Indian equity market index (monthly, from 1990) Historical Returns
The World Bank's monthly equity price index for India (Global Economic Monitor). Price only, without dividends; monthly averages.
Price history
Month-end values, on a log scale (equal distances are equal percentage changes). Hover a year-end point for its value.
About Indian equity market index (monthly, from 1990)
The World Bank's monthly equity price index for India (Global Economic Monitor). Price only, without dividends; monthly averages.
What it means for investors. It extends Indian equity history back to 1990, before index funds existed, so earlier crises and recoveries can be studied. It is not an NSE or BSE index.
Gives equity history from 1990, before index-fund NAVs exist (2006). Not an NSE or BSE series.
Returns over time
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| Indian equity market index (monthly, from 1990) | −3.6% | 6.0% | 7.1% | 10.8% | 10.7% | 10.1% | −55% | 1 Aug 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.
World Bank, Global Economic Monitor (DSTKMKTXN). Data 1 Jan 1990 to 1 Aug 2026.
Calendar-year returns
| Year | Return |
|---|---|
| 2026 to 1 Aug | −8.4% |
| 2025 | 6.1% |
| 2024 | 13.8% |
| 2023 | 13.9% |
| 2022 | 7.2% |
| 2021 | 24.8% |
| 2020 | 12.6% |
| 2019 | 14.5% |
| 2018 | 7.3% |
| 2017 | 26.7% |
| 2016 | 2.8% |
| 2015 | −7.2% |
Over 36 complete calendar years since 1991, Indian equity market index (monthly, from 1990) rose in 28. Best: 2009 (+79.6%). Worst: 2008 (−52.0%).
Year-end to year-end, from World Bank, Global Economic Monitor (DSTKMKTXN).
Falls from peak and recovery
| Peak | Bottom | Fall | Months down | Back to peak | Months to recover | Events in the fall |
|---|---|---|---|---|---|---|
| Dec 2025 | Jun 2026 | −11.1% | 6 | not yet | — | — |
| Oct 2021 | Jun 2022 | −11.5% | 8 | Nov 2022 | 5 | Russia–Ukraine war begins; RBI off-cycle rate hike |
| Jan 2020 | Apr 2020 | −25.1% | 3 | Nov 2020 | 7 | COVID-19 declared a pandemic; National lockdown announced; RBI emergency rate cut |
| Feb 2015 | Feb 2016 | −18.1% | 12 | Mar 2017 | 13 | Yuan devaluation |
| Oct 2010 | Dec 2011 | −21.2% | 14 | Oct 2013 | 22 | US credit rating downgrade |
| Dec 2007 | Mar 2009 | −54.8% | 15 | Oct 2010 | 19 | January 2008 sell-off; Lehman Brothers bankruptcy; RBI cuts repo rate (GFC) |
| Apr 2006 | Jun 2006 | −15.4% | 2 | Sep 2006 | 3 | — |
| Jan 2004 | Jun 2004 | −19.0% | 5 | Nov 2004 | 5 | Post-election market fall |
| Feb 2000 | Sep 2001 | −48.4% | 19 | Jan 2004 | 28 | Dot-com peak |
| Sep 1994 | Oct 1998 | −36.5% | 49 | Jul 1999 | 9 | Asian financial crisis begins; Pokhran-II tests |
| Apr 1992 | Jul 1993 | −47.0% | 15 | Jun 1994 | 11 | Securities scam reported |
| Oct 1990 | Jan 1991 | −26.4% | 3 | Jul 1991 | 6 | — |
Each fall of 10% or more from a previous high, measured on monthly data. The 12 deepest are shown. “Back to peak” is the first date it regained the previous high.
Rolling returns: the range of outcomes
| Holding period | Periods | Median | Worst | Best | Middle half | Positive |
|---|---|---|---|---|---|---|
| 1 year | 428 | 12.1% | −52.0% | 229.1% | −1.7% to 31.1% | 72% |
| 3 years | 404 | 10.7% | −16.6% | 58.6% | 4.2% to 17.7% | 86% |
| 5 years | 380 | 11.3% | −6.5% | 44.5% | 5.5% to 16.0% | 92% |
| 10 years | 320 | 12.2% | −1.8% | 23.6% | 8.6% to 14.8% | 99% |
Every holding period starting at a month-end in the history (overlapping). Annualised for periods over a year.
How it has moved with other assets
| Compared with | Correlation | Months |
|---|---|---|
| Nifty 50 | 0.66 | 244 |
| Gold (domestic, ₹) | −0.10 | 232 |
| 10-year G-Sec (bond fund) | −0.01 | 244 |
| USD/INR | −0.12 | 439 |
| BSE Sensex | 0.68 | 244 |
Correlation of monthly returns over the months both series have: +1 moves together, 0 unrelated, −1 opposite. Relationships change over time.
Questions
- What has Indian equity market index (monthly, from 1990) returned over the long run?
- Calculated from World Bank, Global Economic Monitor (DSTKMKTXN), Indian equity market index (monthly, from 1990) returned 10.8% a year over the 10 years to 1 Aug 2026, and 6.0% a year over 3 years. Past returns do not indicate future returns.
- What was the biggest fall in Indian equity market index (monthly, from 1990)?
- In the data available from Jan 1990, the largest fall from a previous peak was −54.8%, from Dec 2007 to Mar 2009, and it regained the peak in Oct 2010 (19 months after the bottom). There were 12 falls of 10% or more, 7 of them 20% or more.
- How often has Indian equity market index (monthly, from 1990) been positive over one year?
- Across 428 one-year periods starting at month-ends, 72% were positive; the range was −52.0% to 229.1%. Over five-year periods (380), 92% were positive, with annualised returns from −6.5% to 44.5%.
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