Markets
Nifty100 Liquid 15
Nifty100 Liquid 15 is an NSE theme index of 15 stocks. Since 2013 it has compounded 9.9% a year with dividends reinvested; over the past year it rose 0.2%. Its deepest fall was 58%, from Jan 2018 to Mar 2020, and it took 3.7 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty100 Liquid 15. Data to 14 Oct 2026.
- Trend
- Downtrend since Sep 2026
- Momentum
- 24th of 133 markets, by rank
- Below its high
- 6.8% total return
- P/E
- 21.0 67th percentile
- 1 year
- +0.2% total return
- 5 years
- 9.9% a year
- 10 years
- 8.0% a year
- Since 2013
- 9.9% a year
- Volatility
- 16.4% past year; usual 19%
NSE launched Nifty100 Liquid 15 in Jul 2013. 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 2013, dividends added about 1.3 percentage points a year. Returns over more than a year are a year, compounded.
Nifty100 Liquid 15: growth of 100
Weekly, from Jun 2013, 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 | −2.0% | −2.0% | +0.1 pts | |
| 3 months | −1.8% | −2.2% | +0.3 pts | |
| 6 months | +2.8% | +2.1% | +0.8 pts | |
| This year | −3.6% | −4.4% | +0.8 pts | |
| 1 year | +0.2% | −0.7% | +0.9 pts | |
| 3 years, a year | +11.6% | +10.7% | +0.9 pts | |
| 5 years, a year | +9.9% | +8.8% | +1.0 pts | |
| 10 years, a year | +8.0% | +6.9% | +1.2 pts | |
| Since Jun 2013, a year | +9.9% | +8.7% | +1.3 pts |
Year by year
9 of the 12 full calendar years since 2014 ended higher. 10 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty100 Liquid 15: 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 | −3.6% | −4.4% | +0.8 pts | −15.1% | |
| 2025 | +23.3% | +22.2% | +1.1 pts | −6.9% | |
| 2024 | +7.0% | +6.2% | +0.8 pts | −15.2% | |
| 2023 | +25.1% | +24.1% | +1.0 pts | −11.3% | |
| 2022 | +9.2% | +7.8% | +1.4 pts | −17.9% | |
| 2021 | +31.4% | +30.0% | +1.4 pts | −12.1% | |
| 2020 | −12.0% | −12.9% | +0.8 pts | −49.7% | |
| 2019 | +1.7% | +0.9% | +0.8 pts | −20.2% | |
| 2018 | −14.7% | −16.4% | +1.6 pts | −25.3% | |
| 2017 | +34.6% | +32.6% | +1.9 pts | −7.9% | |
| 2016 | +12.6% | +11.3% | +1.3 pts | −18.0% | |
| 2015 | −17.4% | −18.3% | +0.9 pts | −27.0% | |
| 2014 | +43.9% | +42.3% | +1.6 pts | −12.8% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 58%, took 2.2 years to reach bottom and 18 months more to climb back. Today it is 6.8% below its high.
Nifty100 Liquid 15: 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 |
|---|---|---|---|---|---|---|
| −58.3% | 24 Jan 2018 | 23 Mar 2020 | 2.2 years | 18 months | 5 Oct 2021 | 3.7 years |
| −37.6% | 2 Mar 2015 | 11 Feb 2016 | 11 months | 15 months | 2 May 2017 | 2.2 years |
| −18.2% | 18 Oct 2021 | 22 Jun 2022 | 8 months | 4 months | 31 Oct 2022 | 12 months |
| −17.7% | 1 Jul 2013 | 27 Aug 2013 | 57 days | 23 days | 19 Sept 2013 | 3 months |
| −16.1% | 27 Sept 2024 | 13 Jan 2025 | 4 months | 5 months | 26 Jun 2025 | 9 months |
| −15.1% | 18 Feb 2026 | 30 Mar 2026 | 40 days | 4 months | 5 Aug 2026 | 6 months |
| −14.4% | 9 Dec 2013 | 3 Feb 2014 | 56 days | 51 days | 26 Mar 2014 | 4 months |
| −12.9% | 1 Dec 2022 | 28 Mar 2023 | 4 months | 2 months | 29 May 2023 | 6 months |
What holding it was like
From every day in its history, what holding Nifty100 Liquid 15 for a fixed span would have returned a year. Over five years the middle outcome was 6.4% a year; the worst −11.1% and the best 28.9%; 10% 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 | −51.8% | −17.6% | +8.7% | +48.8% | +91.8% | 29% | 13.3 |
| 3 years | −19.1% | −3.8% | +10.3% | +21.5% | +31.4% | 16% | 4.4 |
| 5 years | −11.1% | 0.0% | +6.4% | +18.6% | +28.9% | 10% | 2.7 |
| 7 years | +1.6% | +3.2% | +7.2% | +10.8% | +13.7% | 0% | 1.9 |
| 10 years | +5.1% | +6.5% | +9.1% | +10.9% | +13.0% | 0% | 1.3 |
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 2014 (+9.5% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,29,120 | 1.04× | +4.5% | |
| 2024 | 34 | ₹3,40,000 | ₹3,64,249 | 1.07× | +5.0% | |
| 2023 | 46 | ₹4,60,000 | ₹5,48,285 | 1.19× | +9.4% | |
| 2022 | 58 | ₹5,80,000 | ₹7,51,257 | 1.30× | +10.9% | |
| 2021 | 70 | ₹7,00,000 | ₹9,82,566 | 1.40× | +11.7% | |
| 2020 | 82 | ₹8,20,000 | ₹13,16,405 | 1.61× | +13.8% | |
| 2019 | 94 | ₹9,40,000 | ₹15,64,491 | 1.66× | +12.8% | |
| 2018 | 106 | ₹10,60,000 | ₹17,89,440 | 1.69× | +11.6% | |
| 2017 | 118 | ₹11,80,000 | ₹20,23,733 | 1.72× | +10.7% | |
| 2016 | 130 | ₹13,00,000 | ₹23,23,383 | 1.79× | +10.4% | |
| 2015 | 142 | ₹14,20,000 | ₹25,99,597 | 1.83× | +9.8% | |
| 2014 | 154 | ₹15,40,000 | ₹29,19,255 | 1.90× | +9.5% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 16.4%, against a usual 19.2% for this index. 62% of months ended higher, and 111 days moved 3% or more either way.
Nifty100 Liquid 15: 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 | −16.7% |
| 12 Mar 2020 | −10.1% |
| 4 Jun 2024 | −8.6% |
| 16 Mar 2020 | −8.1% |
| 24 Aug 2015 | −7.7% |
| Best days | Return |
|---|---|
| 7 Apr 2020 | +9.8% |
| 20 Sept 2019 | +7.2% |
| 13 Mar 2020 | +6.2% |
| 9 Apr 2020 | +6.1% |
| 19 Sept 2013 | +6.0% |
| Worst months | Return |
|---|---|
| Mar 2020 | −36.6% |
| Sept 2018 | −12.9% |
| Mar 2026 | −12.3% |
| Jan 2014 | −10.6% |
| Jul 2019 | −10.4% |
| Best months | Return |
|---|---|
| Mar 2014 | +16.6% |
| Nov 2020 | +16.6% |
| Apr 2020 | +15.9% |
| May 2014 | +15.8% |
| Mar 2016 | +15.5% |
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 21.0 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 2.98, 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 21.0×, range 20.6× to 25.0×.
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 2.98×, range 2.91× to 3.02×.
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 | 21.00 | 67 | – | – | 21.00 | 20.62 | 24.98 |
| Price to book | 2.98 | 67 | – | – | 2.98 | 2.91 | 3.02 |
| Dividend yield, % | 1.62 | 100 | – | – | 1.34 | 0.85 | 1.62 |
What it holds
15 stocks as NSE lists them today. The ten largest make up 88.9% of the index. It is weighted by 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 9 items. Weight, %: highest Financial Services at 32.4%, lowest Automobile and Auto Components at 1.7%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Bharti Airtel Ltd. | 15.02% |
| 2 | Reliance Industries Ltd. | 14.78% |
| 3 | State Bank of India | 11.66% |
| 4 | Infosys Ltd. | 10.32% |
| 5 | Kotak Mahindra Bank Ltd. | 9.03% |
| 6 | Bajaj Finance Ltd. | 7.70% |
| 7 | Eternal Ltd. | 6.82% |
| 8 | Tata Consultancy Services Ltd. | 6.16% |
| 9 | Shriram Finance Ltd. | 4.05% |
| 10 | InterGlobe Aviation Ltd. | 3.32% |
NSE's constituent list for Nifty100 Liquid 15, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Adani Enterprises Ltd. | Trading - Minerals | ADANIENT | |
| Bajaj Finance Ltd. | Non Banking Financial Company (NBFC) | BAJFINANCE | |
| Bharti Airtel Ltd. | Telecom - Cellular & Fixed line services | BHARTIARTL | |
| Eternal Ltd. | E-Retail/ E-Commerce | ETERNAL | |
| Hindustan Aeronautics Ltd. | Aerospace & Defense | HAL | |
| Infosys Ltd. | Computers - Software & Consulting | INFY | |
| InterGlobe Aviation Ltd. | Airline | INDIGO | |
| Kotak Mahindra Bank Ltd. | Private Sector Bank | KOTAKBANK | |
| Reliance Industries Ltd. | Refineries & Marketing | RELIANCE | |
| Shriram Finance Ltd. | Non Banking Financial Company (NBFC) | SHRIRAMFIN | |
| State Bank of India | Public Sector Bank | SBIN | |
| Tata Consultancy Services Ltd. | Computers - Software & Consulting | TCS | |
| Tata Motors Passenger Vehicles Ltd. | Passenger Cars & Utility Vehicles | TMPV | |
| Trent Ltd. | Speciality Retail | TRENT | |
| Vedanta Ltd. | Diversified Metals | VEDL |
Against the Nifty 500
How Nifty100 Liquid 15 has done against the broad market it is part of. Over 13 years it trailed the Nifty 500 by 4.1 percentage points a year, and was ahead in 4 of 12 calendar years.
Relative strength
Weekly: Nifty100 Liquid 15's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty100 Liquid 15 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: Nifty100 Liquid 15'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 2013 | −4.1 pts | 110 | 140 | 1.25 | 0.92 | 9.6% |
| Last 5 years, from Oct 2021 | +1.4 pts | 104 | 98 | 0.98 | 0.92 | 6.3% |
Models and ETFs
No Tipsheet model uses Nifty100 Liquid 15. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty100 Liquid 15 is computed and published by NSE Indices. History here starts 20 Jun 2013; NSE launched the index on 8 Jul 2013, from a base date of January 01, 2009. 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 Nifty100 Liquid 15 there to download its full series.
- Nifty100 Liquid 15 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.