Markets
Nifty Rural
Nifty Rural is an NSE theme index of 75 stocks. Since 2005 it has compounded 14.6% a year with dividends reinvested; over the past year it fell 8.2%. Its deepest fall was 61%, from Jan 2008 to Oct 2008, and it took 2.7 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Rural. Data to 14 Oct 2026.
- Trend
- Downtrend since Aug 2026
- Momentum
- 131st of 133 markets, by rank
- Below its high
- 13.1% total return
- P/E
- 21.5 33rd percentile
- 1 year
- −8.2% total return
- 5 years
- 8.8% a year
- 10 years
- 10.5% a year
- Since 2005
- 14.6% a year
- Volatility
- 15.6% past year; usual 17%
NSE launched Nifty Rural in Jul 2024. 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 1.5 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Rural: 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 | −4.9% | −4.9% | 0.0 pts | |
| 3 months | −7.2% | −7.5% | +0.3 pts | |
| 6 months | −5.3% | −6.0% | +0.7 pts | |
| This year | −12.0% | −12.8% | +0.8 pts | |
| 1 year | −8.2% | −9.1% | +0.9 pts | |
| 3 years, a year | +7.8% | +6.6% | +1.2 pts | |
| 5 years, a year | +8.8% | +7.6% | +1.2 pts | |
| 10 years, a year | +10.5% | +9.3% | +1.2 pts | |
| 15 years, a year | +12.5% | +11.2% | +1.4 pts | |
| 20 years, a year | +12.0% | +10.6% | +1.4 pts | |
| Since Apr 2005, a year | +14.6% | +13.1% | +1.5 pts |
Year by year
17 of the 20 full calendar years since 2006 ended higher. 16 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Rural: 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 | −12.0% | −12.8% | +0.8 pts | −15.0% | |
| 2025 | +17.2% | +15.8% | +1.4 pts | −9.6% | |
| 2024 | +10.2% | +9.0% | +1.2 pts | −15.0% | |
| 2023 | +31.3% | +30.0% | +1.3 pts | −6.1% | |
| 2022 | +8.9% | +7.4% | +1.4 pts | −16.5% | |
| 2021 | +26.5% | +25.0% | +1.5 pts | −10.3% | |
| 2020 | +13.1% | +12.0% | +1.1 pts | −37.1% | |
| 2019 | +3.6% | +2.3% | +1.3 pts | −12.9% | |
| 2018 | −8.7% | −9.7% | +1.1 pts | −19.1% | |
| 2017 | +35.3% | +33.8% | +1.5 pts | −5.0% | |
| 2016 | +6.7% | +5.4% | +1.2 pts | −16.2% | |
| 2015 | +2.1% | +0.8% | +1.4 pts | −13.4% | |
| 2014 | +40.5% | +38.3% | +2.2 pts | −7.9% | |
| 2013 | +2.3% | +0.7% | +1.5 pts | −17.5% | |
| 2012 | +37.2% | +34.9% | +2.2 pts | −12.9% | |
| 2011 | −16.8% | −18.2% | +1.4 pts | −19.2% | |
| 2010 | +21.2% | +19.4% | +1.8 pts | −10.1% | |
| 2009 | +65.6% | +63.4% | +2.1 pts | −19.7% | |
| 2008 | −49.7% | −50.3% | +0.6 pts | −60.5% | |
| 2007 | +63.1% | +61.2% | +1.9 pts | −18.4% | |
| 2006 | +45.0% | +43.1% | +1.9 pts | −31.3% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 61%, took 10 months to reach bottom and 23 months more to climb back. Today it is 13.1% below its high.
Nifty Rural: 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 |
|---|---|---|---|---|---|---|
| −60.5% | 9 Jan 2008 | 27 Oct 2008 | 10 months | 23 months | 6 Oct 2010 | 2.7 years |
| −39.8% | 31 Aug 2018 | 23 Mar 2020 | 19 months | 8 months | 3 Dec 2020 | 2.3 years |
| −31.3% | 10 May 2006 | 14 Jun 2006 | 35 days | 4 months | 27 Oct 2006 | 6 months |
| −23.1% | 5 Nov 2010 | 20 Dec 2011 | 13 months | 9 months | 28 Sept 2012 | 23 months |
| −20.6% | 27 Sept 2024 | 28 Feb 2025 | 5 months | 10 months | 31 Dec 2025 | 15 months |
| −19.2% | 28 Jan 2015 | 11 Feb 2016 | 12 months | 4 months | 8 Jun 2016 | 16 months |
| −18.4% | 5 Feb 2007 | 16 Mar 2007 | 39 days | 3 months | 25 Jun 2007 | 5 months |
| −17.5% | 17 May 2013 | 28 Aug 2013 | 3 months | 2 months | 31 Oct 2013 | 5 months |
| −17.1% | 18 Oct 2021 | 7 Mar 2022 | 5 months | 5 months | 8 Aug 2022 | 10 months |
| −16.2% | 8 Sept 2016 | 26 Dec 2016 | 4 months | 3 months | 21 Mar 2017 | 6 months |
What holding it was like
From every day in its history, what holding Nifty Rural for a fixed span would have returned a year. Over five years the middle outcome was 13.7% a year; the worst −2.5% and the best 28.5%; 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 | −54.1% | −8.4% | +13.4% | +47.9% | +99.5% | 19% | 21.5 |
| 3 years | −10.2% | +3.5% | +13.6% | +22.5% | +42.9% | 5% | 7.2 |
| 5 years | −2.5% | +6.8% | +13.7% | +20.6% | +28.5% | 0% | 4.3 |
| 7 years | +5.1% | +9.9% | +12.8% | +15.7% | +22.5% | 0% | 3.1 |
| 10 years | +6.2% | +10.2% | +12.9% | +15.5% | +20.2% | 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 (+8.8% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,10,705 | 0.96× | −4.7% | |
| 2024 | 34 | ₹3,40,000 | ₹3,32,235 | 0.98× | −1.6% | |
| 2023 | 46 | ₹4,60,000 | ₹4,98,270 | 1.08× | +4.2% | |
| 2022 | 58 | ₹5,80,000 | ₹6,87,111 | 1.18× | +7.1% | |
| 2021 | 70 | ₹7,00,000 | ₹9,02,688 | 1.29× | +8.8% | |
| 2020 | 82 | ₹8,20,000 | ₹12,16,276 | 1.48× | +11.5% | |
| 2019 | 94 | ₹9,40,000 | ₹15,08,910 | 1.61× | +11.9% | |
| 2018 | 106 | ₹10,60,000 | ₹17,87,061 | 1.69× | +11.6% | |
| 2017 | 118 | ₹11,80,000 | ₹20,85,226 | 1.77× | +11.3% | |
| 2016 | 130 | ₹13,00,000 | ₹24,48,898 | 1.88× | +11.3% | |
| 2015 | 142 | ₹14,20,000 | ₹28,30,546 | 1.99× | +11.2% | |
| 2014 | 154 | ₹15,40,000 | ₹33,02,468 | 2.14× | +11.3% | |
| 2013 | 166 | ₹16,60,000 | ₹38,77,269 | 2.34× | +11.6% | |
| 2012 | 178 | ₹17,80,000 | ₹45,35,273 | 2.55× | +11.8% | |
| 2011 | 190 | ₹19,00,000 | ₹52,24,548 | 2.75× | +11.8% | |
| 2010 | 202 | ₹20,20,000 | ₹59,51,564 | 2.95× | +11.8% | |
| 2009 | 214 | ₹21,40,000 | ₹69,82,076 | 3.26× | +12.1% | |
| 2008 | 226 | ₹22,60,000 | ₹79,54,853 | 3.52× | +12.1% | |
| 2007 | 238 | ₹23,80,000 | ₹89,11,386 | 3.74× | +12.0% | |
| 2006 | 250 | ₹25,00,000 | ₹1,02,14,716 | 4.09× | +12.0% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 15.6%, against a usual 16.8% for this index. 64% of months ended higher, and 183 days moved 3% or more either way.
Nifty Rural: 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 | −13.3% |
| 24 Oct 2008 | −10.3% |
| 21 Jan 2008 | −10.2% |
| 12 Mar 2020 | −7.7% |
| 18 May 2006 | −7.3% |
| Best days | Return |
|---|---|
| 18 May 2009 | +16.8% |
| 23 Jan 2008 | +7.2% |
| 7 Apr 2020 | +7.1% |
| 13 Oct 2008 | +6.7% |
| 23 Jul 2008 | +6.5% |
| Worst months | Return |
|---|---|
| Oct 2008 | −24.7% |
| Mar 2020 | −24.4% |
| Jun 2008 | −19.9% |
| May 2006 | −15.7% |
| Jan 2008 | −15.5% |
| Best months | Return |
|---|---|
| May 2009 | +28.3% |
| Apr 2009 | +16.1% |
| Sept 2007 | +15.1% |
| Apr 2020 | +14.3% |
| Nov 2020 | +13.1% |
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 21.5 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 3.37, 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 21.5×, range 21.5× to 22.8×.
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 3.37×, range 3.37× to 3.60×.
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 | 21.45 | 33 | – | – | 21.69 | 21.45 | 22.83 |
| Price to book | 3.37 | 33 | – | – | 3.41 | 3.37 | 3.60 |
| Dividend yield, % | 1.50 | 100 | – | – | 1.04 | 0.98 | 1.50 |
What it holds
75 stocks as NSE lists them today. The ten largest make up 47.6% of the index. It is weighted by periodic capped free float 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 10 items. Weight, %: highest Financial Services at 24.9%, lowest Consumer Services at 0.3%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Bharti Airtel Ltd. | 10.11% |
| 2 | State Bank of India | 6.75% |
| 3 | Mahindra & Mahindra Ltd. | 5.57% |
| 4 | ITC Ltd. | 5.36% |
| 5 | Bajaj Finance Ltd. | 4.46% |
| 6 | Hindustan Unilever Ltd. | 3.53% |
| 7 | Maruti Suzuki India Ltd. | 3.29% |
| 8 | NTPC Ltd. | 3.24% |
| 9 | UltraTech Cement Ltd. | 2.74% |
| 10 | Bajaj Auto Ltd. | 2.51% |
NSE's constituent list for Nifty Rural, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Adani Green Energy Ltd. | Power | ADANIGREEN | |
| Adani Power Ltd. | Power | ADANIPOWER | |
| Ambuja Cements Ltd. | Construction Materials | AMBUJACEM | |
| Ashok Leyland Ltd. | Capital Goods | ASHOKLEY | |
| Asian Paints Ltd. | Consumer Durables | ASIANPAINT | |
| Astral Ltd. | Capital Goods | ASTRAL | |
| Ather Energy Ltd. | Automobile and Auto Components | ATHERENERG | |
| Bajaj Auto Ltd. | Automobile and Auto Components | BAJAJ-AUTO | |
| Bajaj Finance Ltd. | Financial Services | BAJFINANCE | |
| Bandhan Bank Ltd. | Financial Services | BANDHANBNK | |
| Bank of Baroda | Financial Services | BANKBARODA | |
| Bank of India | Financial Services | BANKINDIA | |
| Berger Paints India Ltd. | Consumer Durables | BERGEPAINT | |
| Bharti Airtel Ltd. | Telecommunication | BHARTIARTL | |
| Blue Star Ltd. | Consumer Durables | BLUESTARCO | |
| Britannia Industries Ltd. | Fast Moving Consumer Goods | BRITANNIA | |
| Cholamandalam Investment and Finance Company Ltd. | Financial Services | CHOLAFIN | |
| Colgate Palmolive (India) Ltd. | Fast Moving Consumer Goods | COLPAL | |
| Coromandel International Ltd. | Chemicals | COROMANDEL | |
| Crompton Greaves Consumer Electricals Ltd. | Consumer Durables | CROMPTON | |
| Cummins India Ltd. | Capital Goods | CUMMINSIND | |
| Dabur India Ltd. | Fast Moving Consumer Goods | DABUR | |
| Dalmia Bharat Ltd. | Construction Materials | DALBHARAT | |
| Dixon Technologies (India) Ltd. | Consumer Durables | DIXON | |
| Eicher Motors Ltd. | Automobile and Auto Components | EICHERMOT | |
| Godrej Consumer Products Ltd. | Fast Moving Consumer Goods | GODREJCP | |
| Grasim Industries Ltd. | Construction Materials | GRASIM | |
| HDFC Life Insurance Company Ltd. | Financial Services | HDFCLIFE | |
| Havells India Ltd. | Consumer Durables | HAVELLS | |
| Hero MotoCorp Ltd. | Automobile and Auto Components | HEROMOTOCO | |
| Hindustan Unilever Ltd. | Fast Moving Consumer Goods | HINDUNILVR | |
| Hyundai Motor India Ltd. | Automobile and Auto Components | HYUNDAI | |
| ICICI Prudential Life Insurance Company Ltd. | Financial Services | ICICIPRULI | |
| ITC Ltd. | Fast Moving Consumer Goods | ITC | |
| Indian Bank | Financial Services | INDIANB | |
| Indian Railway Catering And Tourism Corporation Ltd. | Consumer Services | IRCTC | |
| J.K. Cement Ltd. | Construction Materials | JKCEMENT | |
| JSW Energy Ltd. | Power | JSWENERGY | |
| L&T Finance Ltd. | Financial Services | LTF | |
| LIC Housing Finance Ltd. | Financial Services | LICHSGFIN | |
| Life Insurance Corporation of India | Financial Services | LICI | |
| Mahindra & Mahindra Financial Services Ltd. | Financial Services | M&MFIN | |
| Mahindra & Mahindra Ltd. | Automobile and Auto Components | M&M | |
| Marico Ltd. | Fast Moving Consumer Goods | MARICO | |
| Maruti Suzuki India Ltd. | Automobile and Auto Components | MARUTI | |
| Max Financial Services Ltd. | Financial Services | MFSL | |
| Muthoot Finance Ltd. | Financial Services | MUTHOOTFIN | |
| NHPC Ltd. | Power | NHPC | |
| NTPC Ltd. | Power | NTPC | |
| Nestle India Ltd. | Fast Moving Consumer Goods | NESTLEIND | |
| PI Industries Ltd. | Chemicals | PIIND | |
| PNB Housing Finance Ltd. | Financial Services | PNBHOUSING | |
| Patanjali Foods Ltd. | Fast Moving Consumer Goods | PATANJALI | |
| Piramal Finance Ltd. | Financial Services | PIRAMALFIN | |
| Poonawalla Fincorp Ltd. | Financial Services | POONAWALLA | |
| Punjab National Bank | Financial Services | PNB | |
| SBI Cards and Payment Services Ltd. | Financial Services | SBICARD | |
| SBI Life Insurance Company Ltd. | Financial Services | SBILIFE | |
| Shree Cement Ltd. | Construction Materials | SHREECEM | |
| Shriram Finance Ltd. | Financial Services | SHRIRAMFIN | |
| State Bank of India | Financial Services | SBIN | |
| Sundaram Finance Ltd. | Financial Services | SUNDARMFIN | |
| Supreme Industries Ltd. | Capital Goods | SUPREMEIND | |
| TVS Motor Company Ltd. | Automobile and Auto Components | TVSMOTOR | |
| Tata Capital Ltd. | Financial Services | TATACAP | |
| Tata Communications Ltd. | Telecommunication | TATACOMM | |
| Tata Consumer Products Ltd. | Fast Moving Consumer Goods | TATACONSUM | |
| Tata Motors Ltd. | Capital Goods | TMCV | |
| Tata Motors Passenger Vehicles Ltd. | Automobile and Auto Components | TMPV | |
| Tata Power Co. Ltd. | Power | TATAPOWER | |
| Torrent Power Ltd. | Power | TORNTPOWER | |
| UPL Ltd. | Chemicals | UPL | |
| UltraTech Cement Ltd. | Construction Materials | ULTRACEMCO | |
| Vodafone Idea Ltd. | Telecommunication | IDEA | |
| Voltas Ltd. | Consumer Durables | VOLTAS |
Against the Nifty 500
How Nifty Rural has done against the broad market it is part of. Over 21 years it beat the Nifty 500 by 0.8 percentage points a year, and was ahead in 11 of 20 calendar years.
Relative strength
Weekly: Nifty Rural's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Rural 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 Rural'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 | +0.8 pts | 100 | 97 | 0.97 | 0.97 | 5.8% |
| Last 5 years, from Oct 2021 | +1.2 pts | 97 | 90 | 0.98 | 0.94 | 5.3% |
Models and ETFs
No Tipsheet model uses Nifty Rural. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty Rural is computed and published by NSE Indices. History here starts 1 Apr 2005; NSE launched the index on 25 Jul 2024, 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 Rural there to download its full series.
- Nifty Rural 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.