Markets
Nifty PSE
Nifty PSE is an NSE theme index of 20 stocks. Since 2000 it has compounded 12.8% a year with dividends reinvested; over the past year it fell 3.2%. Its deepest fall was 61%, from Jan 2008 to Oct 2008, and it took 9.0 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty PSE. Data to 14 Oct 2026.
- Trend
- Downtrend since Jun 2026
- Momentum
- 118th of 133 markets, by rank
- Below its high
- 17.1% total return
- P/E
- 10.5 33rd percentile
- 1 year
- −3.2% total return
- 5 years
- 19.1% a year
- 10 years
- 13.3% a year
- Since 2000
- 12.8% a year
- Volatility
- 15.7% past year; usual 21%
Returns
Total return counts dividends reinvested; price return does not. Since 2000, dividends added about 2.5 percentage points a year. Returns over more than a year are a year, compounded.
Nifty PSE: growth of 100
Weekly, from Jan 2000, 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 | −4.2% | −4.2% | +0.1 pts | |
| 3 months | −5.8% | −6.5% | +0.7 pts | |
| 6 months | −8.0% | −8.7% | +0.7 pts | |
| This year | −4.4% | −5.8% | +1.4 pts | |
| 1 year | −3.2% | −5.1% | +1.9 pts | |
| 3 years, a year | +17.9% | +15.6% | +2.4 pts | |
| 5 years, a year | +19.1% | +16.2% | +2.9 pts | |
| 10 years, a year | +13.3% | +9.8% | +3.5 pts | |
| 15 years, a year | +10.9% | +7.7% | +3.3 pts | |
| 20 years, a year | +9.7% | +7.0% | +2.6 pts | |
| Since Jan 2000, a year | +12.8% | +10.4% | +2.5 pts |
Year by year
16 of the 25 full calendar years since 2001 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 PSE: 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 | −4.4% | −5.8% | +1.4 pts | −15.7% | |
| 2025 | +5.8% | +3.4% | +2.4 pts | −16.8% | |
| 2024 | +23.6% | +21.4% | +2.2 pts | −19.1% | |
| 2023 | +82.3% | +79.9% | +2.4 pts | −6.2% | |
| 2022 | +18.4% | +13.9% | +4.5 pts | −18.4% | |
| 2021 | +44.5% | +37.1% | +7.4 pts | −15.9% | |
| 2020 | −10.4% | −13.3% | +2.9 pts | −37.5% | |
| 2019 | −1.4% | −4.8% | +3.4 pts | −21.1% | |
| 2018 | −17.8% | −21.2% | +3.5 pts | −25.9% | |
| 2017 | +21.1% | +16.5% | +4.5 pts | −11.9% | |
| 2016 | +21.6% | +17.9% | +3.6 pts | −16.6% | |
| 2015 | −9.3% | −11.9% | +2.7 pts | −19.3% | |
| 2014 | +37.8% | +34.6% | +3.2 pts | −13.7% | |
| 2013 | −5.9% | −8.6% | +2.7 pts | −29.7% | |
| 2012 | +11.9% | +9.0% | +3.0 pts | −15.9% | |
| 2011 | −30.1% | −31.1% | +1.0 pts | −31.8% | |
| 2010 | −5.5% | −6.1% | +0.7 pts | −17.7% | |
| 2009 | +79.7% | +79.3% | +0.5 pts | −16.3% | |
| 2008 | −49.1% | −49.3% | +0.2 pts | −60.5% | |
| 2007 | +86.8% | +86.1% | +0.7 pts | −14.5% | |
| 2006 | +11.6% | +10.9% | +0.7 pts | −33.5% | |
| 2005 | +21.1% | +20.5% | +0.6 pts | −13.5% | |
| 2004 | +9.1% | +7.4% | +1.7 pts | −38.6% | |
| 2003 | +150.9% | +148.3% | +2.5 pts | −16.8% | |
| 2002 | +81.1% | +74.7% | +6.4 pts | −17.2% | |
| 2001 | −1.3% | −4.5% | +3.2 pts | −37.5% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 61%, took 10 months to reach bottom and 8.2 years more to climb back. Today it is 17.1% below its high.
Nifty PSE: 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 |
|---|---|---|---|---|---|---|
| −60.5% | 4 Jan 2008 | 27 Oct 2008 | 10 months | 8.2 years | 19 Jan 2017 | 9.0 years |
| −58.2% | 10 Feb 2000 | 24 Oct 2000 | 8 months | 17 months | 2 Apr 2002 | 2.1 years |
| −49.9% | 3 Nov 2017 | 24 Mar 2020 | 2.4 years | 18 months | 15 Sept 2021 | 3.9 years |
| −38.6% | 8 Jan 2004 | 17 May 2004 | 4 months | 15 months | 17 Aug 2005 | 19 months |
| −33.5% | 10 May 2006 | 14 Jun 2006 | 35 days | 11 months | 17 May 2007 | 12 months |
| −30.1% | 1 Aug 2024 | 28 Feb 2025 | 7 months | +19% off the low | not yet | 20 months since the low |
| −18.4% | 21 Apr 2022 | 20 Jun 2022 | 2 months | 5 months | 25 Nov 2022 | 7 months |
| −17.2% | 15 Jul 2002 | 1 Oct 2002 | 3 months | 7 months | 12 May 2003 | 10 months |
| −16.8% | 11 Sept 2003 | 22 Sept 2003 | 11 days | 14 days | 6 Oct 2003 | 25 days |
| −16.4% | 3 Jun 2024 | 4 Jun 2024 | 1 days | 37 days | 11 Jul 2024 | 38 days |
What holding it was like
From every day in its history, what holding Nifty PSE for a fixed span would have returned a year. Over five years the middle outcome was 9.4% a year; the worst −7.7% and the best 51.6%; 12% 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 | −54.2% | −17.6% | +12.7% | +72.7% | +179.2% | 34% | 26.8 |
| 3 years | −17.6% | −6.5% | +12.3% | +47.8% | +72.9% | 17% | 8.9 |
| 5 years | −7.7% | −0.9% | +9.4% | +37.9% | +51.6% | 12% | 5.4 |
| 7 years | −2.4% | +2.2% | +7.3% | +29.1% | +45.4% | 2% | 3.8 |
| 10 years | −3.4% | +1.9% | +8.4% | +22.9% | +31.2% | 5% | 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.
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 2004 (+11.1% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,14,714 | 0.98× | −2.7% | |
| 2024 | 34 | ₹3,40,000 | ₹3,30,763 | 0.97× | −2.0% | |
| 2023 | 46 | ₹4,60,000 | ₹5,64,973 | 1.23× | +11.0% | |
| 2022 | 58 | ₹5,80,000 | ₹8,59,948 | 1.48× | +16.6% | |
| 2021 | 70 | ₹7,00,000 | ₹12,33,781 | 1.76× | +19.6% | |
| 2020 | 82 | ₹8,20,000 | ₹17,62,971 | 2.15× | +22.4% | |
| 2019 | 94 | ₹9,40,000 | ₹21,71,376 | 2.31× | +21.0% | |
| 2018 | 106 | ₹10,60,000 | ₹25,52,743 | 2.41× | +19.3% | |
| 2017 | 118 | ₹11,80,000 | ₹29,18,346 | 2.47× | +17.7% | |
| 2016 | 130 | ₹13,00,000 | ₹33,99,900 | 2.62× | +16.9% | |
| 2015 | 142 | ₹14,20,000 | ₹38,68,602 | 2.72× | +16.0% | |
| 2014 | 154 | ₹15,40,000 | ₹43,85,245 | 2.85× | +15.3% | |
| 2013 | 166 | ₹16,60,000 | ₹50,10,685 | 3.02× | +14.9% | |
| 2012 | 178 | ₹17,80,000 | ₹56,13,529 | 3.15× | +14.3% | |
| 2011 | 190 | ₹19,00,000 | ₹61,42,975 | 3.23× | +13.6% | |
| 2010 | 202 | ₹20,20,000 | ₹65,97,749 | 3.27× | +12.9% | |
| 2009 | 214 | ₹21,40,000 | ₹71,88,836 | 3.36× | +12.4% | |
| 2008 | 226 | ₹22,60,000 | ₹78,02,322 | 3.45× | +11.9% | |
| 2007 | 238 | ₹23,80,000 | ₹84,35,957 | 3.54× | +11.5% | |
| 2006 | 250 | ₹25,00,000 | ₹92,17,992 | 3.69× | +11.2% | |
| 2005 | 262 | ₹26,20,000 | ₹1,02,13,646 | 3.90× | +11.1% | |
| 2004 | 274 | ₹27,40,000 | ₹1,14,16,214 | 4.17× | +11.1% | |
| 2003 | 286 | ₹28,60,000 | ₹1,34,80,493 | 4.71× | +11.4% | |
| 2002 | 298 | ₹29,80,000 | ₹1,65,93,684 | 5.57× | +12.0% | |
| 2001 | 310 | ₹31,00,000 | ₹2,13,28,871 | 6.88× | +12.8% | |
| 2000 | 322 | ₹32,20,000 | ₹2,59,78,339 | 8.07× | +13.2% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 15.7%, against a usual 21.4% for this index. 56% of months ended higher, and 390 days moved 3% or more either way.
Nifty PSE: 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 |
|---|---|
| 4 Jun 2024 | −16.4% |
| 14 May 2004 | −13.9% |
| 17 May 2004 | −13.4% |
| 21 Jan 2008 | −11.6% |
| 24 Oct 2008 | −10.4% |
| Best days | Return |
|---|---|
| 18 May 2009 | +15.5% |
| 1 Apr 2002 | +12.4% |
| 6 Feb 2002 | +9.8% |
| 19 May 2004 | +9.1% |
| 14 Feb 2008 | +8.7% |
| Worst months | Return |
|---|---|
| May 2004 | −28.5% |
| Oct 2008 | −27.5% |
| Jan 2008 | −24.9% |
| Mar 2020 | −17.2% |
| Apr 2000 | −16.6% |
| Best months | Return |
|---|---|
| May 2009 | +40.7% |
| Feb 2002 | +34.8% |
| Aug 2003 | +32.0% |
| May 2003 | +29.3% |
| Dec 2003 | +24.7% |
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 10.5 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 1.63, 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 10.5×, range 10.5× 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 1.63×, range 1.63× to 1.73×.
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 | 10.45 | 33 | – | – | 10.54 | 10.45 | 11.01 |
| Price to book | 1.63 | 33 | – | – | 1.65 | 1.63 | 1.73 |
| Dividend yield, % | 3.53 | 100 | – | – | 2.76 | 2.54 | 3.53 |
What it holds
20 stocks as NSE lists them today. The ten largest make up 76.1% of the index. It is weighted by periodic capped free float and rebalanced twice a yearly.
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 6 items. Weight, %: highest Oil, Gas & Consumable Fuels at 33.9%, lowest Services at 1.3%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | NTPC Ltd. | 12.86% |
| 2 | Bharat Electronics Ltd. | 11.66% |
| 3 | Power Grid Corporation of India Ltd. | 9.89% |
| 4 | Coal India Ltd. | 8.53% |
| 5 | Hindustan Aeronautics Ltd. | 7.42% |
| 6 | Oil & Natural Gas Corporation Ltd. | 7.35% |
| 7 | Bharat Petroleum Corporation Ltd. | 5.10% |
| 8 | Bharat Heavy Electricals Ltd. | 5.07% |
| 9 | Indian Oil Corporation Ltd. | 4.23% |
| 10 | Power Finance Corporation Ltd. | 3.97% |
NSE's constituent list for Nifty PSE, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Bharat Electronics Ltd. | Capital Goods | BEL | |
| Bharat Heavy Electricals Ltd. | Capital Goods | BHEL | |
| Bharat Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | BPCL | |
| Coal India Ltd. | Oil Gas & Consumable Fuels | COALINDIA | |
| Container Corporation of India Ltd. | Services | CONCOR | |
| GAIL (India) Ltd. | Oil Gas & Consumable Fuels | GAIL | |
| Hindustan Aeronautics Ltd. | Capital Goods | HAL | |
| Hindustan Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | HINDPETRO | |
| Indian Oil Corporation Ltd. | Oil Gas & Consumable Fuels | IOC | |
| Indian Railway Finance Corporation Ltd. | Financial Services | IRFC | |
| NHPC Ltd. | Power | NHPC | |
| NMDC Ltd. | Metals & Mining | NMDC | |
| NTPC Ltd. | Power | NTPC | |
| National Aluminium Co. Ltd. | Metals & Mining | NATIONALUM | |
| Oil & Natural Gas Corporation Ltd. | Oil Gas & Consumable Fuels | ONGC | |
| Oil India Ltd. | Oil Gas & Consumable Fuels | OIL | |
| Power Finance Corporation Ltd. | Financial Services | PFC | |
| Power Grid Corporation of India Ltd. | Power | POWERGRID | |
| REC Ltd. | Financial Services | RECLTD | |
| Steel Authority of India Ltd. | Metals & Mining | SAIL |
Against the Nifty 500
How Nifty PSE has done against the broad market it is part of. Over 27 years it beat the Nifty 500 by 0.2 percentage points a year, and was ahead in 10 of 25 calendar years.
Relative strength
Weekly: Nifty PSE's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty PSE 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 PSE'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 2000 | +0.2 pts | 98 | 96 | 0.98 | 0.81 | 16.5% |
| Last 5 years, from Oct 2021 | +11.9 pts | 133 | 85 | 1.12 | 0.78 | 13.2% |
Models and ETFs
No Tipsheet model uses Nifty PSE. 3 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 |
|---|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Nifty PSE ETF | ABSLPSE | 0.17% | ₹22.1 cr | −0.29 pts | 2.75% | ₹0.1 cr | |
| Groww Nifty PSE ETF | GROWWPSE | 0.45% | ₹17.5 cr | – | – | ₹0.0 cr | |
| Motilal Oswal Nifty PSE ETF | MOPSE | 0.45% | ₹2.0 cr | −0.48 pts | 6.57% | ₹0.0 cr |
Data and sources
Nifty PSE is computed and published by NSE Indices. History here starts 3 Jan 2000, 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 PSE there to download its full series.
- Nifty PSE 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.