Markets
Nifty Private Bank
Nifty Private Bank is an NSE sector index of 10 stocks. Since 2005 it has compounded 17.5% a year with dividends reinvested; over the past year it fell 1.3%. Its deepest fall was 74%, from Jan 2008 to Mar 2009, and it took 2.6 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Private Bank. Data to 14 Oct 2026.
- Trend
- Downtrend since Aug 2026
- Momentum
- 25th of 133 markets, by rank
- Below its high
- 6.4% total return
- P/E
- 16.8 67th percentile
- 1 year
- −1.3% total return
- 5 years
- 6.6% a year
- 10 years
- 10.5% a year
- Since 2005
- 17.5% a year
- Volatility
- 16.6% past year; usual 22%
NSE launched Nifty Private Bank in Jan 2016. 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 0.9 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Private Bank: 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 | −1.0% | −1.0% | 0.0 pts | |
| 3 months | −2.4% | −2.7% | +0.3 pts | |
| 6 months | +2.4% | +1.7% | +0.6 pts | |
| This year | −4.8% | −5.4% | +0.6 pts | |
| 1 year | −1.3% | −1.9% | +0.6 pts | |
| 3 years, a year | +6.3% | +5.6% | +0.7 pts | |
| 5 years, a year | +6.6% | +5.8% | +0.7 pts | |
| 10 years, a year | +10.5% | +9.9% | +0.6 pts | |
| 15 years, a year | +13.9% | +13.1% | +0.8 pts | |
| 20 years, a year | +15.4% | +14.6% | +0.8 pts | |
| Since Apr 2005, a year | +17.5% | +16.6% | +0.9 pts |
Year by year
15 of the 20 full calendar years since 2006 ended higher. 17 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Private Bank: 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 | −4.8% | −5.4% | +0.6 pts | −17.3% | |
| 2025 | +16.6% | +15.9% | +0.7 pts | −8.3% | |
| 2024 | +0.4% | −0.4% | +0.8 pts | −10.0% | |
| 2023 | +14.6% | +13.8% | +0.9 pts | −10.4% | |
| 2022 | +22.0% | +21.2% | +0.8 pts | −17.1% | |
| 2021 | +4.9% | +4.6% | +0.3 pts | −18.1% | |
| 2020 | −2.9% | −2.9% | 0.0 pts | −49.9% | |
| 2019 | +16.8% | +16.2% | +0.6 pts | −15.8% | |
| 2018 | +8.6% | +8.2% | +0.5 pts | −14.6% | |
| 2017 | +41.7% | +40.8% | +0.9 pts | −4.9% | |
| 2016 | +8.5% | +7.3% | +1.1 pts | −18.9% | |
| 2015 | −2.4% | −3.3% | +0.8 pts | −20.1% | |
| 2014 | +69.5% | +67.9% | +1.6 pts | −10.7% | |
| 2013 | −2.0% | −3.0% | +1.0 pts | −34.5% | |
| 2012 | +69.0% | +67.0% | +2.0 pts | −14.4% | |
| 2011 | −24.8% | −25.5% | +0.7 pts | −27.9% | |
| 2010 | +36.8% | +35.6% | +1.2 pts | −14.2% | |
| 2009 | +104.6% | +102.4% | +2.2 pts | −42.0% | |
| 2008 | −56.6% | −57.0% | +0.4 pts | −68.9% | |
| 2007 | +93.6% | +92.4% | +1.3 pts | −18.6% | |
| 2006 | +55.9% | +54.5% | +1.4 pts | −32.6% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 74%, took 14 months to reach bottom and 17 months more to climb back. Today it is 6.4% below its high.
Nifty Private Bank: 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 |
|---|---|---|---|---|---|---|
| −74.4% | 14 Jan 2008 | 9 Mar 2009 | 14 months | 17 months | 18 Aug 2010 | 2.6 years |
| −49.9% | 2 Jan 2020 | 23 Mar 2020 | 3 months | 10 months | 1 Feb 2021 | 13 months |
| −34.5% | 17 May 2013 | 3 Sept 2013 | 4 months | 7 months | 9 Apr 2014 | 11 months |
| −32.6% | 10 May 2006 | 14 Jun 2006 | 35 days | 3 months | 28 Sept 2006 | 5 months |
| −32.1% | 9 Nov 2010 | 20 Dec 2011 | 13 months | 9 months | 21 Sept 2012 | 22 months |
| −29.0% | 2 Mar 2015 | 25 Feb 2016 | 12 months | 5 months | 14 Jul 2016 | 16 months |
| −23.1% | 25 Oct 2021 | 20 Jun 2022 | 8 months | 3 months | 14 Sept 2022 | 11 months |
| −18.6% | 8 Feb 2007 | 7 Mar 2007 | 27 days | 2 months | 18 May 2007 | 3 months |
| −17.4% | 20 Sept 2005 | 28 Oct 2005 | 38 days | 47 days | 14 Dec 2005 | 3 months |
| −17.3% | 18 Feb 2026 | 30 Mar 2026 | 40 days | +13% off the low | not yet | 7 months since the low |
What holding it was like
From every day in its history, what holding Nifty Private Bank for a fixed span would have returned a year. Over five years the middle outcome was 16.3% a year; the worst −1.4% and the best 42.1%; 0% 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 | −63.9% | −10.0% | +15.6% | +63.7% | +233.0% | 20% | 21.5 |
| 3 years | −9.4% | +5.5% | +16.0% | +29.5% | +62.8% | 4% | 7.2 |
| 5 years | −1.4% | +8.2% | +16.3% | +26.5% | +42.1% | 0% | 4.3 |
| 7 years | +5.4% | +9.4% | +17.1% | +24.0% | +34.9% | 0% | 3.1 |
| 10 years | +8.8% | +11.3% | +16.2% | +23.7% | +31.5% | 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 (+7.3% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,24,228 | 1.02× | +2.1% | |
| 2024 | 34 | ₹3,40,000 | ₹3,56,762 | 1.05× | +3.5% | |
| 2023 | 46 | ₹4,60,000 | ₹5,07,307 | 1.10× | +5.2% | |
| 2022 | 58 | ₹5,80,000 | ₹6,83,256 | 1.18× | +6.9% | |
| 2021 | 70 | ₹7,00,000 | ₹8,66,392 | 1.24× | +7.3% | |
| 2020 | 82 | ₹8,20,000 | ₹11,28,110 | 1.38× | +9.3% | |
| 2019 | 94 | ₹9,40,000 | ₹13,36,129 | 1.42× | +8.9% | |
| 2018 | 106 | ₹10,60,000 | ₹15,67,876 | 1.48× | +8.7% | |
| 2017 | 118 | ₹11,80,000 | ₹18,41,250 | 1.56× | +8.9% | |
| 2016 | 130 | ₹13,00,000 | ₹21,94,501 | 1.69× | +9.4% | |
| 2015 | 142 | ₹14,20,000 | ₹25,46,792 | 1.79× | +9.5% | |
| 2014 | 154 | ₹15,40,000 | ₹30,52,633 | 1.98× | +10.2% | |
| 2013 | 166 | ₹16,60,000 | ₹36,88,046 | 2.22× | +10.9% | |
| 2012 | 178 | ₹17,80,000 | ₹44,54,356 | 2.50× | +11.6% | |
| 2011 | 190 | ₹19,00,000 | ₹52,73,712 | 2.78× | +11.9% | |
| 2010 | 202 | ₹20,20,000 | ₹61,72,603 | 3.06× | +12.2% | |
| 2009 | 214 | ₹21,40,000 | ₹78,56,075 | 3.67× | +13.2% | |
| 2008 | 226 | ₹22,60,000 | ₹93,70,673 | 4.15× | +13.5% | |
| 2007 | 238 | ₹23,80,000 | ₹1,08,46,656 | 4.56× | +13.6% | |
| 2006 | 250 | ₹25,00,000 | ₹1,33,17,505 | 5.33× | +14.1% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 16.6%, against a usual 22.5% for this index. 61% of months ended higher, and 404 days moved 3% or more either way.
Nifty Private Bank: 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 | −17.9% |
| 24 Oct 2008 | −13.7% |
| 10 Oct 2008 | −11.1% |
| 17 Mar 2008 | −9.6% |
| 12 Mar 2020 | −9.0% |
| Best days | Return |
|---|---|
| 18 May 2009 | +18.7% |
| 13 Oct 2008 | +13.1% |
| 7 Apr 2020 | +11.1% |
| 5 Sept 2013 | +10.3% |
| 23 Jul 2008 | +9.7% |
| Worst months | Return |
|---|---|
| Mar 2020 | −36.2% |
| Oct 2008 | −25.4% |
| Jun 2008 | −25.4% |
| Mar 2008 | −21.0% |
| Mar 2026 | −15.6% |
| Best months | Return |
|---|---|
| May 2009 | +48.1% |
| Apr 2009 | +31.3% |
| Jan 2012 | +24.4% |
| Nov 2020 | +24.3% |
| Sept 2007 | +21.6% |
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 16.8 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 1.95, 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 16.8×, range 16.5× to 17.4×.
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 1.95×, range 1.91× to 2.01×.
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 | 16.76 | 67 | – | – | 16.76 | 16.49 | 17.44 |
| Price to book | 1.95 | 67 | – | – | 1.95 | 1.91 | 2.01 |
| Dividend yield, % | 0.66 | 67 | – | – | 0.66 | 0.62 | 0.68 |
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 mcap 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 | ICICI Bank Ltd. | 21.53% |
| 2 | HDFC Bank Ltd. | 20.83% |
| 3 | Kotak Mahindra Bank Ltd. | 19.84% |
| 4 | Axis Bank Ltd. | 19.28% |
| 5 | Federal Bank Ltd. | 5.35% |
| 6 | IndusInd Bank Ltd. | 4.06% |
| 7 | IDFC First Bank Ltd. | 3.69% |
| 8 | Yes Bank Ltd. | 2.51% |
| 9 | RBL Bank Ltd. | 1.71% |
| 10 | Bandhan Bank Ltd. | 1.20% |
NSE's constituent list for Nifty Private Bank, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Axis Bank Ltd. | Financial Services | AXISBANK | |
| Bandhan Bank Ltd. | Financial Services | BANDHANBNK | |
| Federal Bank Ltd. | Financial Services | FEDERALBNK | |
| HDFC Bank Ltd. | Financial Services | HDFCBANK | |
| ICICI Bank Ltd. | Financial Services | ICICIBANK | |
| IDFC First Bank Ltd. | Financial Services | IDFCFIRSTB | |
| IndusInd Bank Ltd. | Financial Services | INDUSINDBK | |
| Kotak Mahindra Bank Ltd. | Financial Services | KOTAKBANK | |
| RBL Bank Ltd. | Financial Services | RBLBANK | |
| Yes Bank Ltd. | Financial Services | YESBANK |
Against the Nifty 500
How Nifty Private Bank has done against the broad market it is part of. Over 21 years it beat the Nifty 500 by 3.8 percentage points a year, and was ahead in 13 of 20 calendar years.
Relative strength
Weekly: Nifty Private Bank's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Private Bank 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 Private Bank'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 | +3.8 pts | 123 | 120 | 1.23 | 0.89 | 14.5% |
| Last 5 years, from Oct 2021 | −1.8 pts | 87 | 90 | 0.92 | 0.81 | 9.8% |
Models and ETFs
No Tipsheet model uses Nifty Private Bank. 7 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 Private Bank ETF | PVTBANIETF | 0.13% | ₹4,092 cr | −0.08 pts | 1.28% | ₹5.6 cr | |
| SBI Nifty Private Bank ETF | SBIETFPB | 0.13% | ₹848 cr | −0.11 pts | 4.94% | ₹0.1 cr | |
| DSP Nifty Private Bank ETF | PVTBANKADD | 0.13% | ₹770 cr | −0.57 pts | 4.60% | ₹0.2 cr | |
| HDFC NIFTY Private Bank ETF - Growth Option | HDFCPVTBAN | 0.13% | ₹493 cr | 0.00 pts | 2.22% | ₹0.5 cr | |
| Tata Nifty Private Bank Exchange Traded Fund | NPBET | 0.12% | ₹19.2 cr | +0.02 pts | 3.43% | ₹0.0 cr | |
| Kotak Nifty Private Bank ETF | PVTBANK | 0.09% | ₹13.8 cr | – | – | ₹0.0 cr | |
| Groww Nifty Private Bank ETF | PVTBKGROWW | 0.25% | ₹6.8 cr | – | – | ₹0.0 cr |
Data and sources
Nifty Private Bank is computed and published by NSE Indices. History here starts 1 Apr 2005; NSE launched the index on 5 Jan 2016, 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 Private Bank there to download its full series.
- Nifty Private Bank 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.