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The best and worst NSE index in every year since 2013

Last year's best NSE index finished in the bottom third the next year in 7 of 13 cases, and last in two. Winners and losers for 2013 to 2026, from NSE's data.

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Cranes, a factory and office towers on an industrial skyline

One question, fourteen years

Which part of the Indian market led last year is the first thing many investors look at. This post checks how useful that is. For each calendar year from 2013, it ranks 21 NSE indices by price change from the previous year's last close to this year's last close, and notes the best and the worst.

The indices are the Nifty 50, Next 50, Midcap 100 and Smallcap 100, plus Nifty Auto, Bank, Commodities, Energy, FMCG, Financial Services, India Consumption, Infrastructure, IT, Media, Metal, MNC, Pharma, PSE, PSU Bank, Realty and Services Sector. In 2017 and 2018 only 19 had the history needed. These are price indices, so dividends are excluded.

The table

Year Best index Change Worst index Change Nifty 50
2013 Nifty IT +58.0% Nifty Realty −34.4% +6.8%
2014 Nifty PSU Bank +67.1% Nifty Metal +7.0% +31.4%
2015 Nifty Media +10.3% Nifty PSU Bank −32.9% −4.1%
2016 Nifty Metal +45.2% Nifty Pharma −14.2% +3.0%
2017 Nifty Realty +109.8% Nifty Pharma −6.3% +28.6%
2018 Nifty IT +23.8% Nifty Realty −33.0% +3.2%
2019 Nifty Realty +28.5% Nifty Media −29.7% +12.0%
2020 Nifty Pharma +60.6% Nifty PSU Bank −30.6% +14.9%
2021 Nifty Metal +69.7% Nifty FMCG +10.0% +24.1%
2022 Nifty PSU Bank +70.7% Nifty IT −26.0% +4.3%
2023 Nifty Realty +81.3% Nifty Services Sector +11.5% +20.0%
2024 Nifty Pharma +39.1% Nifty Media −23.9% +8.8%
2025 Nifty PSU Bank +30.5% Nifty Media −20.5% +10.5%
2026 (to 13 Oct) Nifty Pharma +14.7% Nifty IT −21.3% −13.0%

Two things stand out. The gap between best and worst is huge, typically 40 to 115 points. And in 2014, 2021 and 2023 even the worst index rose, so "worst" is not always a loss.

Does last year's winner repeat?

Here is where each year's best index finished the next year, out of 19 to 21:

Best in Index Next-year rank Next-year change
2013 Nifty IT 17th of 21 +17.8%
2014 Nifty PSU Bank 21st of 21 −32.9%
2015 Nifty Media 16th of 21 −0.8%
2016 Nifty Metal 3rd of 19 +48.5%
2017 Nifty Realty 19th of 19 −33.0%
2018 Nifty IT 7th of 21 +8.4%
2019 Nifty Realty 16th of 21 +5.1%
2020 Nifty Pharma 20th of 21 +10.1%
2021 Nifty Metal 2nd of 21 +21.8%
2022 Nifty PSU Bank 8th of 21 +32.3%
2023 Nifty Realty 2nd of 21 +34.4%
2024 Nifty Pharma 17th of 21 −2.9%
2025 Nifty PSU Bank 9th of 21 −4.5%

Only three of 13 repeated in the top five. Seven fell into the bottom third, and two, PSU Bank after 2014 and Realty after 2017, came last. The 2025 winner, PSU Bank, is 9th of 21 so far this year and down 4.5%.

Last year's winner was not reliably a bad pick either: Metal after 2021 and Realty after 2023 both finished second the following year. The record simply shows no pattern worth leaning on.

Who has led most often

Three indices each topped the year three times: PSU Bank (2014, 2022, 2025), Realty (2017, 2019, 2023) and Pharma (2020, 2024, and 2026 so far). IT and Metal won twice each, and Media once. The Nifty 50 itself never finished first.

Where 2026 sits

Pharma leads the year at +14.7%, followed by Media (+12.9%), Smallcap 100 (+9.8%) and Metal (+8.2%). At the bottom are FMCG (−19.4%) and IT (−21.3%). The Nifty 50, at −13.0%, ranks 19th of 21, which means 18 of the other 20 indices have done better than the headline index.

That spread is the story of the year. For the quarter-by-quarter view of the same indices, see NSE sector indices in the third quarter.

How to read this

Ranks from one year say little about the next, and index returns are not what any investor in a fund earned: sector funds hold different stocks and charge costs. Nothing here is advice to buy or sell any index, sector or fund.

Frequently asked questions

Does last year's best-performing NSE index lead again the next year?

Rarely. Across 13 year-pairs from 2013 to 2025, the previous year's best index finished in the top five the following year only three times (after 2016, 2021 and 2023). In seven of the 13 it finished in the bottom third, and after 2014 and 2017 it finished last.

Which NSE index has been best most often since 2013?

Three indices tied, each with three first places: Nifty PSU Bank (2014, 2022, 2025), Nifty Realty (2017, 2019, 2023) and Nifty Pharma (2020, 2024 and 2026 so far). Nifty IT and Nifty Metal have two each.

How is the Nifty 50 doing against other NSE indices in 2026?

To 13 October 2026 the Nifty 50 is down 13.0% and ranks 19th of 21 indices compared here. Nifty Pharma leads at +14.7% and Nifty IT is last at −21.3%. Nifty Midcap 100 is down 1.7% and Nifty Smallcap 100 is up 9.8%.

This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.

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