Markets
Nifty Waves
Nifty Waves is an NSE theme index of 43 stocks. Since 2005 it has compounded 3.6% a year with dividends reinvested; over the past year it fell 6.0%. Its deepest fall was 81%, from Jan 2008 to Mar 2009, and it took 10.0 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty Waves. Data to 14 Oct 2026.
- Trend
- Downtrend since Jul 2026
- Momentum
- 34th of 133 markets, by rank
- Below its high
- 38.2% total return
- 1 year
- −6.0% total return
- 5 years
- −2.4% a year
- 10 years
- −1.7% a year
- Since 2005
- 3.6% a year
- Volatility
- 21.0% past year; usual 23%
NSE launched Nifty Waves in May 2025. 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 0.6 percentage points a year. Returns over more than a year are a year, compounded.
Nifty Waves: 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 | +2.9% | +2.9% | +0.1 pts | |
| 3 months | −3.5% | −3.6% | +0.1 pts | |
| 6 months | +4.1% | +4.0% | +0.1 pts | |
| This year | −7.4% | −7.6% | +0.2 pts | |
| 1 year | −6.0% | −6.3% | +0.3 pts | |
| 3 years, a year | −8.3% | −8.7% | +0.3 pts | |
| 5 years, a year | −2.4% | −2.9% | +0.4 pts | |
| 10 years, a year | −1.7% | −2.2% | +0.5 pts | |
| 15 years, a year | +4.0% | +3.5% | +0.5 pts | |
| 20 years, a year | +2.7% | +2.2% | +0.6 pts | |
| Since Apr 2005, a year | +3.6% | +3.1% | +0.6 pts |
Year by year
10 of the 20 full calendar years since 2006 ended higher. 20 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty Waves: 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 | −7.4% | −7.6% | +0.2 pts | −24.8% | |
| 2025 | −19.4% | −19.8% | +0.4 pts | −29.2% | |
| 2024 | −3.6% | −3.9% | +0.3 pts | −22.7% | |
| 2023 | +28.0% | +27.1% | +0.9 pts | −25.4% | |
| 2022 | −3.5% | −4.0% | +0.4 pts | −31.1% | |
| 2021 | +52.1% | +51.4% | +0.7 pts | −13.2% | |
| 2020 | +19.9% | +19.2% | +0.6 pts | −45.8% | |
| 2019 | −37.9% | −38.3% | +0.4 pts | −39.6% | |
| 2018 | −30.3% | −30.6% | +0.4 pts | −38.7% | |
| 2017 | +27.1% | +26.5% | +0.6 pts | −14.5% | |
| 2016 | −8.3% | −8.8% | +0.5 pts | −23.1% | |
| 2015 | +18.9% | +18.3% | +0.6 pts | −17.1% | |
| 2014 | +39.5% | +38.4% | +1.1 pts | −10.7% | |
| 2013 | 0.0% | −0.6% | +0.6 pts | −28.8% | |
| 2012 | +73.1% | +72.2% | +0.9 pts | −16.2% | |
| 2011 | −36.9% | −37.3% | +0.4 pts | −39.0% | |
| 2010 | +8.5% | +8.1% | +0.4 pts | −22.9% | |
| 2009 | +56.6% | +55.7% | +1.0 pts | −34.4% | |
| 2008 | −72.7% | −72.9% | +0.2 pts | −78.7% | |
| 2007 | +141.4% | +139.7% | +1.7 pts | −20.0% | |
| 2006 | −1.7% | −2.2% | +0.5 pts | −42.0% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 81%, took 14 months to reach bottom and 8.8 years more to climb back. Today it is 38.2% below its high.
Nifty Waves: 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 |
|---|---|---|---|---|---|---|
| −81.2% | 4 Jan 2008 | 12 Mar 2009 | 14 months | 8.8 years | 15 Jan 2018 | 10.0 years |
| −76.7% | 15 Jan 2018 | 24 Mar 2020 | 2.2 years | 3.8 years | 8 Jan 2024 | 6.0 years |
| −49.1% | 20 Feb 2024 | 30 Mar 2026 | 2.1 years | +21% off the low | not yet | 7 months since the low |
| −44.5% | 1 Sept 2005 | 14 Jun 2006 | 9 months | 10 months | 18 Apr 2007 | 20 months |
| −20.0% | 16 Jul 2007 | 23 Aug 2007 | 38 days | 42 days | 4 Oct 2007 | 3 months |
What holding it was like
From every day in its history, what holding Nifty Waves for a fixed span would have returned a year. Over five years the middle outcome was 4.4% a year; the worst −18.9% and the best 24.6%; 40% 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 | −74.1% | −32.1% | +4.8% | +56.5% | +153.5% | 44% | 21.5 |
| 3 years | −34.8% | −17.1% | +3.3% | +23.1% | +35.7% | 41% | 7.2 |
| 5 years | −18.9% | −8.8% | +4.4% | +16.7% | +24.6% | 40% | 4.3 |
| 7 years | −7.5% | −1.9% | +1.5% | +11.3% | +20.2% | 30% | 3.1 |
| 10 years | −5.4% | −0.9% | +4.3% | +8.3% | +12.8% | 19% | 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 (−2.2% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,11,137 | 0.96× | −4.5% | |
| 2024 | 34 | ₹3,40,000 | ₹2,94,407 | 0.87× | −10.0% | |
| 2023 | 46 | ₹4,60,000 | ₹4,09,080 | 0.89× | −6.1% | |
| 2022 | 58 | ₹5,80,000 | ₹5,17,759 | 0.89× | −4.7% | |
| 2021 | 70 | ₹7,00,000 | ₹6,56,771 | 0.94× | −2.2% | |
| 2020 | 82 | ₹8,20,000 | ₹8,67,619 | 1.06× | +1.7% | |
| 2019 | 94 | ₹9,40,000 | ₹10,23,722 | 1.09× | +2.2% | |
| 2018 | 106 | ₹10,60,000 | ₹11,27,576 | 1.06× | +1.4% | |
| 2017 | 118 | ₹11,80,000 | ₹12,23,434 | 1.04× | +0.7% | |
| 2016 | 130 | ₹13,00,000 | ₹13,29,207 | 1.02× | +0.4% | |
| 2015 | 142 | ₹14,20,000 | ₹14,39,991 | 1.01× | +0.2% | |
| 2014 | 154 | ₹15,40,000 | ₹15,83,151 | 1.03× | +0.4% | |
| 2013 | 166 | ₹16,60,000 | ₹17,67,338 | 1.06× | +0.9% | |
| 2012 | 178 | ₹17,80,000 | ₹19,88,952 | 1.12× | +1.5% | |
| 2011 | 190 | ₹19,00,000 | ₹22,02,145 | 1.16× | +1.8% | |
| 2010 | 202 | ₹20,20,000 | ₹23,80,901 | 1.18× | +1.9% | |
| 2009 | 214 | ₹21,40,000 | ₹26,46,832 | 1.24× | +2.3% | |
| 2008 | 226 | ₹22,60,000 | ₹28,25,572 | 1.25× | +2.3% | |
| 2007 | 238 | ₹23,80,000 | ₹29,66,758 | 1.25× | +2.2% | |
| 2006 | 250 | ₹25,00,000 | ₹31,72,707 | 1.27× | +2.2% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 21.0%, against a usual 23.1% for this index. 55% of months ended higher, and 356 days moved 3% or more either way.
Nifty Waves: 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 |
|---|---|
| 21 Jan 2008 | −14.0% |
| 22 Jan 2008 | −10.8% |
| 24 Oct 2008 | −10.5% |
| 24 Aug 2015 | −10.2% |
| 12 Mar 2020 | −9.9% |
| Best days | Return |
|---|---|
| 23 Jan 2008 | +10.9% |
| 18 May 2009 | +10.6% |
| 20 May 2009 | +10.2% |
| 28 Oct 2008 | +9.2% |
| 16 Mar 2009 | +7.1% |
| Worst months | Return |
|---|---|
| Oct 2008 | −33.7% |
| Mar 2020 | −32.1% |
| Jan 2008 | −24.9% |
| Sept 2008 | −19.5% |
| Jun 2008 | −19.3% |
| Best months | Return |
|---|---|
| May 2009 | +47.3% |
| Jun 2020 | +30.8% |
| Apr 2020 | +24.2% |
| Aug 2005 | +23.8% |
| Apr 2026 | +23.0% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Aug 2026. Price to book, 2.61, is near the top of its range over the full history.
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 2.61×, range 2.14× to 2.61×.
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 book | 2.61 | 100 | – | – | 2.44 | 2.14 | 2.61 |
| Dividend yield, % | 0.51 | 100 | – | – | 0.44 | 0.30 | 0.51 |
What it holds
43 stocks as NSE lists them today. The ten largest make up 51.4% 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 1 items. Weight, %: highest Media, Entertainment & Publication at 100.0%, lowest Media, Entertainment & Publication at 100.0%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Sun TV Network Ltd. | 6.00% |
| 2 | Nazara Technologies Ltd. | 5.31% |
| 3 | Saregama India Ltd | 5.19% |
| 4 | Prime Focus Ltd. | 5.10% |
| 5 | PVR INOX Ltd. | 5.04% |
| 6 | Tips Music Ltd. | 5.01% |
| 7 | MEDIA MATRIX WORLDWIDE Ltd. | 5.00% |
| 8 | Zee Entertainment Enterprises Ltd. | 4.93% |
| 9 | Network18 Media & Investments Ltd. | 4.92% |
| 10 | Signpost India Ltd. | 4.92% |
NSE's constituent list for Nifty Waves, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Aqylon Nexus Ltd. | Media Entertainment & Publication | AQYLON | |
| B.A.G. Films and Media Ltd. | Media Entertainment & Publication | BAGFILMS | |
| Balaji Telefilms Ltd. | Media Entertainment & Publication | BALAJITELE | |
| Bodhi Tree Multimedia ltd. | Media Entertainment & Publication | BTML | |
| CRESTO TECHNO Ltd. | Media Entertainment & Publication | CRESTO | |
| Cineline India Ltd. | Media Entertainment & Publication | CINELINE | |
| Creative Eye Ltd. | Media Entertainment & Publication | CREATIVEYE | |
| Cyber Media (India) Ltd. | Media Entertainment & Publication | CYBERMEDIA | |
| DISH TV INDIA Ltd. | Media Entertainment & Publication | DISHTV | |
| Den Networks Ltd. | Media Entertainment & Publication | DEN | |
| Digicontent Ltd. | Media Entertainment & Publication | DGCONTENT | |
| Diligent Media Corporation Ltd. | Media Entertainment & Publication | DNAMEDIA | |
| Entertainment Network India Ltd. | Media Entertainment & Publication | ENIL | |
| GTPL Hathway Ltd. | Media Entertainment & Publication | GTPL | |
| Gradiente Infotainment Ltd. | Media Entertainment & Publication | GRADIENTE | |
| Hathway Cable & Datacom Ltd. | Media Entertainment & Publication | HATHWAY | |
| MEDIA MATRIX WORLDWIDE Ltd. | Media Entertainment & Publication | MMWL | |
| Mukta Arts Ltd. | Media Entertainment & Publication | MUKTAARTS | |
| Music Broadcast Ltd. | Media Entertainment & Publication | RADIOCITY | |
| NDTV Ltd. | Media Entertainment & Publication | NDTV | |
| Nazara Technologies Ltd. | Media Entertainment & Publication | NAZARA | |
| Network18 Media & Investments Ltd. | Media Entertainment & Publication | NETWORK18 | |
| Next Mediaworks Ltd. | Media Entertainment & Publication | NEXTMEDIA | |
| OnMobile Global Ltd. | Media Entertainment & Publication | ONMOBILE | |
| PNC Media and Entertainment Ltd. | Media Entertainment & Publication | PNC | |
| PVR INOX Ltd. | Media Entertainment & Publication | PVRINOX | |
| Prime Focus Ltd. | Media Entertainment & Publication | PFOCUS | |
| Quint Digital Ltd. | Media Entertainment & Publication | QUINT | |
| R K Swamy Ltd. | Media Entertainment & Publication | RKSWAMY | |
| Radaan Mediaworks (I) Ltd. | Media Entertainment & Publication | RADAAN | |
| Raj Television Network Ltd. | Media Entertainment & Publication | RAJTV | |
| Sambhaav Media Ltd. | Media Entertainment & Publication | SAMBHAAV | |
| Saregama India Ltd | Media Entertainment & Publication | SAREGAMA | |
| Shemaroo Entertainment Ltd. | Media Entertainment & Publication | SHEMAROO | |
| Signpost India Ltd. | Media Entertainment & Publication | SIGNPOST | |
| Sun TV Network Ltd. | Media Entertainment & Publication | SUNTV | |
| TV Today Network Ltd. | Media Entertainment & Publication | TVTODAY | |
| TV Vision Ltd. | Media Entertainment & Publication | TVVISION | |
| Tips Films Ltd. | Media Entertainment & Publication | TIPSFILMS | |
| Tips Music Ltd. | Media Entertainment & Publication | TIPSMUSIC | |
| UFO Moviez India Ltd. | Media Entertainment & Publication | UFO | |
| Zee Entertainment Enterprises Ltd. | Media Entertainment & Publication | ZEEL | |
| Zee Media Corporation Ltd. | Media Entertainment & Publication | ZEEMEDIA |
Against the Nifty 500
How Nifty Waves has done against the broad market it is part of. Over 21 years it trailed the Nifty 500 by 10.6 percentage points a year, and was ahead in 7 of 20 calendar years.
Relative strength
Weekly: Nifty Waves's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty Waves 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 Waves'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 | −10.6 pts | 102 | 147 | 1.26 | 0.81 | 20.5% |
| Last 5 years, from Oct 2021 | −10.4 pts | 94 | 152 | 1.40 | 0.78 | 17.4% |
Models and ETFs
No Tipsheet model uses Nifty Waves. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty Waves is computed and published by NSE Indices. History here starts 1 Apr 2005; NSE launched the index on 2 May 2025, 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 Waves there to download its full series.
- Nifty Waves 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.