The year in one line
From the close of 31 December 2025 to 1 October 2026, the Nifty 50 fell 14.2%, from 26,129.60 to 22,421.95. India VIX went the other way, from 9.48 to 14.46, up 52.5%.
Underneath that headline, the indices went in very different directions. All returns here are price returns from NSE's index history, without dividends.
The leaders
| Index | 2026 so far |
|---|---|
| Nifty India Defence | +18.0% |
| Nifty IPO | +16.8% |
| Nifty MidSmall Healthcare | +16.2% |
| Nifty Pharma | +15.8% |
| Nifty Microcap 250 | +14.9% |
| Nifty Metal | +11.6% |
| Nifty Smallcap 50 | +10.8% |
| Nifty Healthcare Index | +9.9% |
| Nifty Capital Markets | +8.3% |
Healthcare and pharma appear three times. Small companies appear twice (Microcap 250 and Smallcap 50), and the IPO index holds recent listings. Defence and metals are the other two themes.
The laggards
| Index | 2026 so far |
|---|---|
| Nifty India Railways PSU | −26.7% |
| Nifty IT | −25.3% |
| Nifty FMCG | −21.1% |
| Nifty Top 10 Equal Weight | −19.8% |
| Nifty Top 15 Equal Weight | −18.5% |
| Nifty India Corporate Group Index – Tata Group | −18.1% |
| Nifty50 Value 20 | −16.3% |
| Nifty Growth Sectors 15 | −16.0% |
| Nifty India Digital | −14.9% |
| Nifty Oil & Gas | −14.4% |
IT and FMCG, two of the larger sectors, are down 25.3% and 21.1%. For how those two behaved in the latest quarter, see the Q3 sector review.
Size has been the dividing line
| Index | 2026 so far |
|---|---|
| Nifty Microcap 250 | +14.9% |
| Nifty Smallcap 250 | +5.4% |
| Nifty Next 50 | −0.6% |
| Nifty Midcap 150 | −2.8% |
| Nifty Total Market | −7.6% |
| Nifty 500 | −8.4% |
| Nifty 200 | −10.2% |
| Nifty 100 | −11.9% |
| Nifty 50 | −14.2% |
Apart from one wrinkle, the smaller the companies, the better the year: the Nifty 50 is the worst of the nine, and the Nifty Microcap 250 the best. The wrinkle is Nifty Next 50, which is ahead of the Midcap 150 although its stocks are larger.
The equal-weight indices show where the damage sat. The Nifty50 Equal Weight index is down 8.4%, against 14.2% for the market-cap-weighted Nifty 50. The equal-weight versions of the biggest stocks did worse: the Top 10 index is down 19.8%, the Top 15 down 18.5%, and the Top 20 down 15.2%. The largest companies, in other words, were the worst place to be.
What price returns miss
Valuations differ hugely. Smaller companies are priced higher: the Nifty Smallcap 250's P/E on 30 September was 34.45, against 19.36 for the Nifty 50. The cheapest and dearest NSE indices lists them.
Dividends are left out. They matter most for high-yield indices such as IT.
The year is not over, and low points are not locked in. The Nifty 50's year low, 22,331.40 on 30 March, is within 0.4% of the 1 October close. The path is in our India VIX review.
For what this has meant for funds, see the scorecard of fund categories. This is a record of what happened, not a view on what comes next.
Frequently asked questions
How much has the Nifty 50 fallen in 2026?
The Nifty 50 closed 2025 at 26,129.60 and 1 October 2026 at 22,421.95, a fall of 14.2%. It is 14.8% below its 2 January high of 26,328.55 and 0.4% above its 30 March low of 22,331.40.
Which NSE index has done best this year?
Among the thematic and sector indices we track, Nifty India Defence is up 18.0%, Nifty IPO 16.8%, Nifty MidSmall Healthcare 16.2% and Nifty Pharma 15.8%, all price returns from 31 December 2025 to 1 October 2026.
Are small caps ahead of large caps?
Yes, by a wide margin. The Nifty Smallcap 250 is up 5.4% and the Nifty Microcap 250 up 14.9%, while the Nifty 50 is down 14.2% and the Nifty Midcap 150 down 2.8%.
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.
Keep reading
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