Nifty Sector and Theme Performance in September 2026
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The Nifty IPO index led the combined performance ranking for September 2026, followed by Pharma and Metal. It was also the only index among the 19 sectors and themes in this comparison to finish the month with a positive return.
The Nifty 50 fell 6.06% during September, closing at 22,620.45. But monthly returns tell only part of the picture. Several indices that declined during September still held sizeable gains over one year.
This comparison ranks 19 sector and thematic indices alongside Nifty 50 using four measures: monthly returns, annual returns, recovery from yearly closing lows, and distance below yearly closing highs.
Nifty Sector and thematic performance at September 30, 2026
The table is arranged by the combined rank score. A lower score indicates a stronger position across the four measures.
| Sector or thematic index | September return (%) | One-year return (%) | Bounce from closing low (%) | Below closing high (%) | Combined rank score |
|---|---|---|---|---|---|
| Nifty IPO | 1.08 | 12.94 | 35.78 | 2.35 | 2.25 |
| Nifty Pharma | −2.75 | 23.23 | 22.77 | 2.75 | 3.00 |
| Nifty Metal | −3.28 | 27.12 | 27.38 | 6.98 | 3.25 |
| Nifty India Defence | −4.54 | 18.17 | 28.59 | 7.22 | 5.00 |
| Nifty Healthcare | −4.74 | 14.14 | 17.02 | 4.74 | 6.25 |
| Nifty Capital Markets | −7.21 | 22.83 | 20.94 | 10.26 | 8.50 |
| Nifty Energy | −3.46 | 4.68 | 10.69 | 11.80 | 9.00 |
| Nifty Private Bank | −4.68 | 0.88 | 10.56 | 8.54 | 9.50 |
| Nifty Realty | −6.28 | −2.33 | 30.13 | 12.52 | 10.75 |
| Nifty Waves | −2.51 | −12.20 | 16.26 | 14.34 | 10.75 |
| Nifty Housing | −5.21 | −1.54 | 7.52 | 7.63 | 11.00 |
| Nifty Conglomerate 50 | −7.27 | −0.14 | 10.65 | 9.76 | 11.50 |
| Nifty Consumer Durables | −9.41 | −1.31 | 11.18 | 10.29 | 12.50 |
| Nifty Auto | −8.83 | −0.94 | 10.62 | 11.31 | 13.00 |
| Nifty PSU Bank | −6.89 | 6.50 | 6.89 | 18.86 | 13.75 |
| Nifty Oil & Gas | −4.41 | −5.90 | 0.44 | 14.07 | 13.75 |
| Nifty 50 | −6.06 | −8.09 | 1.29 | 14.08 | 15.00 |
| Nifty FMCG | −3.30 | −18.65 | 0.00 | 21.60 | 15.50 |
| Nifty India Railways PSU | −6.06 | −24.54 | 1.20 | 27.54 | 17.50 |
| Nifty IT | −11.18 | −17.68 | 7.51 | 29.84 | 18.25 |
Returns exclude dividends. Equal combined scores represent tied positions.
Calculation method: September returns compare August 31 and September 30, 2026 closing values. Annual returns compare September 30, 2025 and September 30, 2026. Bounce measures the percentage rise from the lowest daily close between October 1, 2025 and September 30, 2026; distance to peak measures the percentage below the highest daily close during that period. Intraday extremes are excluded.
Each index is ranked on all four measures. Higher returns, a larger bounce and a smaller distance below the high receive better ranks. The combined score averages these ranks with equal weight, using unrounded figures. These are calculations for this article, not official NSE rankings.
How sectors and themes compare with Nifty 50
Sixteen of the 19 sector and thematic indices ranked above Nifty 50 on the combined score. Only FMCG, India Railways PSU and IT ranked below it.
The comparison changes when we look at returns alone. Eleven indices outperformed Nifty 50 during September, while 15 outperformed it over one year.
Nifty 50 ended the month just 1.29% above its yearly closing low and 14.08% below its yearly closing high. Its weak position across several measures placed it near the bottom of the combined ranking.
What stands out in September’s rankings
IPO led on three of the four measures.
Its 1.08% September gain was the strongest monthly return in this selection. It also recorded the largest bounce from its yearly closing low, at 35.78%, and the smallest distance below its yearly closing high, at 2.35%.
Pharma and Metal retained strong annual gains despite a weaker September.
Pharma declined 2.75% during the month but gained 23.23% over one year. Metal fell 3.28% in September while delivering the strongest annual return, at 27.12%.
Defence, Healthcare and Capital Markets completed the top six.
All three recorded double-digit annual gains, although each declined during September. Capital Markets illustrated this contrast particularly well: it fell 7.21% during the month but remained 22.83% higher over one year.
Realty’s recovery did not translate into a positive annual return.
The index stood 30.13% above its yearly closing low, yet remained 2.33% below its level a year earlier. A large rebound can coexist with losses over a longer holding period.
FMCG held up better than Nifty during September but remained weak over one year.
Its monthly decline of 3.30% was smaller than Nifty 50’s fall. However, it lost 18.65% over one year and ended September at its lowest daily closing level within the measured period.
IT ranked last overall, while Railways recorded the steepest annual fall.
IT declined 11.18% during September and finished 29.84% below its yearly closing high. India Railways PSU lost 24.54% over one year and ended the month only 1.20% above its yearly closing low.
Sources
- NSE index closing data: September 30, 2026
- NSE index closing data: August 31, 2026
- NSE index closing data: September 30, 2025
- NSE Indices historical data
Disclaimer: This comparison covers historical price performance within the selected indices. It does not assess valuations or investment risk and is not an investment recommendation. Past performance does not indicate future returns.
