Bharat Bond indices for 2030–33: a quiet ride, a dip

What these indices are

NSE publishes four Nifty BHARAT Bond indices, one for each April maturity from 2030 to 2033. Each tracks a basket of bonds that mature in the named year, and target-maturity funds are built around such baskets. Their published history starts on 16 January 2025, so the comparisons below cover 628 days, to 6 October 2026. The Nifty 10 yr Benchmark G-Sec index is shown alongside as a reference.

These are index levels, not a fund's NAV: a fund tracking one would earn a little less after costs.

Since January 2025

The order is the reverse of maturity: the nearest maturity earned the most. Each step further out gave up roughly half a point a year, and the 10-year G-Sec index, the longest of the five, earned the least.

Over the past year, from 6 October 2025, the indices rose 3.80% (2030), 3.16% (2031), 2.50% (2032) and 2.16% (2033), against 1.26% for the 10-year G-Sec index. In 2026 to date the gains are 2.88%, 2.22%, 1.52% and 1.11%, against 0.84%.

The dip

None of the series fell much, but each fell:

The largest fall from a prior high since January 2025 was 1.14% for the 2030 index (reaching bottom on 6 April 2026), 1.35% for 2031, 1.60% for 2032, 1.77% for 2033 and 2.76% for the 10-year G-Sec. For the 2033 index that largest fall is today's: it closed on 6 October at its deepest point since the series began.

From the early-April lows (2 to 7 April) to the August peaks, the 2030 index gained 3.7%, the 2033 index 4.1% and the 10-year G-Sec 4.8%. Longer maturities rose more on the way up and have fallen more on the way down.

The last three months

Falling bond prices usually mean rising yields. The BHARAT indices have been steadier than the 10-year G-Sec series, which is what shorter maturities would lead one to expect; our look at G-Sec index returns by maturity covers government bonds across the curve. The mechanism is in our post on bond yields and bond fund prices.

What the pattern says about a target-maturity fund

A target-maturity fund holds its bonds until they mature, so what matters is the yield at purchase and the year it ends. Price swings on the way, like the 1.77% fall in the 2033 index since August, do not change what a holder to maturity receives, but they do change the value on any day in between. A holder who needs the money early takes that day's price.

The reverse is also true. An index that has fallen means new buyers get a higher yield, which is why a falling price and a rising yield belong together.

What this does not tell you

These are index levels. A fund's NAV also reflects expenses and tracking error.

The period is short. 628 days cannot say how any of these would behave in a long rising-rate cycle.

Past returns are not a yield. The 6.12% a year for the 2030 index is what the index delivered, not what a new buyer will earn.

Credit and liquidity are not in the numbers. The index levels reflect price moves only.

Where to go from here

The guide to target-maturity funds explains how they work and the debt-fund duration ladder places them against other debt funds. For choosing between debt funds, see our debt-fund checklist.