Data to 5 October 2026
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DossiersAnswer as of 5 Oct 2026

What is leading?

Micro caps; MidSmall Healthcare, Pharma and Media

Micro caps have led the Nifty 500 by 25.1 percentage points over six months, and are still ahead over the last month.

Among 23 sector indices, 9 are ahead of the market over both six months and one month, led by MidSmall Healthcare (+15.4 pts), Pharma (+14.6 pts) and Media (+14.3 pts): wide leadership.

Across assets, gold (in rupees) did best over a year (+26.9%), Indian shares (Nifty 500) worst (−3.7%).

The evidence

Momentum as a style

The blended stock-momentum long-short (top fifth minus bottom fifth of liquid NSE stocks, gross) over the last 12 months, and where that sits in its history since 2005.

MeasureLatest
Long-short return, last 12 months+26.5%
Percentile of its history54th
Crash flag (market's 24-month return negative)on

Behind the answer

Over the year, micro caps did best against the Nifty 500 (+15.0% relative) and large caps worst (−4.9%)

Each size index's total return divided by the Nifty 500's, set to 100 a year ago. A rising line is beating the broad market; a falling one is trailing it. Where the lines cross shows when leadership changed hands.

Large caps (Nifty 50)Mid caps (Midcap 150)Small caps (Smallcap 250)Micro caps (Microcap 250)

2026AprJul859095100105110115120level with the Nifty 500115108106952026AprJul859095100105110115120level with the Nifty 500Micro caps (Microcap250) 115Small caps (Smallcap250) 108Mid caps (Midcap150) 106Large caps (Nifty50) 952026AprJul859095100105110115120level with the Nifty 500Micro caps (Microcap 250)115Small caps (Smallcap 250)108Mid caps (Midcap 150) 106Large caps (Nifty 50) 95

Source: NSE Indices total return series (dividends reinvested).

Table
DateLarge caps (Nifty 50)Mid caps (Midcap 150)Small caps (Smallcap 250)Micro caps (Microcap 250)
Oct 202695106108115
Sept 202695107108114
Sept 202695107108114
Sept 202695107106110
Aug 202695107105109
Aug 202696107105108
Aug 202696106104105
Jul 202696106104106
Jul 202696107105107
Jul 202697105104106
Jun 202696106104106
Jun 202696106102104
Jun 202696107102104
May 202697106100101
May 202697106100100
May 202697105100100
Apr 2026981049898
Apr 2026991039695
Apr 20261001029592
Mar 20261001029491
Mar 20261001029389
Feb 20261011019390
Feb 20261011019291
Feb 20261011019290
Jan 20261021009188
Jan 20261011019390
Jan 20261011019593
Dec 20251011009492
Dec 20251021009392
Dec 20251021009391
Nov 20251011019595
Nov 20251011019797
Nov 20251001019898
Oct 20251011009998
Oct 20251001009898
Oct 20251001009999

9 of 23 sectors are ahead of the market over both six months and one month

Each sector index's return minus the Nifty 500's: bars over six months, the black tick over the last month. Bars in colour lead on both; light bars lag on both; grey ones are rotating (ahead on one, behind on the other).

leading on bothrotatinglagging on bothlast month

−10.0 pts0.0 pts+10.0 pts+20.0 ptsRealty weakeningRealty: +19.9 pts; one month −2.0 pts+19.9 ptsMidSmall Healthcare leadingMidSmall Healthcare: +15.4 pts; one month +2.5 pts+15.4 ptsPharma leadingPharma: +14.6 pts; one month +4.1 pts+14.6 ptsMedia leadingMedia: +14.3 pts; one month +5.2 pts+14.3 ptsMidSmall IT & Telecom leadingMidSmall IT & Telecom: +13.4 pts; one month +0.4 pts+13.4 ptsHealthcare (Nifty 500 stocks) leadingHealthcare (Nifty 500 stocks): +12.8 pts; one month +2.5 pts+12.8 ptsREITs & Realty leadingREITs & Realty: +9.1 pts; one month +1.5 pts+9.1 ptsHealthcare leadingHealthcare: +9.1 pts; one month +2.6 pts+9.1 ptsMidSmall Financial Services weakeningMidSmall Financial Services: +7.7 pts; one month −2.6 pts+7.7 ptsMetal weakeningMetal: +4.3 pts; one month −0.6 pts+4.3 ptsChemicals weakeningChemicals: +4.3 pts; one month −1.5 pts+4.3 ptsConsumer Durables weakeningConsumer Durables: +4.2 pts; one month −2.1 pts+4.2 ptsPrivate Bank leadingPrivate Bank: +3.4 pts; one month +1.5 pts+3.4 ptsFinancial Services Ex-Bank weakeningFinancial Services Ex-Bank: +1.4 pts; one month −3.1 pts+1.4 ptsBank leadingBank: +1.2 pts; one month +0.9 pts+1.2 ptsAuto weakeningAuto: +0.8 pts; one month −2.8 pts+0.8 ptsFinancial Services improvingFinancial Services: −2.2 pts; one month +0.2 pts−2.2 ptsFinancial Services 25/50 laggingFinancial Services 25/50: −3.5 pts; one month −0.4 pts−3.5 ptsPSU Bank laggingPSU Bank: −6.4 pts; one month −0.4 pts−6.4 ptsCement laggingCement: −7.8 pts; one month −1.4 pts−7.8 ptsOil & Gas laggingOil & Gas: −8.3 pts; one month −0.5 pts−8.3 ptsFMCG improvingFMCG: −8.6 pts; one month +2.6 pts−8.6 ptsIT laggingIT: −11.8 pts; one month −2.3 pts−11.8 pts−15.0 pts−10.0 pts−5.0 pts0.0 pts+5.0 pts+10.0 pts+15.0 pts+20.0 ptsRealtyRealty: +19.9 pts; one month −2.0 pts+19.9 ptsMidSmall HealthcareMidSmall Healthcare: +15.4 pts; one month +2.5 pts+15.4 ptsPharmaPharma: +14.6 pts; one month +4.1 pts+14.6 ptsMediaMedia: +14.3 pts; one month +5.2 pts+14.3 ptsMidSmall IT & TelecomMidSmall IT & Telecom: +13.4 pts; one month +0.4 pts+13.4 ptsHealthcare (Nifty 500 stocks)Healthcare (Nifty 500 stocks): +12.8 pts; one month +2.5 pts+12.8 ptsREITs & RealtyREITs & Realty: +9.1 pts; one month +1.5 pts+9.1 ptsHealthcareHealthcare: +9.1 pts; one month +2.6 pts+9.1 ptsMidSmall Financial ServicesMidSmall Financial Services: +7.7 pts; one month −2.6 pts+7.7 ptsMetalMetal: +4.3 pts; one month −0.6 pts+4.3 ptsChemicalsChemicals: +4.3 pts; one month −1.5 pts+4.3 ptsConsumer DurablesConsumer Durables: +4.2 pts; one month −2.1 pts+4.2 ptsPrivate BankPrivate Bank: +3.4 pts; one month +1.5 pts+3.4 ptsFinancial Services Ex-BankFinancial Services Ex-Bank: +1.4 pts; one month −3.1 pts+1.4 ptsBankBank: +1.2 pts; one month +0.9 pts+1.2 ptsAutoAuto: +0.8 pts; one month −2.8 pts+0.8 ptsFinancial ServicesFinancial Services: −2.2 pts; one month +0.2 pts−2.2 ptsFinancial Services 25/50Financial Services 25/50: −3.5 pts; one month −0.4 pts−3.5 ptsPSU BankPSU Bank: −6.4 pts; one month −0.4 pts−6.4 ptsCementCement: −7.8 pts; one month −1.4 pts−7.8 ptsOil & GasOil & Gas: −8.3 pts; one month −0.5 pts−8.3 ptsFMCGFMCG: −8.6 pts; one month +2.6 pts−8.6 ptsITIT: −11.8 pts; one month −2.3 pts−11.8 pts−15.0 pts−10.0 pts−5.0 pts0.0 pts+5.0 pts+10.0 pts+15.0 pts+20.0 ptsRealtyRealty: +19.9 pts; one month −2.0 pts+19.9 ptsMidSmall HealthcareMidSmall Healthcare: +15.4 pts; one month +2.5 pts+15.4 ptsPharmaPharma: +14.6 pts; one month +4.1 pts+14.6 ptsMediaMedia: +14.3 pts; one month +5.2 pts+14.3 ptsMidSmall IT & TelecomMidSmall IT & Telecom: +13.4 pts; one month +0.4 pts+13.4 ptsHealthcare (Nifty 500 stocks)Healthcare (Nifty 500 stocks): +12.8 pts; one month +2.5 pts+12.8 ptsREITs & RealtyREITs & Realty: +9.1 pts; one month +1.5 pts+9.1 ptsHealthcareHealthcare: +9.1 pts; one month +2.6 pts+9.1 ptsMidSmall Financial ServicesMidSmall Financial Services: +7.7 pts; one month −2.6 pts+7.7 ptsMetalMetal: +4.3 pts; one month −0.6 pts+4.3 ptsChemicalsChemicals: +4.3 pts; one month −1.5 pts+4.3 ptsConsumer DurablesConsumer Durables: +4.2 pts; one month −2.1 pts+4.2 ptsPrivate BankPrivate Bank: +3.4 pts; one month +1.5 pts+3.4 ptsFinancial Services Ex-BankFinancial Services Ex-Bank: +1.4 pts; one month −3.1 pts+1.4 ptsBankBank: +1.2 pts; one month +0.9 pts+1.2 ptsAutoAuto: +0.8 pts; one month −2.8 pts+0.8 ptsFinancial ServicesFinancial Services: −2.2 pts; one month +0.2 pts−2.2 ptsFinancial Services 25/50Financial Services 25/50: −3.5 pts; one month −0.4 pts−3.5 ptsPSU BankPSU Bank: −6.4 pts; one month −0.4 pts−6.4 ptsCementCement: −7.8 pts; one month −1.4 pts−7.8 ptsOil & GasOil & Gas: −8.3 pts; one month −0.5 pts−8.3 ptsFMCGFMCG: −8.6 pts; one month +2.6 pts−8.6 ptsITIT: −11.8 pts; one month −2.3 pts−11.8 pts

Source: NSE Indices total return series (dividends reinvested); groups follow NSE's own index classification

Table
Six monthsone month
Realty+19.9 pts−2.0 pts
MidSmall Healthcare+15.4 pts+2.5 pts
Pharma+14.6 pts+4.1 pts
Media+14.3 pts+5.2 pts
MidSmall IT & Telecom+13.4 pts+0.4 pts
Healthcare (Nifty 500 stocks)+12.8 pts+2.5 pts
REITs & Realty+9.1 pts+1.5 pts
Healthcare+9.1 pts+2.6 pts
MidSmall Financial Services+7.7 pts−2.6 pts
Metal+4.3 pts−0.6 pts
Chemicals+4.3 pts−1.5 pts
Consumer Durables+4.2 pts−2.1 pts
Private Bank+3.4 pts+1.5 pts
Financial Services Ex-Bank+1.4 pts−3.1 pts
Bank+1.2 pts+0.9 pts
Auto+0.8 pts−2.8 pts
Financial Services−2.2 pts+0.2 pts
Financial Services 25/50−3.5 pts−0.4 pts
PSU Bank−6.4 pts−0.4 pts
Cement−7.8 pts−1.4 pts
Oil & Gas−8.3 pts−0.5 pts
FMCG−8.6 pts+2.6 pts
IT−11.8 pts−2.3 pts

Healthcare (Nifty 500 stocks) has beaten the Nifty 500 in each of the last 5 complete months, the longest current run

Each cell is a sector's return minus the Nifty 500's in that month: rose ahead, blue behind, grey within a point. Sectors are ordered by their total over the last 12 complete months. The last column, Oct 2026, is the month to date.

4+ points behindwithin a point4+ points ahead

MetalMetal, Oct 2025: +1.4 ptsMetal, Nov 2025: −4.0 ptsMetal, Dec 2025: +8.8 ptsMetal, Jan 2026: +9.2 ptsMetal, Feb 2026: +3.1 ptsMetal, Mar 2026: +2.6 ptsMetal, Apr 2026: +4.7 ptsMetal, May 2026: +4.8 ptsMetal, Jun 2026: −8.2 ptsMetal, Jul 2026: −0.4 ptsMetal, Aug 2026: +3.7 ptsMetal, Sept 2026: +2.6 ptsMetal, Oct 2026: −1.6 pts−1.6 ptsPharmaPharma, Oct 2025: −1.0 ptsPharma, Nov 2025: +2.7 ptsPharma, Dec 2025: −0.9 ptsPharma, Jan 2026: −1.2 ptsPharma, Feb 2026: +5.5 ptsPharma, Mar 2026: +8.2 ptsPharma, Apr 2026: −5.9 ptsPharma, May 2026: +4.7 ptsPharma, Jun 2026: +2.4 ptsPharma, Jul 2026: +2.8 ptsPharma, Aug 2026: +2.5 ptsPharma, Sept 2026: +3.1 ptsPharma, Oct 2026: −0.8 pts−0.8 ptsMidSmall Financial ServicesMidSmall Financial Services, Oct 2025: +5.4 ptsMidSmall Financial Services, Nov 2025: +4.8 ptsMidSmall Financial Services, Dec 2025: −0.3 ptsMidSmall Financial Services, Jan 2026: +2.7 ptsMidSmall Financial Services, Feb 2026: −0.6 ptsMidSmall Financial Services, Mar 2026: −0.8 ptsMidSmall Financial Services, Apr 2026: +6.9 ptsMidSmall Financial Services, May 2026: +3.7 ptsMidSmall Financial Services, Jun 2026: −1.0 ptsMidSmall Financial Services, Jul 2026: −1.3 ptsMidSmall Financial Services, Aug 2026: +3.2 ptsMidSmall Financial Services, Sept 2026: −2.6 ptsMidSmall Financial Services, Oct 2026: 0.0 pts0.0 ptsMidSmall HealthcareMidSmall Healthcare, Oct 2025: −2.2 ptsMidSmall Healthcare, Nov 2025: −0.6 ptsMidSmall Healthcare, Dec 2025: −0.6 ptsMidSmall Healthcare, Jan 2026: −1.6 ptsMidSmall Healthcare, Feb 2026: +5.0 ptsMidSmall Healthcare, Mar 2026: +6.2 ptsMidSmall Healthcare, Apr 2026: −2.7 ptsMidSmall Healthcare, May 2026: +6.3 ptsMidSmall Healthcare, Jun 2026: +3.3 ptsMidSmall Healthcare, Jul 2026: +1.1 ptsMidSmall Healthcare, Aug 2026: +1.5 ptsMidSmall Healthcare, Sept 2026: +2.9 ptsMidSmall Healthcare, Oct 2026: −0.7 pts−0.7 ptsHealthcare (Nifty 500 stocks)Healthcare (Nifty 500 stocks), Oct 2025: −1.4 ptsHealthcare (Nifty 500 stocks), Nov 2025: 0.0 ptsHealthcare (Nifty 500 stocks), Dec 2025: −1.9 ptsHealthcare (Nifty 500 stocks), Jan 2026: −2.2 ptsHealthcare (Nifty 500 stocks), Feb 2026: +6.2 ptsHealthcare (Nifty 500 stocks), Mar 2026: +6.2 ptsHealthcare (Nifty 500 stocks), Apr 2026: −4.3 ptsHealthcare (Nifty 500 stocks), May 2026: +4.8 ptsHealthcare (Nifty 500 stocks), Jun 2026: +3.6 ptsHealthcare (Nifty 500 stocks), Jul 2026: +1.2 ptsHealthcare (Nifty 500 stocks), Aug 2026: +1.5 ptsHealthcare (Nifty 500 stocks), Sept 2026: +2.1 ptsHealthcare (Nifty 500 stocks), Oct 2026: −0.9 pts−0.9 ptsHealthcareHealthcare, Oct 2025: −0.4 ptsHealthcare, Nov 2025: +1.3 ptsHealthcare, Dec 2025: −2.3 ptsHealthcare, Jan 2026: −1.8 ptsHealthcare, Feb 2026: +6.8 ptsHealthcare, Mar 2026: +6.9 ptsHealthcare, Apr 2026: −5.5 ptsHealthcare, May 2026: +3.2 ptsHealthcare, Jun 2026: +3.2 ptsHealthcare, Jul 2026: +1.8 ptsHealthcare, Aug 2026: +1.1 ptsHealthcare, Sept 2026: +1.1 ptsHealthcare, Oct 2026: −0.8 pts−0.8 ptsPSU BankPSU Bank, Oct 2025: +4.4 ptsPSU Bank, Nov 2025: +3.0 ptsPSU Bank, Dec 2025: +0.5 ptsPSU Bank, Jan 2026: +9.0 ptsPSU Bank, Feb 2026: +8.4 ptsPSU Bank, Mar 2026: −8.5 ptsPSU Bank, Apr 2026: −2.8 ptsPSU Bank, May 2026: −3.2 ptsPSU Bank, Jun 2026: +2.5 ptsPSU Bank, Jul 2026: −3.7 ptsPSU Bank, Aug 2026: +2.8 ptsPSU Bank, Sept 2026: −1.0 ptsPSU Bank, Oct 2026: +0.4 pts+0.4 ptsMidSmall IT & TelecomMidSmall IT & Telecom, Oct 2025: +4.6 ptsMidSmall IT & Telecom, Nov 2025: +2.4 ptsMidSmall IT & Telecom, Dec 2025: −1.2 ptsMidSmall IT & Telecom, Jan 2026: +0.5 ptsMidSmall IT & Telecom, Feb 2026: −14.0 ptsMidSmall IT & Telecom, Mar 2026: +2.9 ptsMidSmall IT & Telecom, Apr 2026: −0.8 ptsMidSmall IT & Telecom, May 2026: +11.6 ptsMidSmall IT & Telecom, Jun 2026: −5.3 ptsMidSmall IT & Telecom, Jul 2026: +3.7 ptsMidSmall IT & Telecom, Aug 2026: +6.5 ptsMidSmall IT & Telecom, Sept 2026: −3.0 ptsMidSmall IT & Telecom, Oct 2026: +3.5 pts+3.5 ptsREITs & RealtyREITs & Realty, Oct 2025: −0.1 ptsREITs & Realty, Nov 2025: −2.7 ptsREITs & Realty, Dec 2025: −1.2 ptsREITs & Realty, Jan 2026: +0.4 ptsREITs & Realty, Feb 2026: +0.3 ptsREITs & Realty, Mar 2026: +1.0 ptsREITs & Realty, Apr 2026: −0.4 ptsREITs & Realty, May 2026: 0.0 ptsREITs & Realty, Jun 2026: +2.6 ptsREITs & Realty, Jul 2026: +2.8 ptsREITs & Realty, Aug 2026: +0.5 ptsREITs & Realty, Sept 2026: +3.1 ptsREITs & Realty, Oct 2026: −0.6 pts−0.6 ptsMediaMedia, Oct 2025: −4.6 ptsMedia, Nov 2025: −5.4 ptsMedia, Dec 2025: −1.3 ptsMedia, Jan 2026: −0.8 ptsMedia, Feb 2026: +1.8 ptsMedia, Mar 2026: +0.5 ptsMedia, Apr 2026: +4.9 ptsMedia, May 2026: −3.3 ptsMedia, Jun 2026: +3.3 ptsMedia, Jul 2026: +7.3 ptsMedia, Aug 2026: −3.7 ptsMedia, Sept 2026: +7.5 ptsMedia, Oct 2026: −1.0 pts−1.0 ptsFinancial Services Ex-BankFinancial Services Ex-Bank, Oct 2025: +1.8 ptsFinancial Services Ex-Bank, Nov 2025: +2.3 ptsFinancial Services Ex-Bank, Dec 2025: −0.4 ptsFinancial Services Ex-Bank, Jan 2026: +0.1 ptsFinancial Services Ex-Bank, Feb 2026: +1.1 ptsFinancial Services Ex-Bank, Mar 2026: −2.5 ptsFinancial Services Ex-Bank, Apr 2026: +3.7 ptsFinancial Services Ex-Bank, May 2026: +1.0 ptsFinancial Services Ex-Bank, Jun 2026: +0.1 ptsFinancial Services Ex-Bank, Jul 2026: +1.4 ptsFinancial Services Ex-Bank, Aug 2026: −0.7 ptsFinancial Services Ex-Bank, Sept 2026: −3.6 ptsFinancial Services Ex-Bank, Oct 2026: +0.3 pts+0.3 ptsPrivate BankPrivate Bank, Oct 2025: +1.6 ptsPrivate Bank, Nov 2025: +1.6 ptsPrivate Bank, Dec 2025: 0.0 ptsPrivate Bank, Jan 2026: +2.7 ptsPrivate Bank, Feb 2026: −0.2 ptsPrivate Bank, Mar 2026: −4.3 ptsPrivate Bank, Apr 2026: −1.7 ptsPrivate Bank, May 2026: +0.2 ptsPrivate Bank, Jun 2026: +4.7 ptsPrivate Bank, Jul 2026: −3.6 ptsPrivate Bank, Aug 2026: +1.9 ptsPrivate Bank, Sept 2026: +1.2 ptsPrivate Bank, Oct 2026: +0.5 pts+0.5 ptsRealtyRealty, Oct 2025: +4.9 ptsRealty, Nov 2025: −5.7 ptsRealty, Dec 2025: −2.5 ptsRealty, Jan 2026: −7.5 ptsRealty, Feb 2026: −0.8 ptsRealty, Mar 2026: −5.2 ptsRealty, Apr 2026: +11.3 ptsRealty, May 2026: −1.4 ptsRealty, Jun 2026: +4.3 ptsRealty, Jul 2026: +6.8 ptsRealty, Aug 2026: +0.3 ptsRealty, Sept 2026: −0.4 ptsRealty, Oct 2026: −0.5 pts−0.5 ptsBankBank, Oct 2025: +1.4 ptsBank, Nov 2025: +2.4 ptsBank, Dec 2025: 0.0 ptsBank, Jan 2026: +3.3 ptsBank, Feb 2026: +1.1 ptsBank, Mar 2026: −5.6 ptsBank, Apr 2026: −1.4 ptsBank, May 2026: −1.0 ptsBank, Jun 2026: +4.7 ptsBank, Jul 2026: −2.7 ptsBank, Aug 2026: +1.4 ptsBank, Sept 2026: 0.0 ptsBank, Oct 2026: +0.6 pts+0.6 ptsAutoAuto, Oct 2025: −3.4 ptsAuto, Nov 2025: +2.6 ptsAuto, Dec 2025: +1.8 ptsAuto, Jan 2026: −1.8 ptsAuto, Feb 2026: +4.9 ptsAuto, Mar 2026: −4.2 ptsAuto, Apr 2026: −1.5 ptsAuto, May 2026: +1.8 ptsAuto, Jun 2026: −1.0 ptsAuto, Jul 2026: +6.8 ptsAuto, Aug 2026: +0.4 ptsAuto, Sept 2026: −3.0 ptsAuto, Oct 2026: −2.9 pts−2.9 ptsConsumer DurablesConsumer Durables, Oct 2025: −0.3 ptsConsumer Durables, Nov 2025: −2.9 ptsConsumer Durables, Dec 2025: −2.7 ptsConsumer Durables, Jan 2026: −3.1 ptsConsumer Durables, Feb 2026: +8.8 ptsConsumer Durables, Mar 2026: −0.8 ptsConsumer Durables, Apr 2026: +2.3 ptsConsumer Durables, May 2026: −6.2 ptsConsumer Durables, Jun 2026: +2.6 ptsConsumer Durables, Jul 2026: +8.0 ptsConsumer Durables, Aug 2026: +0.9 ptsConsumer Durables, Sept 2026: −3.5 ptsConsumer Durables, Oct 2026: 0.0 pts0.0 ptsChemicalsChemicals, Oct 2025: −2.3 ptsChemicals, Nov 2025: −2.2 ptsChemicals, Dec 2025: +1.1 ptsChemicals, Jan 2026: −0.9 ptsChemicals, Feb 2026: −0.6 ptsChemicals, Mar 2026: +1.2 ptsChemicals, Apr 2026: +3.7 ptsChemicals, May 2026: +2.7 ptsChemicals, Jun 2026: −0.4 ptsChemicals, Jul 2026: −0.3 ptsChemicals, Aug 2026: −0.2 ptsChemicals, Sept 2026: +0.3 ptsChemicals, Oct 2026: −0.9 pts−0.9 ptsFinancial ServicesFinancial Services, Oct 2025: −0.1 ptsFinancial Services, Nov 2025: +1.8 ptsFinancial Services, Dec 2025: −0.7 ptsFinancial Services, Jan 2026: +2.3 ptsFinancial Services, Feb 2026: +1.6 ptsFinancial Services, Mar 2026: −4.2 ptsFinancial Services, Apr 2026: −1.4 ptsFinancial Services, May 2026: −1.0 ptsFinancial Services, Jun 2026: +3.4 ptsFinancial Services, Jul 2026: −2.0 ptsFinancial Services, Aug 2026: −1.0 ptsFinancial Services, Sept 2026: −0.4 ptsFinancial Services, Oct 2026: +0.5 pts+0.5 ptsFinancial Services 25/50Financial Services 25/50, Oct 2025: +0.6 ptsFinancial Services 25/50, Nov 2025: +2.3 ptsFinancial Services 25/50, Dec 2025: −0.6 ptsFinancial Services 25/50, Jan 2026: +1.9 ptsFinancial Services 25/50, Feb 2026: +1.1 ptsFinancial Services 25/50, Mar 2026: −3.6 ptsFinancial Services 25/50, Apr 2026: −1.7 ptsFinancial Services 25/50, May 2026: −0.9 ptsFinancial Services 25/50, Jun 2026: +2.9 ptsFinancial Services 25/50, Jul 2026: −1.3 ptsFinancial Services 25/50, Aug 2026: −1.8 ptsFinancial Services 25/50, Sept 2026: −0.9 ptsFinancial Services 25/50, Oct 2026: +0.5 pts+0.5 ptsOil & GasOil & Gas, Oct 2025: +1.9 ptsOil & Gas, Nov 2025: −0.5 ptsOil & Gas, Dec 2025: +1.9 ptsOil & Gas, Jan 2026: −0.3 ptsOil & Gas, Feb 2026: +3.7 ptsOil & Gas, Mar 2026: −0.6 ptsOil & Gas, Apr 2026: −2.1 ptsOil & Gas, May 2026: −4.2 ptsOil & Gas, Jun 2026: −3.0 ptsOil & Gas, Jul 2026: −0.2 ptsOil & Gas, Aug 2026: −1.2 ptsOil & Gas, Sept 2026: +1.5 ptsOil & Gas, Oct 2026: −0.5 pts−0.5 ptsITIT, Oct 2025: +2.5 ptsIT, Nov 2025: +3.8 ptsIT, Dec 2025: +1.5 ptsIT, Jan 2026: +4.2 ptsIT, Feb 2026: −20.0 ptsIT, Mar 2026: +6.3 ptsIT, Apr 2026: −9.3 ptsIT, May 2026: −0.6 ptsIT, Jun 2026: −11.3 ptsIT, Jul 2026: +14.9 ptsIT, Aug 2026: +1.5 ptsIT, Sept 2026: −5.3 ptsIT, Oct 2026: +2.6 pts+2.6 ptsFMCGFMCG, Oct 2025: −1.6 ptsFMCG, Nov 2025: −1.9 ptsFMCG, Dec 2025: 0.0 ptsFMCG, Jan 2026: −4.4 ptsFMCG, Feb 2026: −0.5 ptsFMCG, Mar 2026: +0.4 ptsFMCG, Apr 2026: +1.6 ptsFMCG, May 2026: −3.2 ptsFMCG, Jun 2026: −2.7 ptsFMCG, Jul 2026: −1.3 ptsFMCG, Aug 2026: −6.3 ptsFMCG, Sept 2026: +2.6 ptsFMCG, Oct 2026: +0.6 pts+0.6 ptsCementCement, Oct 2025: −4.7 ptsCement, Nov 2025: −5.9 ptsCement, Dec 2025: +1.2 ptsCement, Jan 2026: +3.1 ptsCement, Feb 2026: −1.9 ptsCement, Mar 2026: −2.5 ptsCement, Apr 2026: −2.8 ptsCement, May 2026: +1.2 ptsCement, Jun 2026: −2.5 ptsCement, Jul 2026: +0.3 ptsCement, Aug 2026: −3.5 ptsCement, Sept 2026: +0.4 ptsCement, Oct 2026: −1.3 pts−1.3 ptsOct 25Jan 26AprJulto dateMetalMetal, Oct 2025: +1.4 ptsMetal, Nov 2025: −4.0 ptsMetal, Dec 2025: +8.8 ptsMetal, Jan 2026: +9.2 ptsMetal, Feb 2026: +3.1 ptsMetal, Mar 2026: +2.6 ptsMetal, Apr 2026: +4.7 ptsMetal, May 2026: +4.8 ptsMetal, Jun 2026: −8.2 ptsMetal, Jul 2026: −0.4 ptsMetal, Aug 2026: +3.7 ptsMetal, Sept 2026: +2.6 ptsMetal, Oct 2026: −1.6 pts−1.6 ptsPharmaPharma, Oct 2025: −1.0 ptsPharma, Nov 2025: +2.7 ptsPharma, Dec 2025: −0.9 ptsPharma, Jan 2026: −1.2 ptsPharma, Feb 2026: +5.5 ptsPharma, Mar 2026: +8.2 ptsPharma, Apr 2026: −5.9 ptsPharma, May 2026: +4.7 ptsPharma, Jun 2026: +2.4 ptsPharma, Jul 2026: +2.8 ptsPharma, Aug 2026: +2.5 ptsPharma, Sept 2026: +3.1 ptsPharma, Oct 2026: −0.8 pts−0.8 ptsMidSmall Financial ServicesMidSmall Financial Services, Oct 2025: +5.4 ptsMidSmall Financial Services, Nov 2025: +4.8 ptsMidSmall Financial Services, Dec 2025: −0.3 ptsMidSmall Financial Services, Jan 2026: +2.7 ptsMidSmall Financial Services, Feb 2026: −0.6 ptsMidSmall Financial Services, Mar 2026: −0.8 ptsMidSmall Financial Services, Apr 2026: +6.9 ptsMidSmall Financial Services, May 2026: +3.7 ptsMidSmall Financial Services, Jun 2026: −1.0 ptsMidSmall Financial Services, Jul 2026: −1.3 ptsMidSmall Financial Services, Aug 2026: +3.2 ptsMidSmall Financial Services, Sept 2026: −2.6 ptsMidSmall Financial Services, Oct 2026: 0.0 pts0.0 ptsMidSmall HealthcareMidSmall Healthcare, Oct 2025: −2.2 ptsMidSmall Healthcare, Nov 2025: −0.6 ptsMidSmall Healthcare, Dec 2025: −0.6 ptsMidSmall Healthcare, Jan 2026: −1.6 ptsMidSmall Healthcare, Feb 2026: +5.0 ptsMidSmall Healthcare, Mar 2026: +6.2 ptsMidSmall Healthcare, Apr 2026: −2.7 ptsMidSmall Healthcare, May 2026: +6.3 ptsMidSmall Healthcare, Jun 2026: +3.3 ptsMidSmall Healthcare, Jul 2026: +1.1 ptsMidSmall Healthcare, Aug 2026: +1.5 ptsMidSmall Healthcare, Sept 2026: +2.9 ptsMidSmall Healthcare, Oct 2026: −0.7 pts−0.7 ptsHealthcare (Nifty 500 stocks)Healthcare (Nifty 500 stocks), Oct 2025: −1.4 ptsHealthcare (Nifty 500 stocks), Nov 2025: 0.0 ptsHealthcare (Nifty 500 stocks), Dec 2025: −1.9 ptsHealthcare (Nifty 500 stocks), Jan 2026: −2.2 ptsHealthcare (Nifty 500 stocks), Feb 2026: +6.2 ptsHealthcare (Nifty 500 stocks), Mar 2026: +6.2 ptsHealthcare (Nifty 500 stocks), Apr 2026: −4.3 ptsHealthcare (Nifty 500 stocks), May 2026: +4.8 ptsHealthcare (Nifty 500 stocks), Jun 2026: +3.6 ptsHealthcare (Nifty 500 stocks), Jul 2026: +1.2 ptsHealthcare (Nifty 500 stocks), Aug 2026: +1.5 ptsHealthcare (Nifty 500 stocks), Sept 2026: +2.1 ptsHealthcare (Nifty 500 stocks), Oct 2026: −0.9 pts−0.9 ptsHealthcareHealthcare, Oct 2025: −0.4 ptsHealthcare, Nov 2025: +1.3 ptsHealthcare, Dec 2025: −2.3 ptsHealthcare, Jan 2026: −1.8 ptsHealthcare, Feb 2026: +6.8 ptsHealthcare, Mar 2026: +6.9 ptsHealthcare, Apr 2026: −5.5 ptsHealthcare, May 2026: +3.2 ptsHealthcare, Jun 2026: +3.2 ptsHealthcare, Jul 2026: +1.8 ptsHealthcare, Aug 2026: +1.1 ptsHealthcare, Sept 2026: +1.1 ptsHealthcare, Oct 2026: −0.8 pts−0.8 ptsPSU BankPSU Bank, Oct 2025: +4.4 ptsPSU Bank, Nov 2025: +3.0 ptsPSU Bank, Dec 2025: +0.5 ptsPSU Bank, Jan 2026: +9.0 ptsPSU Bank, Feb 2026: +8.4 ptsPSU Bank, Mar 2026: −8.5 ptsPSU Bank, Apr 2026: −2.8 ptsPSU Bank, May 2026: −3.2 ptsPSU Bank, Jun 2026: +2.5 ptsPSU Bank, Jul 2026: −3.7 ptsPSU Bank, Aug 2026: +2.8 ptsPSU Bank, Sept 2026: −1.0 ptsPSU Bank, Oct 2026: +0.4 pts+0.4 ptsMidSmall IT & TelecomMidSmall IT & Telecom, Oct 2025: +4.6 ptsMidSmall IT & Telecom, Nov 2025: +2.4 ptsMidSmall IT & Telecom, Dec 2025: −1.2 ptsMidSmall IT & Telecom, Jan 2026: +0.5 ptsMidSmall IT & Telecom, Feb 2026: −14.0 ptsMidSmall IT & Telecom, Mar 2026: +2.9 ptsMidSmall IT & Telecom, Apr 2026: −0.8 ptsMidSmall IT & Telecom, May 2026: +11.6 ptsMidSmall IT & Telecom, Jun 2026: −5.3 ptsMidSmall IT & Telecom, Jul 2026: +3.7 ptsMidSmall IT & Telecom, Aug 2026: +6.5 ptsMidSmall IT & Telecom, Sept 2026: −3.0 ptsMidSmall IT & Telecom, Oct 2026: +3.5 pts+3.5 ptsREITs & RealtyREITs & Realty, Oct 2025: −0.1 ptsREITs & Realty, Nov 2025: −2.7 ptsREITs & Realty, Dec 2025: −1.2 ptsREITs & Realty, Jan 2026: +0.4 ptsREITs & Realty, Feb 2026: +0.3 ptsREITs & Realty, Mar 2026: +1.0 ptsREITs & Realty, Apr 2026: −0.4 ptsREITs & Realty, May 2026: 0.0 ptsREITs & Realty, Jun 2026: +2.6 ptsREITs & Realty, Jul 2026: +2.8 ptsREITs & Realty, Aug 2026: +0.5 ptsREITs & Realty, Sept 2026: +3.1 ptsREITs & Realty, Oct 2026: −0.6 pts−0.6 ptsMediaMedia, Oct 2025: −4.6 ptsMedia, Nov 2025: −5.4 ptsMedia, Dec 2025: −1.3 ptsMedia, Jan 2026: −0.8 ptsMedia, Feb 2026: +1.8 ptsMedia, Mar 2026: +0.5 ptsMedia, Apr 2026: +4.9 ptsMedia, May 2026: −3.3 ptsMedia, Jun 2026: +3.3 ptsMedia, Jul 2026: +7.3 ptsMedia, Aug 2026: −3.7 ptsMedia, Sept 2026: +7.5 ptsMedia, Oct 2026: −1.0 pts−1.0 ptsFinancial Services Ex-BankFinancial Services Ex-Bank, Oct 2025: +1.8 ptsFinancial Services Ex-Bank, Nov 2025: +2.3 ptsFinancial Services Ex-Bank, Dec 2025: −0.4 ptsFinancial Services Ex-Bank, Jan 2026: +0.1 ptsFinancial Services Ex-Bank, Feb 2026: +1.1 ptsFinancial Services Ex-Bank, Mar 2026: −2.5 ptsFinancial Services Ex-Bank, Apr 2026: +3.7 ptsFinancial Services Ex-Bank, May 2026: +1.0 ptsFinancial Services Ex-Bank, Jun 2026: +0.1 ptsFinancial Services Ex-Bank, Jul 2026: +1.4 ptsFinancial Services Ex-Bank, Aug 2026: −0.7 ptsFinancial Services Ex-Bank, Sept 2026: −3.6 ptsFinancial Services Ex-Bank, Oct 2026: +0.3 pts+0.3 ptsPrivate BankPrivate Bank, Oct 2025: +1.6 ptsPrivate Bank, Nov 2025: +1.6 ptsPrivate Bank, Dec 2025: 0.0 ptsPrivate Bank, Jan 2026: +2.7 ptsPrivate Bank, Feb 2026: −0.2 ptsPrivate Bank, Mar 2026: −4.3 ptsPrivate Bank, Apr 2026: −1.7 ptsPrivate Bank, May 2026: +0.2 ptsPrivate Bank, Jun 2026: +4.7 ptsPrivate Bank, Jul 2026: −3.6 ptsPrivate Bank, Aug 2026: +1.9 ptsPrivate Bank, Sept 2026: +1.2 ptsPrivate Bank, Oct 2026: +0.5 pts+0.5 ptsRealtyRealty, Oct 2025: +4.9 ptsRealty, Nov 2025: −5.7 ptsRealty, Dec 2025: −2.5 ptsRealty, Jan 2026: −7.5 ptsRealty, Feb 2026: −0.8 ptsRealty, Mar 2026: −5.2 ptsRealty, Apr 2026: +11.3 ptsRealty, May 2026: −1.4 ptsRealty, Jun 2026: +4.3 ptsRealty, Jul 2026: +6.8 ptsRealty, Aug 2026: +0.3 ptsRealty, Sept 2026: −0.4 ptsRealty, Oct 2026: −0.5 pts−0.5 ptsBankBank, Oct 2025: +1.4 ptsBank, Nov 2025: +2.4 ptsBank, Dec 2025: 0.0 ptsBank, Jan 2026: +3.3 ptsBank, Feb 2026: +1.1 ptsBank, Mar 2026: −5.6 ptsBank, Apr 2026: −1.4 ptsBank, May 2026: −1.0 ptsBank, Jun 2026: +4.7 ptsBank, Jul 2026: −2.7 ptsBank, Aug 2026: +1.4 ptsBank, Sept 2026: 0.0 ptsBank, Oct 2026: +0.6 pts+0.6 ptsAutoAuto, Oct 2025: −3.4 ptsAuto, Nov 2025: +2.6 ptsAuto, Dec 2025: +1.8 ptsAuto, Jan 2026: −1.8 ptsAuto, Feb 2026: +4.9 ptsAuto, Mar 2026: −4.2 ptsAuto, Apr 2026: −1.5 ptsAuto, May 2026: +1.8 ptsAuto, Jun 2026: −1.0 ptsAuto, Jul 2026: +6.8 ptsAuto, Aug 2026: +0.4 ptsAuto, Sept 2026: −3.0 ptsAuto, Oct 2026: −2.9 pts−2.9 ptsConsumer DurablesConsumer Durables, Oct 2025: −0.3 ptsConsumer Durables, Nov 2025: −2.9 ptsConsumer Durables, Dec 2025: −2.7 ptsConsumer Durables, Jan 2026: −3.1 ptsConsumer Durables, Feb 2026: +8.8 ptsConsumer Durables, Mar 2026: −0.8 ptsConsumer Durables, Apr 2026: +2.3 ptsConsumer Durables, May 2026: −6.2 ptsConsumer Durables, Jun 2026: +2.6 ptsConsumer Durables, Jul 2026: +8.0 ptsConsumer Durables, Aug 2026: +0.9 ptsConsumer Durables, Sept 2026: −3.5 ptsConsumer Durables, Oct 2026: 0.0 pts0.0 ptsChemicalsChemicals, Oct 2025: −2.3 ptsChemicals, Nov 2025: −2.2 ptsChemicals, Dec 2025: +1.1 ptsChemicals, Jan 2026: −0.9 ptsChemicals, Feb 2026: −0.6 ptsChemicals, Mar 2026: +1.2 ptsChemicals, Apr 2026: +3.7 ptsChemicals, May 2026: +2.7 ptsChemicals, Jun 2026: −0.4 ptsChemicals, Jul 2026: −0.3 ptsChemicals, Aug 2026: −0.2 ptsChemicals, Sept 2026: +0.3 ptsChemicals, Oct 2026: −0.9 pts−0.9 ptsFinancial ServicesFinancial Services, Oct 2025: −0.1 ptsFinancial Services, Nov 2025: +1.8 ptsFinancial Services, Dec 2025: −0.7 ptsFinancial Services, Jan 2026: +2.3 ptsFinancial Services, Feb 2026: +1.6 ptsFinancial Services, Mar 2026: −4.2 ptsFinancial Services, Apr 2026: −1.4 ptsFinancial Services, May 2026: −1.0 ptsFinancial Services, Jun 2026: +3.4 ptsFinancial Services, Jul 2026: −2.0 ptsFinancial Services, Aug 2026: −1.0 ptsFinancial Services, Sept 2026: −0.4 ptsFinancial Services, Oct 2026: +0.5 pts+0.5 ptsFinancial Services 25/50Financial Services 25/50, Oct 2025: +0.6 ptsFinancial Services 25/50, Nov 2025: +2.3 ptsFinancial Services 25/50, Dec 2025: −0.6 ptsFinancial Services 25/50, Jan 2026: +1.9 ptsFinancial Services 25/50, Feb 2026: +1.1 ptsFinancial Services 25/50, Mar 2026: −3.6 ptsFinancial Services 25/50, Apr 2026: −1.7 ptsFinancial Services 25/50, May 2026: −0.9 ptsFinancial Services 25/50, Jun 2026: +2.9 ptsFinancial Services 25/50, Jul 2026: −1.3 ptsFinancial Services 25/50, Aug 2026: −1.8 ptsFinancial Services 25/50, Sept 2026: −0.9 ptsFinancial Services 25/50, Oct 2026: +0.5 pts+0.5 ptsOil & GasOil & Gas, Oct 2025: +1.9 ptsOil & Gas, Nov 2025: −0.5 ptsOil & Gas, Dec 2025: +1.9 ptsOil & Gas, Jan 2026: −0.3 ptsOil & Gas, Feb 2026: +3.7 ptsOil & Gas, Mar 2026: −0.6 ptsOil & Gas, Apr 2026: −2.1 ptsOil & Gas, May 2026: −4.2 ptsOil & Gas, Jun 2026: −3.0 ptsOil & Gas, Jul 2026: −0.2 ptsOil & Gas, Aug 2026: −1.2 ptsOil & Gas, Sept 2026: +1.5 ptsOil & Gas, Oct 2026: −0.5 pts−0.5 ptsITIT, Oct 2025: +2.5 ptsIT, Nov 2025: +3.8 ptsIT, Dec 2025: +1.5 ptsIT, Jan 2026: +4.2 ptsIT, Feb 2026: −20.0 ptsIT, Mar 2026: +6.3 ptsIT, Apr 2026: −9.3 ptsIT, May 2026: −0.6 ptsIT, Jun 2026: −11.3 ptsIT, Jul 2026: +14.9 ptsIT, Aug 2026: +1.5 ptsIT, Sept 2026: −5.3 ptsIT, Oct 2026: +2.6 pts+2.6 ptsFMCGFMCG, Oct 2025: −1.6 ptsFMCG, Nov 2025: −1.9 ptsFMCG, Dec 2025: 0.0 ptsFMCG, Jan 2026: −4.4 ptsFMCG, Feb 2026: −0.5 ptsFMCG, Mar 2026: +0.4 ptsFMCG, Apr 2026: +1.6 ptsFMCG, May 2026: −3.2 ptsFMCG, Jun 2026: −2.7 ptsFMCG, Jul 2026: −1.3 ptsFMCG, Aug 2026: −6.3 ptsFMCG, Sept 2026: +2.6 ptsFMCG, Oct 2026: +0.6 pts+0.6 ptsCementCement, Oct 2025: −4.7 ptsCement, Nov 2025: −5.9 ptsCement, Dec 2025: +1.2 ptsCement, Jan 2026: +3.1 ptsCement, Feb 2026: −1.9 ptsCement, Mar 2026: −2.5 ptsCement, Apr 2026: −2.8 ptsCement, May 2026: +1.2 ptsCement, Jun 2026: −2.5 ptsCement, Jul 2026: +0.3 ptsCement, Aug 2026: −3.5 ptsCement, Sept 2026: +0.4 ptsCement, Oct 2026: −1.3 pts−1.3 ptsOct 25NovDecJan 26FebMarAprMayJunJulAugSeptto dateMetalMetal, Oct 2025: +1.4 ptsMetal, Nov 2025: −4.0 ptsMetal, Dec 2025: +8.8 ptsMetal, Jan 2026: +9.2 ptsMetal, Feb 2026: +3.1 ptsMetal, Mar 2026: +2.6 ptsMetal, Apr 2026: +4.7 ptsMetal, May 2026: +4.8 ptsMetal, Jun 2026: −8.2 ptsMetal, Jul 2026: −0.4 ptsMetal, Aug 2026: +3.7 ptsMetal, Sept 2026: +2.6 ptsMetal, Oct 2026: −1.6 pts−1.6 ptsPharmaPharma, Oct 2025: −1.0 ptsPharma, Nov 2025: +2.7 ptsPharma, Dec 2025: −0.9 ptsPharma, Jan 2026: −1.2 ptsPharma, Feb 2026: +5.5 ptsPharma, Mar 2026: +8.2 ptsPharma, Apr 2026: −5.9 ptsPharma, May 2026: +4.7 ptsPharma, Jun 2026: +2.4 ptsPharma, Jul 2026: +2.8 ptsPharma, Aug 2026: +2.5 ptsPharma, Sept 2026: +3.1 ptsPharma, Oct 2026: −0.8 pts−0.8 ptsMidSmall Financial ServicesMidSmall Financial Services, Oct 2025: +5.4 ptsMidSmall Financial Services, Nov 2025: +4.8 ptsMidSmall Financial Services, Dec 2025: −0.3 ptsMidSmall Financial Services, Jan 2026: +2.7 ptsMidSmall Financial Services, Feb 2026: −0.6 ptsMidSmall Financial Services, Mar 2026: −0.8 ptsMidSmall Financial Services, Apr 2026: +6.9 ptsMidSmall Financial Services, May 2026: +3.7 ptsMidSmall Financial Services, Jun 2026: −1.0 ptsMidSmall Financial Services, Jul 2026: −1.3 ptsMidSmall Financial Services, Aug 2026: +3.2 ptsMidSmall Financial Services, Sept 2026: −2.6 ptsMidSmall Financial Services, Oct 2026: 0.0 pts0.0 ptsMidSmall HealthcareMidSmall Healthcare, Oct 2025: −2.2 ptsMidSmall Healthcare, Nov 2025: −0.6 ptsMidSmall Healthcare, Dec 2025: −0.6 ptsMidSmall Healthcare, Jan 2026: −1.6 ptsMidSmall Healthcare, Feb 2026: +5.0 ptsMidSmall Healthcare, Mar 2026: +6.2 ptsMidSmall Healthcare, Apr 2026: −2.7 ptsMidSmall Healthcare, May 2026: +6.3 ptsMidSmall Healthcare, Jun 2026: +3.3 ptsMidSmall Healthcare, Jul 2026: +1.1 ptsMidSmall Healthcare, Aug 2026: +1.5 ptsMidSmall Healthcare, Sept 2026: +2.9 ptsMidSmall Healthcare, Oct 2026: −0.7 pts−0.7 ptsHealthcare (Nifty 500 stocks)Healthcare (Nifty 500 stocks), Oct 2025: −1.4 ptsHealthcare (Nifty 500 stocks), Nov 2025: 0.0 ptsHealthcare (Nifty 500 stocks), Dec 2025: −1.9 ptsHealthcare (Nifty 500 stocks), Jan 2026: −2.2 ptsHealthcare (Nifty 500 stocks), Feb 2026: +6.2 ptsHealthcare (Nifty 500 stocks), Mar 2026: +6.2 ptsHealthcare (Nifty 500 stocks), Apr 2026: −4.3 ptsHealthcare (Nifty 500 stocks), May 2026: +4.8 ptsHealthcare (Nifty 500 stocks), Jun 2026: +3.6 ptsHealthcare (Nifty 500 stocks), Jul 2026: +1.2 ptsHealthcare (Nifty 500 stocks), Aug 2026: +1.5 ptsHealthcare (Nifty 500 stocks), Sept 2026: +2.1 ptsHealthcare (Nifty 500 stocks), Oct 2026: −0.9 pts−0.9 ptsHealthcareHealthcare, Oct 2025: −0.4 ptsHealthcare, Nov 2025: +1.3 ptsHealthcare, Dec 2025: −2.3 ptsHealthcare, Jan 2026: −1.8 ptsHealthcare, Feb 2026: +6.8 ptsHealthcare, Mar 2026: +6.9 ptsHealthcare, Apr 2026: −5.5 ptsHealthcare, May 2026: +3.2 ptsHealthcare, Jun 2026: +3.2 ptsHealthcare, Jul 2026: +1.8 ptsHealthcare, Aug 2026: +1.1 ptsHealthcare, Sept 2026: +1.1 ptsHealthcare, Oct 2026: −0.8 pts−0.8 ptsPSU BankPSU Bank, Oct 2025: +4.4 ptsPSU Bank, Nov 2025: +3.0 ptsPSU Bank, Dec 2025: +0.5 ptsPSU Bank, Jan 2026: +9.0 ptsPSU Bank, Feb 2026: +8.4 ptsPSU Bank, Mar 2026: −8.5 ptsPSU Bank, Apr 2026: −2.8 ptsPSU Bank, May 2026: −3.2 ptsPSU Bank, Jun 2026: +2.5 ptsPSU Bank, Jul 2026: −3.7 ptsPSU Bank, Aug 2026: +2.8 ptsPSU Bank, Sept 2026: −1.0 ptsPSU Bank, Oct 2026: +0.4 pts+0.4 ptsMidSmall IT & TelecomMidSmall IT & Telecom, Oct 2025: +4.6 ptsMidSmall IT & Telecom, Nov 2025: +2.4 ptsMidSmall IT & Telecom, Dec 2025: −1.2 ptsMidSmall IT & Telecom, Jan 2026: +0.5 ptsMidSmall IT & Telecom, Feb 2026: −14.0 ptsMidSmall IT & Telecom, Mar 2026: +2.9 ptsMidSmall IT & Telecom, Apr 2026: −0.8 ptsMidSmall IT & Telecom, May 2026: +11.6 ptsMidSmall IT & Telecom, Jun 2026: −5.3 ptsMidSmall IT & Telecom, Jul 2026: +3.7 ptsMidSmall IT & Telecom, Aug 2026: +6.5 ptsMidSmall IT & Telecom, Sept 2026: −3.0 ptsMidSmall IT & Telecom, Oct 2026: +3.5 pts+3.5 ptsREITs & RealtyREITs & Realty, Oct 2025: −0.1 ptsREITs & Realty, Nov 2025: −2.7 ptsREITs & Realty, Dec 2025: −1.2 ptsREITs & Realty, Jan 2026: +0.4 ptsREITs & Realty, Feb 2026: +0.3 ptsREITs & Realty, Mar 2026: +1.0 ptsREITs & Realty, Apr 2026: −0.4 ptsREITs & Realty, May 2026: 0.0 ptsREITs & Realty, Jun 2026: +2.6 ptsREITs & Realty, Jul 2026: +2.8 ptsREITs & Realty, Aug 2026: +0.5 ptsREITs & Realty, Sept 2026: +3.1 ptsREITs & Realty, Oct 2026: −0.6 pts−0.6 ptsMediaMedia, Oct 2025: −4.6 ptsMedia, Nov 2025: −5.4 ptsMedia, Dec 2025: −1.3 ptsMedia, Jan 2026: −0.8 ptsMedia, Feb 2026: +1.8 ptsMedia, Mar 2026: +0.5 ptsMedia, Apr 2026: +4.9 ptsMedia, May 2026: −3.3 ptsMedia, Jun 2026: +3.3 ptsMedia, Jul 2026: +7.3 ptsMedia, Aug 2026: −3.7 ptsMedia, Sept 2026: +7.5 ptsMedia, Oct 2026: −1.0 pts−1.0 ptsFinancial Services Ex-BankFinancial Services Ex-Bank, Oct 2025: +1.8 ptsFinancial Services Ex-Bank, Nov 2025: +2.3 ptsFinancial Services Ex-Bank, Dec 2025: −0.4 ptsFinancial Services Ex-Bank, Jan 2026: +0.1 ptsFinancial Services Ex-Bank, Feb 2026: +1.1 ptsFinancial Services Ex-Bank, Mar 2026: −2.5 ptsFinancial Services Ex-Bank, Apr 2026: +3.7 ptsFinancial Services Ex-Bank, May 2026: +1.0 ptsFinancial Services Ex-Bank, Jun 2026: +0.1 ptsFinancial Services Ex-Bank, Jul 2026: +1.4 ptsFinancial Services Ex-Bank, Aug 2026: −0.7 ptsFinancial Services Ex-Bank, Sept 2026: −3.6 ptsFinancial Services Ex-Bank, Oct 2026: +0.3 pts+0.3 ptsPrivate BankPrivate Bank, Oct 2025: +1.6 ptsPrivate Bank, Nov 2025: +1.6 ptsPrivate Bank, Dec 2025: 0.0 ptsPrivate Bank, Jan 2026: +2.7 ptsPrivate Bank, Feb 2026: −0.2 ptsPrivate Bank, Mar 2026: −4.3 ptsPrivate Bank, Apr 2026: −1.7 ptsPrivate Bank, May 2026: +0.2 ptsPrivate Bank, Jun 2026: +4.7 ptsPrivate Bank, Jul 2026: −3.6 ptsPrivate Bank, Aug 2026: +1.9 ptsPrivate Bank, Sept 2026: +1.2 ptsPrivate Bank, Oct 2026: +0.5 pts+0.5 ptsRealtyRealty, Oct 2025: +4.9 ptsRealty, Nov 2025: −5.7 ptsRealty, Dec 2025: −2.5 ptsRealty, Jan 2026: −7.5 ptsRealty, Feb 2026: −0.8 ptsRealty, Mar 2026: −5.2 ptsRealty, Apr 2026: +11.3 ptsRealty, May 2026: −1.4 ptsRealty, Jun 2026: +4.3 ptsRealty, Jul 2026: +6.8 ptsRealty, Aug 2026: +0.3 ptsRealty, Sept 2026: −0.4 ptsRealty, Oct 2026: −0.5 pts−0.5 ptsBankBank, Oct 2025: +1.4 ptsBank, Nov 2025: +2.4 ptsBank, Dec 2025: 0.0 ptsBank, Jan 2026: +3.3 ptsBank, Feb 2026: +1.1 ptsBank, Mar 2026: −5.6 ptsBank, Apr 2026: −1.4 ptsBank, May 2026: −1.0 ptsBank, Jun 2026: +4.7 ptsBank, Jul 2026: −2.7 ptsBank, Aug 2026: +1.4 ptsBank, Sept 2026: 0.0 ptsBank, Oct 2026: +0.6 pts+0.6 ptsAutoAuto, Oct 2025: −3.4 ptsAuto, Nov 2025: +2.6 ptsAuto, Dec 2025: +1.8 ptsAuto, Jan 2026: −1.8 ptsAuto, Feb 2026: +4.9 ptsAuto, Mar 2026: −4.2 ptsAuto, Apr 2026: −1.5 ptsAuto, May 2026: +1.8 ptsAuto, Jun 2026: −1.0 ptsAuto, Jul 2026: +6.8 ptsAuto, Aug 2026: +0.4 ptsAuto, Sept 2026: −3.0 ptsAuto, Oct 2026: −2.9 pts−2.9 ptsConsumer DurablesConsumer Durables, Oct 2025: −0.3 ptsConsumer Durables, Nov 2025: −2.9 ptsConsumer Durables, Dec 2025: −2.7 ptsConsumer Durables, Jan 2026: −3.1 ptsConsumer Durables, Feb 2026: +8.8 ptsConsumer Durables, Mar 2026: −0.8 ptsConsumer Durables, Apr 2026: +2.3 ptsConsumer Durables, May 2026: −6.2 ptsConsumer Durables, Jun 2026: +2.6 ptsConsumer Durables, Jul 2026: +8.0 ptsConsumer Durables, Aug 2026: +0.9 ptsConsumer Durables, Sept 2026: −3.5 ptsConsumer Durables, Oct 2026: 0.0 pts0.0 ptsChemicalsChemicals, Oct 2025: −2.3 ptsChemicals, Nov 2025: −2.2 ptsChemicals, Dec 2025: +1.1 ptsChemicals, Jan 2026: −0.9 ptsChemicals, Feb 2026: −0.6 ptsChemicals, Mar 2026: +1.2 ptsChemicals, Apr 2026: +3.7 ptsChemicals, May 2026: +2.7 ptsChemicals, Jun 2026: −0.4 ptsChemicals, Jul 2026: −0.3 ptsChemicals, Aug 2026: −0.2 ptsChemicals, Sept 2026: +0.3 ptsChemicals, Oct 2026: −0.9 pts−0.9 ptsFinancial ServicesFinancial Services, Oct 2025: −0.1 ptsFinancial Services, Nov 2025: +1.8 ptsFinancial Services, Dec 2025: −0.7 ptsFinancial Services, Jan 2026: +2.3 ptsFinancial Services, Feb 2026: +1.6 ptsFinancial Services, Mar 2026: −4.2 ptsFinancial Services, Apr 2026: −1.4 ptsFinancial Services, May 2026: −1.0 ptsFinancial Services, Jun 2026: +3.4 ptsFinancial Services, Jul 2026: −2.0 ptsFinancial Services, Aug 2026: −1.0 ptsFinancial Services, Sept 2026: −0.4 ptsFinancial Services, Oct 2026: +0.5 pts+0.5 ptsFinancial Services 25/50Financial Services 25/50, Oct 2025: +0.6 ptsFinancial Services 25/50, Nov 2025: +2.3 ptsFinancial Services 25/50, Dec 2025: −0.6 ptsFinancial Services 25/50, Jan 2026: +1.9 ptsFinancial Services 25/50, Feb 2026: +1.1 ptsFinancial Services 25/50, Mar 2026: −3.6 ptsFinancial Services 25/50, Apr 2026: −1.7 ptsFinancial Services 25/50, May 2026: −0.9 ptsFinancial Services 25/50, Jun 2026: +2.9 ptsFinancial Services 25/50, Jul 2026: −1.3 ptsFinancial Services 25/50, Aug 2026: −1.8 ptsFinancial Services 25/50, Sept 2026: −0.9 ptsFinancial Services 25/50, Oct 2026: +0.5 pts+0.5 ptsOil & GasOil & Gas, Oct 2025: +1.9 ptsOil & Gas, Nov 2025: −0.5 ptsOil & Gas, Dec 2025: +1.9 ptsOil & Gas, Jan 2026: −0.3 ptsOil & Gas, Feb 2026: +3.7 ptsOil & Gas, Mar 2026: −0.6 ptsOil & Gas, Apr 2026: −2.1 ptsOil & Gas, May 2026: −4.2 ptsOil & Gas, Jun 2026: −3.0 ptsOil & Gas, Jul 2026: −0.2 ptsOil & Gas, Aug 2026: −1.2 ptsOil & Gas, Sept 2026: +1.5 ptsOil & Gas, Oct 2026: −0.5 pts−0.5 ptsITIT, Oct 2025: +2.5 ptsIT, Nov 2025: +3.8 ptsIT, Dec 2025: +1.5 ptsIT, Jan 2026: +4.2 ptsIT, Feb 2026: −20.0 ptsIT, Mar 2026: +6.3 ptsIT, Apr 2026: −9.3 ptsIT, May 2026: −0.6 ptsIT, Jun 2026: −11.3 ptsIT, Jul 2026: +14.9 ptsIT, Aug 2026: +1.5 ptsIT, Sept 2026: −5.3 ptsIT, Oct 2026: +2.6 pts+2.6 ptsFMCGFMCG, Oct 2025: −1.6 ptsFMCG, Nov 2025: −1.9 ptsFMCG, Dec 2025: 0.0 ptsFMCG, Jan 2026: −4.4 ptsFMCG, Feb 2026: −0.5 ptsFMCG, Mar 2026: +0.4 ptsFMCG, Apr 2026: +1.6 ptsFMCG, May 2026: −3.2 ptsFMCG, Jun 2026: −2.7 ptsFMCG, Jul 2026: −1.3 ptsFMCG, Aug 2026: −6.3 ptsFMCG, Sept 2026: +2.6 ptsFMCG, Oct 2026: +0.6 pts+0.6 ptsCementCement, Oct 2025: −4.7 ptsCement, Nov 2025: −5.9 ptsCement, Dec 2025: +1.2 ptsCement, Jan 2026: +3.1 ptsCement, Feb 2026: −1.9 ptsCement, Mar 2026: −2.5 ptsCement, Apr 2026: −2.8 ptsCement, May 2026: +1.2 ptsCement, Jun 2026: −2.5 ptsCement, Jul 2026: +0.3 ptsCement, Aug 2026: −3.5 ptsCement, Sept 2026: +0.4 ptsCement, Oct 2026: −1.3 pts−1.3 ptsOct 25NovDecJan 26FebMarAprMayJunJulAugSeptto date

Source: NSE Indices total return series (dividends reinvested)

Table
DateMetalPharmaMidSmall Financial ServicesMidSmall HealthcareHealthcare (Nifty 500 stocks)HealthcarePSU BankMidSmall IT & TelecomREITs & RealtyMediaFinancial Services Ex-BankPrivate BankRealtyBankAutoConsumer DurablesChemicalsFinancial ServicesFinancial Services 25/50Oil & GasITFMCGCement
Oct 2026−1.6 pts−0.8 pts0.0 pts−0.7 pts−0.9 pts−0.8 pts+0.4 pts+3.5 pts−0.6 pts−1.0 pts+0.3 pts+0.5 pts−0.5 pts+0.6 pts−2.9 pts0.0 pts−0.9 pts+0.5 pts+0.5 pts−0.5 pts+2.6 pts+0.6 pts−1.3 pts
Sept 2026+2.6 pts+3.1 pts−2.6 pts+2.9 pts+2.1 pts+1.1 pts−1.0 pts−3.0 pts+3.1 pts+7.5 pts−3.6 pts+1.2 pts−0.4 pts0.0 pts−3.0 pts−3.5 pts+0.3 pts−0.4 pts−0.9 pts+1.5 pts−5.3 pts+2.6 pts+0.4 pts
Aug 2026+3.7 pts+2.5 pts+3.2 pts+1.5 pts+1.5 pts+1.1 pts+2.8 pts+6.5 pts+0.5 pts−3.7 pts−0.7 pts+1.9 pts+0.3 pts+1.4 pts+0.4 pts+0.9 pts−0.2 pts−1.0 pts−1.8 pts−1.2 pts+1.5 pts−6.3 pts−3.5 pts
Jul 2026−0.4 pts+2.8 pts−1.3 pts+1.1 pts+1.2 pts+1.8 pts−3.7 pts+3.7 pts+2.8 pts+7.3 pts+1.4 pts−3.6 pts+6.8 pts−2.7 pts+6.8 pts+8.0 pts−0.3 pts−2.0 pts−1.3 pts−0.2 pts+14.9 pts−1.3 pts+0.3 pts
Jun 2026−8.2 pts+2.4 pts−1.0 pts+3.3 pts+3.6 pts+3.2 pts+2.5 pts−5.3 pts+2.6 pts+3.3 pts+0.1 pts+4.7 pts+4.3 pts+4.7 pts−1.0 pts+2.6 pts−0.4 pts+3.4 pts+2.9 pts−3.0 pts−11.3 pts−2.7 pts−2.5 pts
May 2026+4.8 pts+4.7 pts+3.7 pts+6.3 pts+4.8 pts+3.2 pts−3.2 pts+11.6 pts0.0 pts−3.3 pts+1.0 pts+0.2 pts−1.4 pts−1.0 pts+1.8 pts−6.2 pts+2.7 pts−1.0 pts−0.9 pts−4.2 pts−0.6 pts−3.2 pts+1.2 pts
Apr 2026+4.7 pts−5.9 pts+6.9 pts−2.7 pts−4.3 pts−5.5 pts−2.8 pts−0.8 pts−0.4 pts+4.9 pts+3.7 pts−1.7 pts+11.3 pts−1.4 pts−1.5 pts+2.3 pts+3.7 pts−1.4 pts−1.7 pts−2.1 pts−9.3 pts+1.6 pts−2.8 pts
Mar 2026+2.6 pts+8.2 pts−0.8 pts+6.2 pts+6.2 pts+6.9 pts−8.5 pts+2.9 pts+1.0 pts+0.5 pts−2.5 pts−4.3 pts−5.2 pts−5.6 pts−4.2 pts−0.8 pts+1.2 pts−4.2 pts−3.6 pts−0.6 pts+6.3 pts+0.4 pts−2.5 pts
Feb 2026+3.1 pts+5.5 pts−0.6 pts+5.0 pts+6.2 pts+6.8 pts+8.4 pts−14.0 pts+0.3 pts+1.8 pts+1.1 pts−0.2 pts−0.8 pts+1.1 pts+4.9 pts+8.8 pts−0.6 pts+1.6 pts+1.1 pts+3.7 pts−20.0 pts−0.5 pts−1.9 pts
Jan 2026+9.2 pts−1.2 pts+2.7 pts−1.6 pts−2.2 pts−1.8 pts+9.0 pts+0.5 pts+0.4 pts−0.8 pts+0.1 pts+2.7 pts−7.5 pts+3.3 pts−1.8 pts−3.1 pts−0.9 pts+2.3 pts+1.9 pts−0.3 pts+4.2 pts−4.4 pts+3.1 pts
Dec 2025+8.8 pts−0.9 pts−0.3 pts−0.6 pts−1.9 pts−2.3 pts+0.5 pts−1.2 pts−1.2 pts−1.3 pts−0.4 pts0.0 pts−2.5 pts0.0 pts+1.8 pts−2.7 pts+1.1 pts−0.7 pts−0.6 pts+1.9 pts+1.5 pts0.0 pts+1.2 pts
Nov 2025−4.0 pts+2.7 pts+4.8 pts−0.6 pts0.0 pts+1.3 pts+3.0 pts+2.4 pts−2.7 pts−5.4 pts+2.3 pts+1.6 pts−5.7 pts+2.4 pts+2.6 pts−2.9 pts−2.2 pts+1.8 pts+2.3 pts−0.5 pts+3.8 pts−1.9 pts−5.9 pts
Oct 2025+1.4 pts−1.0 pts+5.4 pts−2.2 pts−1.4 pts−0.4 pts+4.4 pts+4.6 pts−0.1 pts−4.6 pts+1.8 pts+1.6 pts+4.9 pts+1.4 pts−3.4 pts−0.3 pts−2.3 pts−0.1 pts+0.6 pts+1.9 pts+2.5 pts−1.6 pts−4.7 pts

By style, high beta has led over the year (+14.4 pts) and quality trailed (−2.9 pts)

NSE's strategy indices, each built to hold one kind of stock, against the Nifty 500: bars over a year, the tick over three months. These are NSE's index definitions, not our factor portfolios.

one yearthree months

0.0 pts+5.0 pts+10.0 pts+15.0 ptsHigh beta (Nifty High Beta 50)High beta (Nifty High Beta 50): +14.4 pts; three months +0.5 pts+14.4 ptsValue (Nifty200 Value 30)Value (Nifty200 Value 30): +9.4 pts; three months −1.8 pts+9.4 ptsEqual weight (Nifty500 Equal Weight)Equal weight (Nifty500 Equal Weight): +3.3 pts; three months +1.0 pts+3.3 ptsMomentum (Nifty200 Momentum 30)Momentum (Nifty200 Momentum 30): +1.7 pts; three months +2.2 pts+1.7 ptsLow volatility (Nifty100 Low Vol 30)Low volatility (Nifty100 Low Vol 30): −2.2 pts; three months −1.5 pts−2.2 ptsQuality (Nifty200 Quality 30)Quality (Nifty200 Quality 30): −2.9 pts; three months +0.5 pts−2.9 pts0.0 pts+5.0 pts+10.0 pts+15.0 ptsHigh beta (Nifty High Beta 50)High beta (Nifty High Beta 50): +14.4 pts; three months +0.5 pts+14.4 ptsValue (Nifty200 Value 30)Value (Nifty200 Value 30): +9.4 pts; three months −1.8 pts+9.4 ptsEqual weight (Nifty500 Equal Weight)Equal weight (Nifty500 Equal Weight): +3.3 pts; three months +1.0 pts+3.3 ptsMomentum (Nifty200 Momentum 30)Momentum (Nifty200 Momentum 30): +1.7 pts; three months +2.2 pts+1.7 ptsLow volatility (Nifty100 Low Vol 30)Low volatility (Nifty100 Low Vol 30): −2.2 pts; three months −1.5 pts−2.2 ptsQuality (Nifty200 Quality 30)Quality (Nifty200 Quality 30): −2.9 pts; three months +0.5 pts−2.9 pts0.0 pts+5.0 pts+10.0 pts+15.0 ptsHigh beta (Nifty High Beta 50)High beta (Nifty High Beta 50): +14.4 pts; three months +0.5 pts+14.4 ptsValue (Nifty200 Value 30)Value (Nifty200 Value 30): +9.4 pts; three months −1.8 pts+9.4 ptsEqual weight (Nifty500 Equal Weight)Equal weight (Nifty500 Equal Weight): +3.3 pts; three months +1.0 pts+3.3 ptsMomentum (Nifty200 Momentum 30)Momentum (Nifty200 Momentum 30): +1.7 pts; three months +2.2 pts+1.7 ptsLow volatility (Nifty100 Low Vol 30)Low volatility (Nifty100 Low Vol 30): −2.2 pts; three months −1.5 pts−2.2 ptsQuality (Nifty200 Quality 30)Quality (Nifty200 Quality 30): −2.9 pts; three months +0.5 pts−2.9 pts

Source: NSE Indices total return series.

Table
One yearthree months
High beta (Nifty High Beta 50)+14.4 pts+0.5 pts
Value (Nifty200 Value 30)+9.4 pts−1.8 pts
Equal weight (Nifty500 Equal Weight)+3.3 pts+1.0 pts
Momentum (Nifty200 Momentum 30)+1.7 pts+2.2 pts
Low volatility (Nifty100 Low Vol 30)−2.2 pts−1.5 pts
Quality (Nifty200 Quality 30)−2.9 pts+0.5 pts

Over the year: Gold +24.4%, Cash +5.4%, 5-year G-secs +3.5%, Indian shares −4.3%

Total returns in rupees, set to 100 a year ago.

Indian shares (Nifty 500)Gold (in rupees)5-year G-secsCash (T-bills)

2026AprJul80100120140160a year ago124105962026AprJul80100120140160a year agoGold (in rupees) 124Cash (T-bills) 1055-year G-secs 103Indian shares (Nifty500) 962026AprJul80100120140160a year agoGold (in rupees) 124Cash (T-bills) 1055-year G-secs 103Indian shares (Nifty 500) 96

Source: NSE Indices (Nifty 500 total return, 5-year G-sec index); gold in rupees (World Gold Council); 91-day T-bill (RBI)

Table
DateIndian shares (Nifty 500)Gold (in rupees)5-year G-secsCash (T-bills)
Oct 202696124103105
Sept 2026100127104105
Sept 2026100128104105
Sept 2026101126104105
Aug 2026102136105105
Aug 2026103128105105
Aug 2026103120105104
Jul 2026100121104104
Jul 2026101119104104
Jul 2026102122104104
Jun 2026100120104104
Jun 202699126103104
Jun 202697131102104
May 202699133102103
May 202698135102103
May 202699124102103
Apr 202699126102103
Apr 202696126102103
Apr 202691126100103
Mar 202692124102102
Mar 202697134102102
Feb 2026101133102102
Feb 2026102128102102
Feb 2026101128101102
Jan 2026100147101102
Jan 2026101121100102
Jan 2026104115101101
Dec 2025102115101101
Dec 2025102111100101
Dec 2025102108101101
Nov 2025103106101101
Nov 2025103102100101
Nov 2025102101100100
Oct 202510399100100
Oct 2025102107100100
Oct 2025100100100100

What has changed

What history says

Buying the strongest fifth of stocks and selling the weakest has grown 62-fold since 2004, gross of costs; its worst fall was 59%, to Aug 2009

The momentum barometer's blended long-short: each month, liquid NSE stocks ranked on six measures of momentum, the top fifth held against the bottom fifth, log scale. Over the last year it gained 27%. Before costs and impact; a long-short book is not something most investors can hold.

201020202040606220052010201520202025204060622005201020152020202520406062

Source: The momentum barometer (NSE bhavcopy, point-in-time liquid universe).

Table
DateMomentum long-short
Sept 202662
Feb 202657
Jul 202550
Dec 202452
May 202447
Oct 202342
Mar 202336
Aug 202232
Jan 202229
Jun 202123
Nov 202021
Apr 202024
Sept 201921
Feb 201916
Jul 201814
Dec 201711
May 20178.8
Oct 20168.3
Mar 20167.5
Aug 20157.6
Jan 20155.9
Jun 20144.2
Nov 20134.4
Apr 20133.9
Sept 20123.2
Feb 20122.7
Jul 20112.9
Dec 20102.1
May 20101.8
Oct 20091.5
Nov 20083.2
Apr 20082.8
Sept 20072.6
Feb 20072.0
Jul 20061.7
Dec 20051.5
May 20051.2

Buying the leading sectors

Failed its pre-registered test

Our pre-registered sector momentum rules (12-1 month and 6-1 month) returned 14.5% and 16.9% a year from 2005, against 15.5% for holding every sector equally. Neither beat equal weight after counting trials. Today's sector leaders are a description, not a tip.

Trend and momentum models

Momentum among stocks

Passed its pre-registered test

Among individual stocks the picture differs: the top fifth by blended momentum beat the bottom fifth by 1.83% a month on average from 2004, gross of costs, in both halves of the sample (t = 4.7). The premium has crashed after sharp rebounds from bear markets: in the 28 months after the market's two-year return turned negative it averaged −2.01% a month, though this missed the pre-registered bar. The flag is on today.

Stock momentum, tested

Does sector leadership persist?

Not tested

We have not tested how long sector leadership lasts, so this page does not say it.

What would change the answer

The sectors nearest to changing quadrant:

FMCG
−8.6 pts over six months; would join the leaders if it keeps gaining.
Financial Services
−2.2 pts over six months; would join the leaders if it keeps gaining.
Realty
+19.9 pts over six months but behind over one; would drop out if that continues.
MidSmall Financial Services
+7.7 pts over six months but behind over one; would drop out if that continues.
Metal
+4.3 pts over six months but behind over one; would drop out if that continues.

The readings and the dashboards

How these answers are made: the dossier method. Historical research, not investment advice.