Two ends of the market
Two NSE indices sit at opposite ends of the valuation range. The Nifty MNC holds companies of multinational origin or parentage. The Nifty PSE holds public sector enterprises. On 5 October 2026 they close at P/Es of 34.63 and 10.45, against 19.30 for the Nifty 50.
Since 2012
NSE's closing levels for these indices start in 2012, so the long view runs from the end of that year, about 13.8 years.
| 31 Dec 2012 | 5 Oct 2026 | Multiple | Per year | |
|---|---|---|---|---|
| Nifty MNC | 5,795.50 | 30,018.60 | 5.18x | 12.70% |
| Nifty 50 | 5,905.10 | 22,555.75 | 3.82x | 10.23% |
| Nifty PSE | 2,891.20 | 9,283.55 | 3.21x | 8.85% |
These are price returns, without dividends. The PSE index pays much the higher dividend, at a yield of 2.81% against 1.23% for the Nifty 50, so the gap to the Nifty 50 is narrower than it looks.
Year by year
| Year | Nifty 50 | Nifty MNC | Nifty PSE |
|---|---|---|---|
| 2013 | 6.8% | 7.7% | -8.6% |
| 2014 | 31.4% | 42.5% | 34.6% |
| 2015 | -4.1% | 7.5% | -11.9% |
| 2016 | 3.0% | 1.1% | 17.9% |
| 2017 | 28.6% | 53.1% | 16.5% |
| 2018 | 3.2% | -5.8% | -21.2% |
| 2019 | 12.0% | -1.1% | -4.8% |
| 2020 | 14.9% | 13.5% | -13.3% |
| 2021 | 24.1% | 22.8% | 37.1% |
| 2022 | 4.3% | 2.5% | 13.9% |
| 2023 | 20.0% | 22.9% | 79.9% |
| 2024 | 8.8% | 15.4% | 21.4% |
| 2025 | 10.5% | 9.4% | 3.4% |
| 2026 to 5 Oct | -13.7% | -1.8% | -5.8% |
Calendar-year price returns. Against the Nifty 50, over the 13 complete years from 2013 to 2025, each index won six.
- The MNC index is the steadier. It had two down years (2018 and 2019, both small) in the 13, and it is down only 1.8% this year against 13.7% for the Nifty 50. Its best year was 53.1% in 2017.
- The PSE index is the wilder. It fell in five of the 13 years, by as much as 21.2% in 2018, and then rose 79.9% in 2023, four times the Nifty 50's gain.
- Their good years rarely coincide. The PSE index led from 2021 to 2024 while the MNC index trailed in 2021 and 2022, and in 2017 and 2018 the order was the other way round.
What they cost now
| 5 Oct 2026 | Nifty MNC | Nifty PSE | Nifty 50 |
|---|---|---|---|
| P/E | 34.63 | 10.45 | 19.30 |
| P/B | 6.96 | 1.63 | 2.77 |
| Dividend yield | 1.41% | 2.81% | 1.23% |
| Median P/E since Mar 2021 | 40.80 | 9.82 | 22.15 |
| Sessions with a lower P/E (of 1,362) | 169 | 758 | 8 |
| Below record close | 11.4% | 20.9% | 14.3% |
The MNC index costs 1.79 times the Nifty 50's P/E and the PSE index 0.54 times. Against their own histories, the MNC index is in the lower fifth of its range (169 of 1,362 sessions were cheaper) and the PSE index a little above the middle (758). The MNC record close, 33,875.30, was set on 10 August 2026; the PSE record, 11,737.35, on 1 August 2024.
What this does not tell you
A low P/E is not a bargain by itself. Public sector earnings are tied to commodity, banking and power cycles, so the same P/E can mean different things in different years. Our look at whether the Nifty P/E predicts returns shows how weak the link is even for the broad index.
The indices are concentrated. A few large companies dominate each one.
The ratios update in steps. A P/E can move on a day with no change in price, when new results feed in.
These are indices, not funds. Funds with a PSU theme hold their own mix and charge costs.
Where to go from here
The guide to reading an index P/E explains the ratio. Compare the daily P/E histories on the Nifty MNC and Nifty PSE pages, and see Nifty 50 returns over 1, 3, 5, 10 and 15 years for the benchmark.
Frequently asked questions
How have multinational and PSU stocks compared with the Nifty 50?
From 31 December 2012 to 5 October 2026 the Nifty MNC index rose 5.18 times, about 12.70% a year, the Nifty 50 3.82 times, about 10.23% a year, and the Nifty PSE 3.21 times, about 8.85% a year. All are price returns from NSE's index levels.
What is the Nifty MNC P/E ratio now?
Nifty MNC closed at a P/E of 34.63 on 5 October 2026, with a price-to-book of 6.96 and a dividend yield of 1.41%. Its median P/E since March 2021 is 40.80, and 169 of 1,362 sessions closed lower than today.
What is the Nifty PSE P/E ratio now?
Nifty PSE closed at a P/E of 10.45 on 5 October 2026, with a price-to-book of 1.63 and a dividend yield of 2.81%. Its median P/E since March 2021 is 9.82, and 758 of 1,362 sessions closed lower than today.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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