Indian Market History
How Indian equity, gold, silver, bonds, cash, the rupee and crude oil have behaved over the long run, with the inflation and interest-rate backdrop. Every figure below is calculated from published data, with its source and date.
Indian equity
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| Nifty 50 | −9.0% | 5.4% | 5.9% | 11.0% | 11.4% | 10.1% | −60% | 1 Oct 2026 |
| BSE Sensex | −10.6% | 3.8% | 4.9% | 10.7% | 11.2% | 9.2% | −62% | 1 Oct 2026 |
| Nifty Next 50 | 1.4% | 15.2% | 10.2% | 11.7% | 13.8% | n/a | −42% | 1 Oct 2026 |
| Nifty 500 | −3.9% | 8.9% | 8.6% | n/a | n/a | n/a | −37% | 1 Oct 2026 |
| Nifty Midcap 150 | 2.5% | 13.0% | 14.3% | n/a | n/a | n/a | −38% | 1 Oct 2026 |
| Nifty Smallcap 250 | 3.6% | 12.2% | 12.8% | n/a | n/a | n/a | −43% | 1 Oct 2026 |
| Indian equity market index (monthly, from 1990) | −3.6% | 6.0% | 7.1% | 10.8% | 10.7% | 10.1% | −55% | 1 Aug 2026 |
| Nifty 100 | n/a | n/a | n/a | n/a | n/a | n/a | −2% | 1 Oct 2026 |
| Nifty Midcap 50 | n/a | n/a | n/a | n/a | n/a | n/a | −2% | 1 Oct 2026 |
| Nifty Smallcap 50 | n/a | n/a | n/a | n/a | n/a | n/a | −2% | 1 Oct 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
Sectors
show table
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| Nifty Bank | −1.2% | 7.5% | 8.5% | 11.2% | n/a | n/a | −49% | 1 Oct 2026 |
| Nifty PSU Bank | 6.1% | 14.9% | 26.6% | 9.5% | 5.8% | n/a | −81% | 1 Oct 2026 |
| Nifty IT | −14.9% | −2.0% | −2.3% | n/a | n/a | n/a | −42% | 1 Oct 2026 |
| Nifty Pharma | 21.5% | 19.9% | 13.1% | n/a | n/a | n/a | −21% | 1 Oct 2026 |
| Nifty FMCG | −19.9% | −4.0% | 3.1% | n/a | n/a | n/a | −32% | 1 Oct 2026 |
| Nifty Auto | −4.4% | 17.0% | n/a | n/a | n/a | n/a | −28% | 1 Oct 2026 |
| Nifty Infrastructure | −4.5% | 11.2% | 11.3% | n/a | n/a | n/a | −43% | 1 Oct 2026 |
| Nifty India Consumption | −10.0% | 9.3% | 9.4% | 11.7% | n/a | n/a | −31% | 1 Oct 2026 |
| Nifty CPSE | −3.7% | 18.7% | 23.9% | n/a | n/a | n/a | −54% | 1 Oct 2026 |
| Nifty Financial Services | n/a | n/a | n/a | n/a | n/a | n/a | 0% | 1 Oct 2026 |
| Nifty Private Bank | n/a | n/a | n/a | n/a | n/a | n/a | 0% | 1 Oct 2026 |
| Nifty Metal | n/a | n/a | n/a | n/a | n/a | n/a | −4% | 1 Oct 2026 |
| Nifty Realty | n/a | n/a | n/a | n/a | n/a | n/a | −2% | 1 Oct 2026 |
| Nifty Energy | n/a | n/a | n/a | n/a | n/a | n/a | −1% | 1 Oct 2026 |
| Nifty Media | n/a | n/a | n/a | n/a | n/a | n/a | −2% | 1 Oct 2026 |
| Nifty Oil & Gas | n/a | n/a | n/a | n/a | n/a | n/a | −2% | 1 Oct 2026 |
| Nifty Healthcare | n/a | n/a | n/a | n/a | n/a | n/a | −3% | 1 Oct 2026 |
| Nifty Consumer Durables | n/a | n/a | n/a | n/a | n/a | n/a | −6% | 1 Oct 2026 |
| Nifty PSE | n/a | n/a | n/a | n/a | n/a | n/a | −2% | 1 Oct 2026 |
| Nifty Capital Markets | n/a | n/a | n/a | n/a | n/a | n/a | −2% | 1 Oct 2026 |
| Nifty India Defence | n/a | n/a | n/a | n/a | n/a | n/a | −1% | 1 Oct 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
Commodities
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| Gold (domestic, ₹) | 25.6% | 35.9% | 25.2% | 15.6% | 11.2% | n/a | −30% | 1 Oct 2026 |
| Silver (domestic, ₹) | 51.3% | 44.1% | n/a | n/a | n/a | n/a | −45% | 1 Oct 2026 |
| Brent crude (in ₹) | 77.8% | 12.5% | 14.2% | 13.6% | 4.9% | 7.4% | −91% | 25 Sep 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
Global (in ₹)
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| Nasdaq 100 (in ₹) | 33.7% | 33.9% | 21.9% | 24.5% | 24.5% | n/a | −30% | 1 Oct 2026 |
| S&P 500 (in ₹) | 23.7% | 27.1% | 18.1% | n/a | n/a | n/a | −20% | 1 Oct 2026 |
| Hang Seng (in ₹) | 0.1% | 19.7% | 7.8% | n/a | n/a | n/a | −44% | 30 Sep 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
Bonds & cash
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| 10-year G-Sec (bond fund) | 2.2% | 6.3% | 5.2% | 7.1% | 8.2% | 7.9% | −5% | 1 Oct 2026 |
| Cash (liquid fund) | 6.4% | 6.8% | 6.3% | 6.0% | 6.9% | 7.0% | 0% | 2 Oct 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
Currency
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| USD/INR (rupees per dollar) | 8.0% | 4.9% | 5.4% | 3.7% | 4.5% | 3.8% | −22% | 25 Sep 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
The economic backdrop
| Indicator | Latest | As of | A year earlier | 5-year average |
|---|---|---|---|---|
| Consumer price inflation (year on year) | 4.44% | Jul 2026 | 1.62% | 4.76% |
| Call money rate | 5.50% | Jul 2026 | 5.75% | 5.90% |
| 10-year government bond yield | 6.78% | Jul 2026 | 6.35% | 6.90% |
| Industrial production (year on year) | 7.32% | Jun 2026 | 2.23% | 5.93% |
| Real GDP growth (fiscal year) | 7.57% | FY 2025–26 | 7.10% | 7.84% |
Sources: World Bank (CPI, industrial production, GDP), FRED / OECD (call money rate, 10-year yield). Inflation · Interest rates
Questions
- Which asset class has done best in India over the long run?
- It depends on the period. Over the 10 years to 1 Oct 2026, the Nifty 50 (index-fund proxy) returned 11.0% a year and gold 15.6% a year. The tables above show 1 to 20 years for every series. Higher long-run returns have usually come with deeper falls along the way. Past returns do not indicate future returns.
- Where does this data come from?
- Index returns are proxied by the NAVs of index funds and ETFs published by AMFI, so they are after fund costs. Exchange rates, crude oil and interest rates come from FRED (Federal Reserve Bank of St. Louis); consumer prices, industrial production, GDP and the long equity history from the World Bank. Nothing is interpolated.
- Is this investment advice?
- No. These pages describe what has happened in the past. They are not a forecast or a recommendation to buy or sell anything. Integrato is an AMFI-registered Mutual Fund Distributor (ARN-173155), not a SEBI-registered Investment Adviser.
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