The scoreboard
Between 17 July and 19 October 2026, the Nifty 50 fell 5.9%, from 24,334.30 to 22,888.95. We compared the closing level of every NSE index in our data on those two dates. After setting aside products that are not investable equity benchmarks, 138 indices remain, and only 12 of them rose.
We excluded India VIX, Nifty50 Dividend Points, and the inverse and leveraged Nifty 50 products. Figures are price-index changes, so dividends are not included.
The twelve that rose
| Index | Change, 17 Jul to 19 Oct |
|---|---|
| Nifty Media | +8.0% |
| Nifty IT | +7.8% |
| Nifty MidSmall IT & Telecom | +5.4% |
| Nifty SME Emerge | +5.2% |
| Nifty India Digital | +3.8% |
| Nifty Telecommunications | +3.6% |
| Nifty IPO | +1.9% |
| Nifty India Internet | +1.0% |
| Nifty Microcap 250 | +1.0% |
| Nifty Consumer Services | +0.5% |
| Nifty Alpha 50 | +0.1% |
| Nifty Smallcap250 Momentum Quality 100 | +0.1% |
The pattern is technology, media and telecom: five of the twelve (IT, MidSmall IT & Telecom, Digital, Telecommunications and Internet) are tech or telecom, plus Media. Most of the rest are small-cap, SME and recently listed companies. Our Nifty IT P/E post shows where the IT multiple stands after the rise.
The biggest falls
| Index | Change |
|---|---|
| Nifty Hospitals | −17.4% |
| Nifty Small Finance Banks & Microfinance | −12.9% |
| Nifty Housing Finance | −12.4% |
| Nifty Cement | −12.1% |
| Nifty Power | −11.6% |
| Nifty Construction | −11.3% |
| Nifty Realty | −11.2% |
| Nifty Core Housing | −10.6% |
| Nifty India Railways PSU | −10.5% |
| Nifty NBFC | −10.3% |
Five of the ten (Housing Finance, Cement, Construction, Realty and Core Housing) belong to the housing and construction chain. Financial lenders with a retail or rural base, such as small finance banks, housing finance and NBFCs, also feature. Our realty P/E post has the valuation.
Broad indices
| Index | Change |
|---|---|
| Nifty Microcap 250 | +1.0% |
| Nifty Smallcap 250 | −3.2% |
| Nifty Next 50 | −4.4% |
| Nifty Bank | −5.2% |
| Nifty 500 | −5.5% |
| Nifty 50 | −5.9% |
| Nifty Midcap 150 | −6.4% |
| Nifty Financial Services | −7.1% |
| Nifty Energy | −8.4% |
| Nifty FMCG | −9.8% |
Smaller companies held up better. Microcap 250 rose and Smallcap 250 fell about half as much as the Nifty 50, while Midcap 150 fell slightly more. The microcap comparison post has the longer picture.
Reading a quarter
Breadth was narrow. 126 of 138 indices fell. In a market where the large-cap index is down about 6%, a handful of sectors rising does not change what the median stock did.
The window matters. Picking another start date changes the order. Our year-to-date winners and losers post looks at the whole of 2026 rather than one quarter.
Index returns are not fund returns. Funds charge fees and hold different weights. You can see how thematic funds fared in the same quarter in our post on 253 sectoral and thematic funds.
None of this is a view on where any index goes next.
Frequently asked questions
How many NSE indices rose in the three months to 19 October 2026?
Of 138 equity indices with a close on both 17 July and 19 October 2026, 12 rose. The Nifty 50 fell 5.9%, from 24,334.30 to 22,888.95. Volatility, dividend-points and inverse or leveraged products are excluded.
Which sector indices did best and worst?
Nifty Media rose 8.0% and Nifty IT 7.8%. At the other end, Nifty Hospitals fell 17.4%, Nifty Housing Finance 12.4%, Nifty Cement 12.1%, Nifty Power 11.6% and Nifty Construction 11.3%.
How did mid and small caps compare with large caps?
Over the quarter the Nifty Next 50 fell 4.4%, Nifty Midcap 150 fell 6.4%, Nifty Smallcap 250 fell 3.2% and Nifty Microcap 250 rose 1.0%. The Nifty 50 fell 5.9%, so small and micro caps held up better than mid caps and large caps.
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.
Keep reading
121 NSE indices: only Nifty Media is at its 52-week high
On 16 October 2026 one of 121 NSE equity indices closed at a 52-week high. The median is 9.3% below, small caps 4.8% below and Nifty FMCG 21.4% below.
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.
Sector indices in Q3 2026: IT and pharma up, FMCG down
From 30 June to 30 September 2026 Nifty Media rose 7.1% and Nifty IT 5.3%; Nifty FMCG fell 8.8% and Nifty Energy 7.8%. Fifteen sector indices ranked.