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Nifty Total Market P/E ratio today

Price to earnings (P/E), price to book (P/B) and dividend yield for the Nifty Total Market, which is currently fairly valued — the 19th percentile of 1,213 daily closes since 2016. Close of 11 Sept 2026.

Every NSE index, cheapest first

How the Nifty Total Market’s valuation reads today

  • Against the market. The Nifty Total Market trades at 1.13× the Nifty 50’s P/E, against a median of 1.07× across 1,213 days they were both priced — a wider premium than usual. A sector can look dear on its own numbers while being cheap against the market, and that gap is usually the more useful of the two.
  • The range it has actually traded in. Its P/E has been as low as 19.61 (Jun 2022) and as high as 29.68 (Oct 2021). Both ends are real closes, not a model — and the high end of an index P/E is usually an earnings collapse rather than a price melt-up, which is why the bands below are percentiles and not a mean.
  • Versus a year ago. 22.40 today, down from 24.17 a year ago. The ratio moves on price and on earnings, so a falling P/E can mean the index got cheaper or that its constituents earned more — the Nifty Total Market level itself is what separates the two.
  • The metrics disagree. Earnings say cheap (P/E 22.40 against a median of 23.78) while dividends say expensive (yield 0.96% against 1.15%). That split is usually a payout-ratio story rather than a valuation one: earnings and dividends do not have to move together, and a company can grow profits for years without raising its dividend.
Price to earnings
22.40Fairly valued

19th percentile of 1,213 days · median 23.78

Price to book
3.20Undervalued

0th percentile of 1,213 days · median 3.89

Dividend yield
0.96%Expensive

1st percentile of 1,213 days · median 1.15

Where the Nifty Total Market P/E ratio sits today

Valuation zones for the Nifty Total Market price to earnings
ZoneP/E rangeWhat it has meant
Undervaluedbelow 21.79Historically cheap — the zone that has rewarded adding, not waiting.
Fairly valuedyou are here21.79 – 23.78Nothing to act on. Keep SIPs running at their normal size.
Slightly expensive23.78 – 26.30Above the ten-year middle. Stagger a lump sum rather than timing it.
Expensiveabove 26.30Historically dear — rebalancing to your target allocation is the honest response.

Bands are the 10th and 90th percentiles of 1,213 daily closes, with the median as the middle line — so the cheapest and dearest tenth of this index’s own history bound the outer zones, and one freak print cannot move them. They describe where this index has traded, not where it should — a market can stay expensive for years, and this is not a signal to act on.

All three, since 2016

Each cell is the median of that month’s daily closes — one day’s print can be an earnings-revision artefact, and on a grid this size that day would colour the whole month. Hover a cell for the trading-day count behind it, or the line above it for any day’s close. All three are always shown; the buttons at the top only change which metric the valuation zones describe.

Nifty Total Market P/E ratio, month by month

above +1 SD 25.57median 23.78below −1 SD 22.19
Price to earnings by month, 2016 to 2026, as the median of each month’s daily closes
JanFebMarAprMayJunJulAugSepOctNovDec
2016
·
·
·
·
·
·
26.26
·
·
·
·
·
2021
·
·
·
·
·
·
·
·
·
28.72
26.88
25.21
2022
26.18
23.59
23.11
24.10
21.08
20.33
21.06
22.14
22.44
22.08
22.90
23.29
2023
22.76
21.86
21.18
21.65
22.43
22.99
24.62
23.38
23.73
23.33
22.23
23.93
2024
24.70
24.53
24.39
25.20
24.63
25.91
26.88
26.69
27.50
27.18
25.74
26.30
2025
24.73
23.06
22.63
23.56
24.54
24.69
25.05
23.99
24.11
24.75
24.44
24.33
2026
24.13
23.84
22.02
23.38
22.86
22.86
23.13
23.13
22.66
·
·
·
cheapestdearest· shaded by rank among all 61 months, not by absolute value — the series is skewed enough that a linear ramp would flatten a decade into one colour

Nifty Total Market P/B ratio, month by month

above +1 SD 4.18median 3.89below −1 SD 3.57
Price to book by month, 2016 to 2026, as the median of each month’s daily closes
JanFebMarAprMayJunJulAugSepOctNovDec
2016
·
·
·
·
·
·
2.95
·
·
·
·
·
2021
·
·
·
·
·
·
·
·
·
4.28
4.24
4.11
2022
4.28
4.12
4.03
4.22
3.87
3.75
3.77
3.96
3.95
3.86
4.00
4.04
2023
3.96
3.84
3.70
3.80
3.96
4.10
4.39
4.33
4.20
3.42
3.50
3.75
2024
3.88
3.99
3.98
4.11
4.17
4.36
4.49
4.47
4.37
4.06
3.91
3.96
2025
3.72
3.58
3.52
3.70
3.90
3.92
3.88
3.58
3.54
3.63
3.67
3.64
2026
3.61
3.60
3.33
3.54
3.57
3.49
3.46
3.32
3.24
·
·
·
cheapestdearest

Nifty Total Market dividend yield, month by monthgreen is a HIGH yield, which is the cheap end

above +1 SD 1.30median 1.15below −1 SD 1.05
Dividend yield by month, 2016 to 2026, as the median of each month’s daily closes
JanFebMarAprMayJunJulAugSepOctNovDec
2016
·
·
·
·
·
·
1.24
·
·
·
·
·
2021
·
·
·
·
·
·
·
·
·
1.05
1.05
1.12
2022
1.10
1.17
1.19
1.11
1.32
1.41
1.38
1.35
1.32
1.31
1.27
1.27
2023
1.32
1.38
1.43
1.40
1.37
1.35
1.25
1.28
1.26
1.26
1.26
1.17
2024
1.13
1.09
1.09
1.03
1.06
1.03
1.02
1.04
1.02
1.05
1.11
1.08
2025
1.15
1.24
1.24
1.18
1.05
1.05
1.11
1.18
1.17
1.14
1.14
1.14
2026
1.16
1.10
1.19
1.12
1.12
1.06
1.01
0.96
0.94
·
·
·
cheapestdearest

Frequently asked questions

What is the Nifty Total Market P/E ratio today?

The Nifty Total Market closed at a price-to-earnings ratio of 22.40 on 11 September 2026. NSE publishes it once a day after the close, on a consolidated trailing-twelve-month basis, so it moves on the index and on quarterly earnings revisions — there is no intraday figure.

Is the Nifty Total Market overvalued right now?

Against its own history it is fairly valued: a P/E of 22.40 is the 19th percentile of 1,213 daily closes, with a ten-year median of 23.78. That describes where this index has traded, not where it should — a market can stay expensive for years, and this is not a signal to act on.

What is a good P/E ratio for the Nifty Total Market?

There is no single good number, but there is a measured middle: 21.79 to 26.30 is the middle 80% of 1,213 daily closes, and the median sits at 23.78. Below 21.79 is the cheapest tenth of this index's own history and above 26.30 the dearest tenth. Compare it to the index's own past rather than to another market's — earnings mix and growth differ, so an Indian P/E and a US one are not the same quantity.

What is the Nifty Total Market P/B ratio?

The Nifty Total Market price-to-book ratio is 3.20 as of 11 September 2026, against a ten-year median of 3.89. P/B compares the index to the book value of its constituents' assets, which makes it the steadier of the two — book value does not swing on one quarter's earnings the way a P/E denominator can.

What is the Nifty Total Market dividend yield?

The Nifty Total Market dividend yield is 0.96% as of 11 September 2026, against a ten-year median of 1.15%. It reads backwards from the other two: a HIGH yield is the cheap end, because the same dividends are being bought for a lower price.

How often does this page update, and where do the numbers come from?

From NSE's own daily index file, which carries P/E, P/B and dividend yield for every index it prices — 142 of them have a meaningful P/E today. It is published once after each close and picked up by the hourly refresh, so the figures here are the last published close, never a live quote.

Nearby indices

Nifty Smallcap250 Quality 50Nifty Top 10 Equal WeightNifty Top 15 Equal WeightNifty Top 20 Equal WeightNifty Total Market Momentum Quality 50Nifty Transportation & LogisticsNifty100 ESG Sector LeadersNifty100 Equal Weight

How to read these numbers

How to read an index P/E ratio

Consolidated trailing-twelve-month, free-float weighted, one value a day — and why the absolute number tells you almost nothing on its own.

Is the market expensive?

Valuation predicts ten-year returns and not next year’s. What that gap means, and when a reading should change anything.

Index fundsScreen funds