Markets
Nifty Oil & Gas
Nifty Oil & Gas is an NSE sector index of 15 stocks. Since 2005 it has compounded 13.8% a year with dividends reinvested; over the past year it fell 7.2%. Its deepest fall was 61%, from Jan 2008 to Oct 2008, and it took 6.4 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Oil & Gas. Data to 14 Oct 2026.
- Trend
- Downtrend since Mar 2026
- Momentum
- 127th of 133 markets, by rank
- Below its high
- 20.9% total return
- P/E
- 10.4 33rd percentile
- 1 year
- −7.2% total return
- 5 years
- 6.4% a year
- 10 years
- 13.0% a year
- Since 2005
- 13.8% a year
- Volatility
- 16.1% past year; usual 21%
NSE launched Nifty Oil & Gas in Jan 2020. 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 2.3 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Oil & Gas: 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 14 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | −4.4% | −4.4% | 0.0 pts | |
| 3 months | −5.6% | −5.8% | +0.2 pts | |
| 6 months | −4.9% | −5.3% | +0.4 pts | |
| This year | −14.0% | −14.5% | +0.5 pts | |
| 1 year | −7.2% | −7.9% | +0.7 pts | |
| 3 years, a year | +10.8% | +9.8% | +1.0 pts | |
| 5 years, a year | +6.4% | +5.1% | +1.3 pts | |
| 10 years, a year | +13.0% | +10.9% | +2.1 pts | |
| 15 years, a year | +12.3% | +10.0% | +2.2 pts | |
| 20 years, a year | +12.3% | +10.1% | +2.2 pts | |
| Since Apr 2005, a year | +13.8% | +11.5% | +2.3 pts |
Year by year
17 of the 20 full calendar years since 2006 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 Oil & Gas: 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 | −14.0% | −14.5% | +0.5 pts | −16.1% | |
| 2025 | +15.3% | +13.8% | +1.4 pts | −13.6% | |
| 2024 | +14.0% | +13.1% | +0.8 pts | −22.5% | |
| 2023 | +13.1% | +12.5% | +0.6 pts | −19.6% | |
| 2022 | +16.9% | +14.8% | +2.1 pts | −16.4% | |
| 2021 | +37.2% | +33.0% | +4.1 pts | −12.5% | |
| 2020 | +9.2% | +6.8% | +2.4 pts | −39.0% | |
| 2019 | +14.6% | +11.9% | +2.8 pts | −19.6% | |
| 2018 | −7.5% | −10.3% | +2.8 pts | −19.0% | |
| 2017 | +43.0% | +39.2% | +3.8 pts | −8.4% | |
| 2016 | +26.2% | +23.5% | +2.7 pts | −14.9% | |
| 2015 | +1.8% | −0.4% | +2.2 pts | −18.8% | |
| 2014 | +26.3% | +23.5% | +2.8 pts | −15.9% | |
| 2013 | +3.7% | +1.1% | +2.6 pts | −21.8% | |
| 2012 | +13.6% | +10.7% | +2.9 pts | −14.1% | |
| 2011 | −24.3% | −25.2% | +0.9 pts | −25.2% | |
| 2010 | +11.1% | +9.2% | +1.9 pts | −11.1% | |
| 2009 | +77.9% | +75.3% | +2.6 pts | −16.8% | |
| 2008 | −50.7% | −51.5% | +0.8 pts | −61.3% | |
| 2007 | +110.3% | +106.0% | +4.4 pts | −14.3% | |
| 2006 | +19.6% | +16.4% | +3.2 pts | −34.6% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 61%, took 10 months to reach bottom and 5.5 years more to climb back. Today it is 20.9% below its high.
Nifty Oil & Gas: 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 |
|---|---|---|---|---|---|---|
| −61.3% | 4 Jan 2008 | 27 Oct 2008 | 10 months | 5.5 years | 12 May 2014 | 6.4 years |
| −40.7% | 31 Oct 2019 | 23 Mar 2020 | 5 months | 8 months | 1 Dec 2020 | 13 months |
| −34.6% | 10 May 2006 | 8 Jun 2006 | 29 days | 10 months | 23 Apr 2007 | 11 months |
| −29.0% | 2 Sept 2024 | 3 Mar 2025 | 6 months | +11% off the low | not yet | 19 months since the low |
| −24.7% | 8 Sept 2014 | 24 Aug 2015 | 12 months | 12 months | 8 Aug 2016 | 23 months |
| −19.6% | 3 Jun 2019 | 7 Aug 2019 | 2 months | 3 months | 30 Oct 2019 | 5 months |
| −19.6% | 23 Jan 2023 | 28 Feb 2023 | 36 days | 9 months | 4 Dec 2023 | 10 months |
| −19.1% | 1 Nov 2017 | 5 Oct 2018 | 11 months | 5 months | 12 Mar 2019 | 16 months |
| −16.4% | 21 Apr 2022 | 20 Jun 2022 | 2 months | 5 months | 25 Nov 2022 | 7 months |
| −13.8% | 18 Oct 2021 | 24 Feb 2022 | 4 months | 39 days | 4 Apr 2022 | 6 months |
What holding it was like
From every day in its history, what holding Nifty Oil & Gas for a fixed span would have returned a year. Over five years the middle outcome was 14.0% a year; the worst −3.5% and the best 29.6%; 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 | −54.1% | −11.2% | +12.1% | +56.2% | +120.1% | 28% | 21.5 |
| 3 years | −7.3% | +1.4% | +14.9% | +23.8% | +44.1% | 8% | 7.2 |
| 5 years | −3.5% | +3.9% | +14.0% | +21.0% | +29.6% | 1% | 4.3 |
| 7 years | +0.5% | +7.1% | +13.3% | +17.5% | +21.0% | 0% | 3.1 |
| 10 years | +4.6% | +8.9% | +13.5% | +17.1% | +20.3% | 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 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 (+6.8% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,07,470 | 0.94× | −6.3% | |
| 2024 | 34 | ₹3,40,000 | ₹3,16,514 | 0.93× | −5.0% | |
| 2023 | 46 | ₹4,60,000 | ₹4,84,467 | 1.05× | +2.7% | |
| 2022 | 58 | ₹5,80,000 | ₹6,51,080 | 1.12× | +4.8% | |
| 2021 | 70 | ₹7,00,000 | ₹8,53,682 | 1.22× | +6.8% | |
| 2020 | 82 | ₹8,20,000 | ₹11,48,965 | 1.40× | +9.9% | |
| 2019 | 94 | ₹9,40,000 | ₹14,33,292 | 1.52× | +10.7% | |
| 2018 | 106 | ₹10,60,000 | ₹17,34,205 | 1.64× | +10.9% | |
| 2017 | 118 | ₹11,80,000 | ₹20,71,933 | 1.76× | +11.1% | |
| 2016 | 130 | ₹13,00,000 | ₹25,56,800 | 1.97× | +12.0% | |
| 2015 | 142 | ₹14,20,000 | ₹30,87,985 | 2.17× | +12.5% | |
| 2014 | 154 | ₹15,40,000 | ₹36,38,184 | 2.36× | +12.7% | |
| 2013 | 166 | ₹16,60,000 | ₹43,14,254 | 2.60× | +12.9% | |
| 2012 | 178 | ₹17,80,000 | ₹50,28,817 | 2.83× | +13.0% | |
| 2011 | 190 | ₹19,00,000 | ₹56,85,654 | 2.99× | +12.8% | |
| 2010 | 202 | ₹20,20,000 | ₹63,20,624 | 3.13× | +12.4% | |
| 2009 | 214 | ₹21,40,000 | ₹71,82,904 | 3.36× | +12.4% | |
| 2008 | 226 | ₹22,60,000 | ₹80,15,497 | 3.55× | +12.2% | |
| 2007 | 238 | ₹23,80,000 | ₹90,24,020 | 3.79× | +12.1% | |
| 2006 | 250 | ₹25,00,000 | ₹1,03,63,439 | 4.15× | +12.2% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 16.1%, against a usual 20.8% for this index. 57% of months ended higher, and 238 days moved 3% or more either way.
Nifty Oil & Gas: 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 |
|---|---|
| 24 Oct 2008 | −13.8% |
| 21 Jan 2008 | −12.3% |
| 4 Jun 2024 | −11.8% |
| 22 Jan 2008 | −10.8% |
| 5 Oct 2018 | −10.8% |
| Best days | Return |
|---|---|
| 18 May 2009 | +17.0% |
| 20 Mar 2020 | +9.1% |
| 31 Mar 2020 | +8.3% |
| 7 Apr 2020 | +7.9% |
| 14 Feb 2008 | +7.8% |
| Worst months | Return |
|---|---|
| Oct 2008 | −31.8% |
| Jan 2008 | −22.9% |
| Mar 2020 | −18.5% |
| Jun 2008 | −15.0% |
| May 2006 | −13.3% |
| Best months | Return |
|---|---|
| May 2009 | +30.3% |
| Apr 2020 | +22.4% |
| Sept 2007 | +19.5% |
| Oct 2007 | +18.0% |
| Feb 2021 | +15.3% |
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 10.4 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 1.29, 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 10.4×, range 10.4× to 11.0×.
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 1.29×, range 1.29× to 1.37×.
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 | 10.42 | 33 | – | – | 10.58 | 10.42 | 10.99 |
| Price to book | 1.29 | 33 | – | – | 1.31 | 1.29 | 1.37 |
| Dividend yield, % | 3.34 | 100 | – | – | 1.84 | 1.79 | 3.34 |
What it holds
15 stocks as NSE lists them today. The ten largest make up 93.7% of the index. It is weighted by periodic capped free float and rebalanced twice a year.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Reliance Industries Ltd. | 32.70% |
| 2 | Oil & Natural Gas Corporation Ltd. | 14.94% |
| 3 | Bharat Petroleum Corporation Ltd. | 10.36% |
| 4 | Indian Oil Corporation Ltd. | 8.59% |
| 5 | GAIL (India) Ltd. | 7.83% |
| 6 | Hindustan Petroleum Corporation Ltd. | 5.73% |
| 7 | Oil India Ltd. | 4.17% |
| 8 | Petronet LNG Ltd. | 3.63% |
| 9 | Aegis Logistics Ltd. | 2.95% |
| 10 | Adani Total Gas Ltd. | 2.81% |
NSE's constituent list for Nifty Oil & Gas, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Adani Total Gas Ltd. | Oil Gas & Consumable Fuels | ATGL | |
| Aegis Logistics Ltd. | Oil Gas & Consumable Fuels | AEGISLOG | |
| Aegis Vopak Terminals Ltd. | Oil Gas & Consumable Fuels | AEGISVOPAK | |
| Bharat Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | BPCL | |
| Castrol India Ltd. | Oil Gas & Consumable Fuels | CASTROLIND | |
| Chennai Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | CHENNPETRO | |
| GAIL (India) Ltd. | Oil Gas & Consumable Fuels | GAIL | |
| Hindustan Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | HINDPETRO | |
| Indian Oil Corporation Ltd. | Oil Gas & Consumable Fuels | IOC | |
| Indraprastha Gas Ltd. | Oil Gas & Consumable Fuels | IGL | |
| Mahanagar Gas Ltd. | Oil Gas & Consumable Fuels | MGL | |
| Oil & Natural Gas Corporation Ltd. | Oil Gas & Consumable Fuels | ONGC | |
| Oil India Ltd. | Oil Gas & Consumable Fuels | OIL | |
| Petronet LNG Ltd. | Oil Gas & Consumable Fuels | PETRONET | |
| Reliance Industries Ltd. | Oil Gas & Consumable Fuels | RELIANCE |
Against the Nifty 500
How Nifty Oil & Gas has done against the broad market it is part of. Over 21 years it beat the Nifty 500 by 0.1 percentage points a year, and was ahead in 10 of 20 calendar years.
Relative strength
Weekly: Nifty Oil & Gas's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Oil & Gas 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 Oil & Gas'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 | +0.1 pts | 101 | 101 | 1.00 | 0.88 | 12.1% |
| Last 5 years, from Oct 2021 | −1.3 pts | 117 | 133 | 1.15 | 0.82 | 12.2% |
Models and ETFs
4 Tipsheet models can hold Nifty Oil & Gas; none does today. 2 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 Oil & Gas 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Nifty Oil & Gas ETF | OILIETF | 0.34% | ₹301 cr | −0.38 pts | 1.74% | ₹1.4 cr | |
| Motilal Oswal Nifty Oil & Gas ETF | MOOILGAS | 0.35% | ₹1.0 cr | – | – | ₹0.0 cr |
Data and sources
Nifty Oil & Gas is computed and published by NSE Indices. History here starts 1 Apr 2005; NSE launched the index on 15 Jan 2020, 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 Oil & Gas there to download its full series.
- Nifty Oil & Gas 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.