Markets
Nifty Services Sector
Nifty Services Sector is an NSE theme index of 30 stocks. Since 1999 it has compounded 14.8% a year with dividends reinvested; over the past year it fell 9.3%. Its deepest fall was 81%, from Feb 2000 to Sept 2001, and it took 6.1 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Services Sector. Data to 14 Oct 2026.
- Trend
- Downtrend since Jan 2026
- Momentum
- 85th of 133 markets, by rank
- Below its high
- 12.7% total return
- P/E
- 20.6 100th percentile
- 1 year
- −9.3% total return
- 5 years
- 4.3% a year
- 10 years
- 11.9% a year
- Since 1999
- 14.8% a year
- Volatility
- 14.4% past year; usual 19%
Returns
Total return counts dividends reinvested; price return does not. Since 1999, dividends added about 1.6 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Services Sector: growth of 100
Weekly, from Jun 1999, 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 | −1.7% | −1.7% | 0.0 pts | |
| 3 months | −4.8% | −5.2% | +0.3 pts | |
| 6 months | −3.2% | −4.1% | +0.9 pts | |
| This year | −11.6% | −12.5% | +0.9 pts | |
| 1 year | −9.3% | −10.4% | +1.1 pts | |
| 3 years, a year | +6.7% | +5.4% | +1.3 pts | |
| 5 years, a year | +4.3% | +3.0% | +1.3 pts | |
| 10 years, a year | +11.9% | +10.6% | +1.3 pts | |
| 15 years, a year | +12.3% | +11.0% | +1.3 pts | |
| 20 years, a year | +11.2% | +9.9% | +1.3 pts | |
| Since Jun 1999, a year | +14.8% | +13.2% | +1.6 pts |
Year by year
21 of the 26 full calendar years since 2000 ended higher. 21 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Services Sector: 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 | −11.6% | −12.5% | +0.9 pts | −16.6% | |
| 2025 | +8.5% | +7.1% | +1.4 pts | −8.1% | |
| 2024 | +14.9% | +13.5% | +1.4 pts | −8.0% | |
| 2023 | +12.8% | +11.5% | +1.4 pts | −10.2% | |
| 2022 | +3.0% | +1.8% | +1.2 pts | −19.7% | |
| 2021 | +25.5% | +24.3% | +1.2 pts | −9.8% | |
| 2020 | +13.5% | +12.5% | +1.1 pts | −40.1% | |
| 2019 | +18.3% | +16.9% | +1.5 pts | −10.0% | |
| 2018 | +10.0% | +8.7% | +1.3 pts | −13.2% | |
| 2017 | +33.5% | +31.9% | +1.6 pts | −4.4% | |
| 2016 | +2.4% | +1.0% | +1.4 pts | −14.7% | |
| 2015 | −2.1% | −3.2% | +1.1 pts | −16.0% | |
| 2014 | +39.7% | +37.8% | +1.9 pts | −6.8% | |
| 2013 | +10.1% | +8.8% | +1.4 pts | −15.1% | |
| 2012 | +28.5% | +26.9% | +1.7 pts | −16.6% | |
| 2011 | −23.4% | −24.2% | +0.8 pts | −25.7% | |
| 2010 | +20.6% | +19.1% | +1.4 pts | −10.3% | |
| 2009 | +69.6% | +67.3% | +2.3 pts | −20.7% | |
| 2008 | −49.2% | −49.8% | +0.6 pts | −58.1% | |
| 2007 | +48.4% | +46.9% | +1.5 pts | −14.5% | |
| 2006 | +40.6% | +38.4% | +2.2 pts | −27.7% | |
| 2005 | +36.4% | +34.6% | +1.9 pts | −14.4% | |
| 2004 | +30.4% | +27.7% | +2.8 pts | −28.8% | |
| 2003 | +67.1% | +62.6% | +4.5 pts | −23.3% | |
| 2002 | +11.0% | +7.1% | +3.9 pts | −22.1% | |
| 2001 | −28.9% | −30.7% | +1.8 pts | −57.7% | |
| 2000 | −25.1% | −25.5% | +0.4 pts | −65.0% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 81%, took 19 months to reach bottom and 4.5 years more to climb back. Today it is 12.7% below its high.
Nifty Services Sector: 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 |
|---|---|---|---|---|---|---|
| −81.0% | 21 Feb 2000 | 21 Sept 2001 | 19 months | 4.5 years | 20 Mar 2006 | 6.1 years |
| −59.0% | 9 Jan 2008 | 5 Mar 2009 | 14 months | 19 months | 1 Oct 2010 | 2.7 years |
| −40.1% | 14 Jan 2020 | 23 Mar 2020 | 2 months | 8 months | 10 Nov 2020 | 10 months |
| −27.7% | 10 May 2006 | 14 Jun 2006 | 35 days | 3 months | 20 Sept 2006 | 4 months |
| −27.7% | 5 Nov 2010 | 20 Dec 2011 | 13 months | 13 months | 15 Jan 2013 | 2.2 years |
| −24.0% | 3 Mar 2015 | 25 Feb 2016 | 12 months | 12 months | 17 Feb 2017 | 24 months |
| −19.7% | 14 Jan 2022 | 17 Jun 2022 | 5 months | 5 months | 15 Nov 2022 | 10 months |
| −19.4% | 14 Oct 1999 | 1 Nov 1999 | 18 days | 28 days | 29 Nov 1999 | 46 days |
| −16.7% | 27 Nov 2025 | 30 Mar 2026 | 4 months | +5% off the low | not yet | 7 months since the low |
| −15.1% | 17 May 2013 | 28 Aug 2013 | 3 months | 55 days | 22 Oct 2013 | 5 months |
What holding it was like
From every day in its history, what holding Nifty Services Sector for a fixed span would have returned a year. Over five years the middle outcome was 14.4% a year; the worst −8.1% and the best 47.1%; 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 | −69.1% | −14.8% | +14.8% | +55.4% | +146.9% | 23% | 27.4 |
| 3 years | −33.4% | +2.4% | +13.3% | +36.6% | +63.3% | 7% | 9.1 |
| 5 years | −8.1% | +6.5% | +14.4% | +28.6% | +47.1% | 1% | 5.5 |
| 7 years | +3.7% | +9.7% | +14.2% | +24.4% | +32.1% | 0% | 3.9 |
| 10 years | +4.3% | +10.0% | +14.3% | +19.7% | +24.2% | 0% | 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.
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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 (+5.0% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,08,470 | 0.95× | −5.8% | |
| 2024 | 34 | ₹3,40,000 | ₹3,30,410 | 0.97× | −2.0% | |
| 2023 | 46 | ₹4,60,000 | ₹4,81,626 | 1.05× | +2.4% | |
| 2022 | 58 | ₹5,80,000 | ₹6,38,759 | 1.10× | +4.0% | |
| 2021 | 70 | ₹7,00,000 | ₹8,10,501 | 1.16× | +5.0% | |
| 2020 | 82 | ₹8,20,000 | ₹10,69,514 | 1.30× | +7.8% | |
| 2019 | 94 | ₹9,40,000 | ₹13,10,067 | 1.39× | +8.4% | |
| 2018 | 106 | ₹10,60,000 | ₹15,79,682 | 1.49× | +8.9% | |
| 2017 | 118 | ₹11,80,000 | ₹19,01,498 | 1.61× | +9.5% | |
| 2016 | 130 | ₹13,00,000 | ₹22,85,973 | 1.76× | +10.1% | |
| 2015 | 142 | ₹14,20,000 | ₹26,62,094 | 1.87× | +10.2% | |
| 2014 | 154 | ₹15,40,000 | ₹31,27,667 | 2.03× | +10.5% | |
| 2013 | 166 | ₹16,60,000 | ₹37,08,540 | 2.23× | +11.0% | |
| 2012 | 178 | ₹17,80,000 | ₹43,70,776 | 2.46× | +11.3% | |
| 2011 | 190 | ₹19,00,000 | ₹50,17,771 | 2.64× | +11.4% | |
| 2010 | 202 | ₹20,20,000 | ₹56,85,133 | 2.81× | +11.3% | |
| 2009 | 214 | ₹21,40,000 | ₹66,43,270 | 3.10× | +11.6% | |
| 2008 | 226 | ₹22,60,000 | ₹75,21,108 | 3.33× | +11.6% | |
| 2007 | 238 | ₹23,80,000 | ₹83,27,554 | 3.50× | +11.4% | |
| 2006 | 250 | ₹25,00,000 | ₹94,69,328 | 3.79× | +11.4% | |
| 2005 | 262 | ₹26,20,000 | ₹1,10,56,929 | 4.22× | +11.7% | |
| 2004 | 274 | ₹27,40,000 | ₹1,33,05,332 | 4.86× | +12.2% | |
| 2003 | 286 | ₹28,60,000 | ₹1,69,63,614 | 5.93× | +13.0% | |
| 2002 | 298 | ₹29,80,000 | ₹2,10,39,953 | 7.06× | +13.5% | |
| 2001 | 310 | ₹31,00,000 | ₹2,50,48,314 | 8.08× | +13.8% | |
| 2000 | 322 | ₹32,20,000 | ₹2,73,06,969 | 8.48× | +13.5% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 14.4%, against a usual 18.9% for this index. 60% of months ended higher, and 446 days moved 3% or more either way.
Nifty Services Sector: 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 | −13.7% |
| 17 May 2004 | −13.3% |
| 24 Oct 2008 | −10.9% |
| 10 Apr 2003 | −10.2% |
| 17 Sept 2001 | −9.9% |
| Best days | Return |
|---|---|
| 18 May 2009 | +17.3% |
| 18 May 2004 | +13.2% |
| 13 Oct 2008 | +9.0% |
| 25 Sept 2000 | +8.4% |
| 14 Mar 2001 | +8.4% |
| Worst months | Return |
|---|---|
| Mar 2001 | −31.3% |
| Mar 2020 | −27.0% |
| Apr 2000 | −24.7% |
| Sept 2001 | −21.4% |
| May 2000 | −21.3% |
| Best months | Return |
|---|---|
| Dec 1999 | +40.6% |
| Feb 2000 | +33.7% |
| May 2009 | +26.2% |
| Nov 2001 | +21.6% |
| Nov 1999 | +19.1% |
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 20.6 is near the top of its range since NSE moved to consolidated earnings in March 2021. Price to book, 3.45, is near the top 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 20.6×, range 19.0× to 20.6×.
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 3.45×, range 2.88× to 3.45×.
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 | 20.59 | 100 | – | – | 20.40 | 19.01 | 20.59 |
| Price to book | 3.45 | 100 | – | – | 3.39 | 2.88 | 3.45 |
| Dividend yield, % | 1.97 | 100 | – | – | 1.63 | 1.27 | 1.97 |
What it holds
30 stocks as NSE lists them today. The ten largest make up 65.9% 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 7 items. Weight, %: highest Financial Services at 30.1%, lowest Healthcare at 4.8%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Infosys Ltd. | 10.14% |
| 2 | Bharti Airtel Ltd. | 10.04% |
| 3 | HDFC Bank Ltd. | 8.05% |
| 4 | Eternal Ltd. | 7.23% |
| 5 | ICICI Bank Ltd. | 7.02% |
| 6 | Tata Consultancy Services Ltd. | 6.53% |
| 7 | NTPC Ltd. | 4.78% |
| 8 | Adani Ports and Special Economic Zone Ltd. | 4.40% |
| 9 | HCL Technologies Ltd. | 4.04% |
| 10 | Power Grid Corporation of India Ltd. | 3.68% |
NSE's constituent list for Nifty Services Sector, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Adani Ports and Special Economic Zone Ltd. | Services | ADANIPORTS | |
| Adani Power Ltd. | Power | ADANIPOWER | |
| Apollo Hospitals Enterprise Ltd. | Healthcare | APOLLOHOSP | |
| Avenue Supermarts Ltd. | Consumer Services | DMART | |
| Axis Bank Ltd. | Financial Services | AXISBANK | |
| BSE Ltd. | Financial Services | BSE | |
| Bajaj Finance Ltd. | Financial Services | BAJFINANCE | |
| Bajaj Finserv Ltd. | Financial Services | BAJAJFINSV | |
| Bharti Airtel Ltd. | Telecommunication | BHARTIARTL | |
| Eternal Ltd. | Consumer Services | ETERNAL | |
| Federal Bank Ltd. | Financial Services | FEDERALBNK | |
| HCL Technologies Ltd. | Information Technology | HCLTECH | |
| HDFC Bank Ltd. | Financial Services | HDFCBANK | |
| HDFC Life Insurance Company Ltd. | Financial Services | HDFCLIFE | |
| ICICI Bank Ltd. | Financial Services | ICICIBANK | |
| IndusInd Bank Ltd. | Financial Services | INDUSINDBK | |
| Infosys Ltd. | Information Technology | INFY | |
| InterGlobe Aviation Ltd. | Services | INDIGO | |
| Jio Financial Services Ltd. | Financial Services | JIOFIN | |
| Kotak Mahindra Bank Ltd. | Financial Services | KOTAKBANK | |
| Max Healthcare Institute Ltd. | Healthcare | MAXHEALTH | |
| NTPC Ltd. | Power | NTPC | |
| Power Grid Corporation of India Ltd. | Power | POWERGRID | |
| SBI Life Insurance Company Ltd. | Financial Services | SBILIFE | |
| Shriram Finance Ltd. | Financial Services | SHRIRAMFIN | |
| State Bank of India | Financial Services | SBIN | |
| Tata Consultancy Services Ltd. | Information Technology | TCS | |
| Tata Power Co. Ltd. | Power | TATAPOWER | |
| Tech Mahindra Ltd. | Information Technology | TECHM | |
| Wipro Ltd. | Information Technology | WIPRO |
Against the Nifty 500
How Nifty Services Sector has done against the broad market it is part of. Over 27 years it beat the Nifty 500 by 0.1 percentage points a year, and was ahead in 10 of 26 calendar years.
Relative strength
Weekly: Nifty Services Sector's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Services Sector 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 Services Sector'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 Jul 1999 | +0.1 pts | 107 | 110 | 1.06 | 0.91 | 11.3% |
| Last 5 years, from Oct 2021 | −4.4 pts | 85 | 103 | 0.90 | 0.95 | 4.8% |
Models and ETFs
No Tipsheet model uses Nifty Services Sector. 1 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal Nifty Services Sector ETF | MOSERVICE | 0.45% | ₹6.1 cr | – | 2.97% | ₹0.0 cr |
Data and sources
Nifty Services Sector is computed and published by NSE Indices. History here starts 1 Jun 1999, from a base date of June 01, 1999. 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 Services Sector there to download its full series.
- Nifty Services Sector 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.