +16.6% | +15.4% | +1.2 pts | −15.6% | |
| 2023 | +24.1% | +22.9% | +1.2 pts | −6.2% | |
| 2022 | +3.8% | +2.5% | +1.4 pts | −13.3% | |
| 2021 | +24.6% | +22.8% | +1.8 pts | −7.6% | |
| 2020 | +15.4% | +13.5% | +1.9 pts | −31.9% | |
| 2019 | +0.2% | −1.1% | +1.3 pts | −13.8% | |
| 2018 | −4.1% | −5.8% | +1.8 pts | −17.4% | |
| 2017 | +55.7% | +53.1% | +2.6 pts | −5.3% | |
| 2016 | +2.4% | +1.2% | +1.2 pts | −15.1% | |
| 2015 | +8.5% | +7.5% | +1.0 pts | −12.4% | |
| 2014 | +44.0% | +42.5% | +1.5 pts | −8.1% | |
| 2013 | +9.0% | +7.7% | +1.3 pts | −14.4% | |
| 2012 | +30.2% | +28.3% | +1.9 pts | −10.1% | |
| 2011 | −11.8% | −13.2% | +1.4 pts | −15.3% | |
| 2010 | +12.6% | +11.7% | +0.9 pts | −10.3% | |
| 2009 | +93.2% | +90.7% | +2.6 pts | −9.5% | |
| 2008 | −42.3% | −43.3% | +0.9 pts | −52.3% | |
| 2007 | +28.6% | +26.4% | +2.2 pts | −15.5% | |
| 2006 | +33.4% | +31.7% | +1.7 pts | −34.0% | |
| 2005 | +52.2% | +49.2% | +2.9 pts | −10.6% | |
| 2004 | −2.6% | −4.9% | +2.2 pts | −32.8% | |
| 2003 | +56.8% | +51.7% | +5.1 pts | −15.2% | |
| 2002 | −6.6% | −8.8% | +2.2 pts | −24.7% | |
| 2001 | −6.3% | −7.6% | +1.3 pts | −22.6% | |
| 2000 | −16.0% | −17.2% | +1.2 pts | −37.9% | |
| 1999 | +23.5% | +22.4% | +1.1 pts | −16.5% | |
| 1998 | +22.0% | +20.6% | +1.4 pts | −24.1% | |
| 1997 | +36.6% | +35.1% | +1.5 pts | −22.2% | |
| 1996 | +7.8% | +6.1% | +1.7 pts | −24.9% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 52%, took 10 months to reach bottom and 11 months more to climb back. Today it is 11.6% below its high.
Nifty MNC: 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 |
|---|---|---|---|---|---|---|
| −52.4% | 14 Dec 2007 | 27 Oct 2008 | 10 months | 11 months | 22 Sept 2009 | 21 months |
| −47.8% | 30 Aug 1999 | 24 Apr 2003 | 3.6 years | 2.1 years | 27 May 2005 | 5.7 years |
| −34.9% | 28 Aug 2018 | 23 Mar 2020 | 19 months | 8 months | 20 Nov 2020 | 2.2 years |
| −34.0% | 3 May 2006 | 14 Jun 2006 | 42 days | 12 months | 21 Jun 2007 | 14 months |
| −29.1% | 3 Feb 1995 | 23 Nov 1995 | 10 months | 7 months | 12 Jun 1996 | 16 months |
| −24.9% | 18 Jun 1996 | 4 Dec 1996 | 6 months | 6 months | 3 Jun 1997 | 12 months |
| −24.1% | 21 Apr 1998 | 23 Jun 1998 | 2 months | 6 months | 6 Jan 1999 | 9 months |
| −23.5% | 1 Oct 2024 | 28 Feb 2025 | 5 months | 14 months | 29 Apr 2026 | 19 months |
| −22.3% | 10 Aug 2015 | 29 Feb 2016 | 7 months | 6 months | 6 Sept 2016 | 13 months |
| −22.2% | 5 Aug 1997 | 11 Dec 1997 | 4 months | 4 months | 6 Apr 1998 | 8 months |
What holding it was like
From every day in its history, what holding Nifty MNC for a fixed span would have returned a year. Over five years the middle outcome was 14.4% a year; the worst −6.2% and the best 35.0%; 4% 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 | −50.4% | −10.9% | +12.7% | +48.1% | +116.5% | 24% | 31.8 |
| 3 years | −15.8% | +1.3% | +14.8% | +28.7% | +56.0% | 9% | 10.6 |
| 5 years | −6.2% | +4.5% | +14.4% | +23.3% | +35.0% | 4% | 6.4 |
| 7 years | +1.6% | +7.5% | +14.3% | +20.2% | +26.7% | 0% | 4.5 |
| 10 years | +4.5% | +11.3% | +14.9% | +19.0% | +21.9% | 0% | 3.2 |
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 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 (+10.9% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,26,270 | 1.03× | +3.1% | |
| 2024 | 34 | ₹3,40,000 | ₹3,58,183 | 1.05× | +3.7% | |
| 2023 | 46 | ₹4,60,000 | ₹5,37,915 | 1.17× | +8.3% | |
| 2022 | 58 | ₹5,80,000 | ₹7,36,962 | 1.27× | +10.1% | |
| 2021 | 70 | ₹7,00,000 | ₹9,59,621 | 1.37× | +10.9% | |
| 2020 | 82 | ₹8,20,000 | ₹12,53,964 | 1.53× | +12.4% | |
| 2019 | 94 | ₹9,40,000 | ₹15,53,713 | 1.65× | +12.7% | |
| 2018 | 106 | ₹10,60,000 | ₹18,36,052 | 1.73× | +12.2% | |
| 2017 | 118 | ₹11,80,000 | ₹21,79,095 | 1.85× | +12.1% | |
| 2016 | 130 | ₹13,00,000 | ₹26,15,936 | 2.01× | +12.4% | |
| 2015 | 142 | ₹14,20,000 | ₹30,45,916 | 2.15× | +12.3% | |
| 2014 | 154 | ₹15,40,000 | ₹36,39,406 | 2.36× | +12.7% | |
| 2013 | 166 | ₹16,60,000 | ₹43,97,320 | 2.65× | +13.2% | |
| 2012 | 178 | ₹17,80,000 | ₹52,24,953 | 2.94× | +13.5% | |
| 2011 | 190 | ₹19,00,000 | ₹61,29,547 | 3.23× | +13.6% | |
| 2010 | 202 | ₹20,20,000 | ₹70,69,128 | 3.50× | +13.6% | |
| 2009 | 214 | ₹21,40,000 | ₹84,76,502 | 3.96× | +13.9% | |
| 2008 | 226 | ₹22,60,000 | ₹99,26,107 | 4.39× | +14.0% | |
| 2007 | 238 | ₹23,80,000 | ₹1,12,10,991 | 4.71× | +13.9% | |
| 2006 | 250 | ₹25,00,000 | ₹1,27,29,478 | 5.09× | +13.8% | |
| 2005 | 262 | ₹26,20,000 | ₹1,51,75,469 | 5.79× | +14.1% | |
| 2004 | 274 | ₹27,40,000 | ₹1,84,26,716 | 6.73× | +14.4% | |
| 2003 | 286 | ₹28,60,000 | ₹2,24,89,504 | 7.86× | +14.8% | |
| 2002 | 298 | ₹29,80,000 | ₹2,66,28,814 | 8.94× | +15.0% | |
| 2001 | 310 | ₹31,00,000 | ₹3,06,40,824 | 9.88× | +15.0% | |
| 2000 | 322 | ₹32,20,000 | ₹3,40,94,555 | 10.59× | +14.8% | |
| 1999 | 334 | ₹33,40,000 | ₹3,72,00,062 | 11.14× | +14.5% | |
| 1998 | 346 | ₹34,60,000 | ₹4,15,23,977 | 12.00× | +14.3% | |
| 1997 | 358 | ₹35,80,000 | ₹4,67,14,357 | 13.05× | +14.2% | |
| 1996 | 370 | ₹37,00,000 | ₹5,29,46,795 | 14.31× | +14.2% | |
| 1995 | 382 | ₹38,20,000 | ₹5,92,44,542 | 15.51× | +14.1% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 15.0%, against a usual 16.1% for this index. 61% of months ended higher, and 226 days moved 3% or more either way.
Nifty MNC: 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 | −12.1% |
| 17 May 2004 | −11.0% |
| 21 Jan 2008 | −9.6% |
| 24 Oct 2008 | −9.1% |
| 17 Apr 1999 | −7.9% |
| Best days | Return |
|---|---|
| 18 May 2009 | +9.8% |
| 26 May 2000 | +8.3% |
| 7 Apr 2020 | +7.8% |
| 20 Sept 2019 | +7.5% |
| 16 Apr 1999 | +7.5% |
| Worst months | Return |
|---|---|
| Oct 2008 | −24.4% |
| Jan 2008 | −18.4% |
| May 2006 | −17.6% |
| Jun 2008 | −16.8% |
| Mar 2020 | −16.3% |
| Best months | Return |
|---|---|
| May 2009 | +21.9% |
| Dec 2003 | +18.6% |
| Jun 1997 | +18.2% |
| Apr 2026 | +14.8% |
| Apr 2013 | +14.4% |
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 34.5 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 6.93, 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 34.5×, range 34.5× to 35.9×.
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, Aug 2026 to Oct 2026. Price to book: latest 6.93×, range 6.93× to 7.23×.
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 | 34.51 | 33 | – | – | 34.99 | 34.51 | 35.85 |
| Price to book | 6.93 | 33 | – | – | 7.03 | 6.93 | 7.23 |
| Dividend yield, % | 1.65 | 100 | – | – | 1.40 | 1.25 | 1.65 |
What it holds
30 stocks as NSE lists them today. The ten largest make up 62.8% of the index. It is weighted by free float market capitalization 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 11 items. Weight, %: highest Fast Moving Consumer Goods at 31.7%, lowest Oil, Gas & Consumable Fuels at 0.9%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Maruti Suzuki India Ltd. | 10.21% |
| 2 | Hindustan Unilever Ltd. | 9.96% |
| 3 | Nestle India Ltd. | 8.78% |
| 4 | Vedanta Aluminium Metal Ltd. | 6.54% |
| 5 | Cummins India Ltd. | 6.01% |
| 6 | Britannia Industries Ltd. | 5.32% |
| 7 | Vedanta Ltd. | 4.26% |
| 8 | Ashok Leyland Ltd. | 4.12% |
| 9 | Bosch Ltd. | 3.82% |
| 10 | United Spirits Ltd. | 3.74% |
NSE's constituent list for Nifty MNC, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| ABB India Ltd. | Capital Goods | ABB | |
| AWL Agri Business Ltd. | Fast Moving Consumer Goods | AWL | |
| Abbott India Ltd. | Healthcare | ABBOTINDIA | |
| Ambuja Cements Ltd. | Construction Materials | AMBUJACEM | |
| Ashok Leyland Ltd. | Capital Goods | ASHOKLEY | |
| Bosch Ltd. | Automobile and Auto Components | BOSCHLTD | |
| Britannia Industries Ltd. | Fast Moving Consumer Goods | BRITANNIA | |
| CRISIL Ltd. | Financial Services | CRISIL | |
| Castrol India Ltd. | Oil Gas & Consumable Fuels | CASTROLIND | |
| Colgate Palmolive (India) Ltd. | Fast Moving Consumer Goods | COLPAL | |
| Cummins India Ltd. | Capital Goods | CUMMINSIND | |
| Escorts Kubota Ltd. | Capital Goods | ESCORTS | |
| Gland Pharma Ltd. | Healthcare | GLAND | |
| Hindustan Unilever Ltd. | Fast Moving Consumer Goods | HINDUNILVR | |
| Hitachi Energy India Ltd. | Capital Goods | POWERINDIA | |
| Hyundai Motor India Ltd. | Automobile and Auto Components | HYUNDAI | |
| LG Electronics India Ltd. | Consumer Durables | LGEINDIA | |
| Linde India Ltd. | Chemicals | LINDEINDIA | |
| Maruti Suzuki India Ltd. | Automobile and Auto Components | MARUTI | |
| Nestle India Ltd. | Fast Moving Consumer Goods | NESTLEIND | |
| Nippon Life India Asset Management Ltd. | Financial Services | NAM-INDIA | |
| Oracle Financial Services Software Ltd. | Information Technology | OFSS | |
| Schaeffler India Ltd. | Automobile and Auto Components | SCHAEFFLER | |
| Siemens Energy India Ltd. | Capital Goods | ENRIN | |
| Siemens Ltd. | Capital Goods | SIEMENS | |
| Timken India Ltd. | Capital Goods | TIMKEN | |
| United Breweries Ltd. | Fast Moving Consumer Goods | UBL | |
| United Spirits Ltd. | Fast Moving Consumer Goods | UNITDSPR | |
| Vedanta Aluminium Metal Ltd. | Metals & Mining | VAML | |
| Vedanta Ltd. | Metals & Mining | VEDL |
Against the Nifty 500
How Nifty MNC has done against the broad market it is part of. Over 32 years it beat the Nifty 500 by 0.6 percentage points a year, and was ahead in 15 of 30 calendar years.
Relative strength
Weekly: Nifty MNC's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty MNC 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 MNC'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 1995 | +0.6 pts | 77 | 66 | 0.72 | 0.85 | 12.8% |
| Last 5 years, from Oct 2021 | +1.9 pts | 94 | 80 | 0.92 | 0.88 | 7.4% |
Models and ETFs
No Tipsheet model uses Nifty MNC. 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 |
|---|---|---|---|---|---|---|---|
| Kotak Nifty MNC ETF | MNC | 0.25% | ₹46.7 cr | −0.72 pts | 3.52% | ₹0.2 cr | |
| Motilal Oswal Nifty MNC ETF | MOMNC | 0.45% | ₹2.4 cr | – | 4.25% | ₹0.0 cr |
Data and sources
Nifty MNC is computed and published by NSE Indices. History here starts 2 Jan 1995, from a base date of January 02, 1995. 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 MNC there to download its full series.
- Nifty MNC 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.