THE READING ROOM
5 November 2026. The Nifty 50 index-fund median — measured here through the NAVs of 23 Nifty 50 index funds — rose 2.40%, the Nifty Midcap 150 index-fund median moved +1.93% and the Nifty Smallcap 250 index-fund median +0.82%. Across the 550 equity schemes we track, 535 closed higher (97%). Over the past week the Nifty 50 measure is +6.97%, over one month +8.81% and since the start of the year −5.30%.
The absolute size of today’s Nifty 50 index-fund move was at least as large as on 98% of the earlier available NAV sessions in the comparison (247 previous sessions, up to 251). This compares move size, regardless of direction; it is not a probability of tomorrow’s gain or loss.
The day in numbers
| Measure (via fund NAVs) | 1 day | 1 week | 1 month | Year to date |
|---|---|---|---|---|
| Nifty 50 | +2.40% | +6.97% | +8.81% | −5.30% |
| Nifty Next 50 | +1.38% | +5.36% | +3.74% | +4.09% |
| Nifty Midcap 150 | +1.93% | +4.95% | +2.50% | +0.33% |
| Nifty Smallcap 250 | +0.82% | +2.58% | −0.65% | +5.16% |
| Nifty Bank | +3.33% | +5.21% | +5.57% | −2.63% |
| Gold (gold funds) | +1.46% | +1.51% | −2.84% | +7.15% |
| Silver (silver funds) | +0.92% | −1.08% | −15.95% | −17.73% |
Each line is an unweighted median of the available Direct Growth index funds or funds-of-funds selected for that exposure. It is a fund-NAV proxy, not the exchange index return or the metal spot-price return. Expenses, cash, execution, valuation timing and tracking differences can all affect the gap; no fixed closeness to the index is assumed. The small-cap category median in the headline covers a different set of schemes from the Nifty Smallcap 250 index-fund median in this table.
Large caps, mid caps and small caps
This time large caps did more of the moving (+2.21% against +0.96% for small caps). These category returns alone do not identify which sectors or investors drove the day. That needs separate stock-contribution and flow evidence.
Which equity categories moved most
Among equity categories, Large cap funds had the strongest day (median +2.21%) and Small cap the weakest (+0.96%). A category figure is the median fund in it, not an average weighted by size, which makes it less sensitive to an extreme observation; ties and changes in the available scheme set still matter. Sectoral and thematic funds are the widest-spread group by design — a banking fund and a pharma fund can move in opposite directions on the same day — so their median hides more than any other.
Equity categories: median 1-day return, 5 Nov 2026
%
| Label | Value (%) |
|---|---|
| Large cap | 2.21 |
| Focused | 2.15 |
| Large & mid cap | 1.97 |
| ELSS (tax saver) | 1.92 |
| Flexi cap | 1.87 |
| Value & contra | 1.81 |
| Mid cap | 1.64 |
| Multi cap | 1.62 |
| Sectoral & thematic | 1.59 |
| Dividend yield | 1.55 |
| Small cap | 0.96 |
| Category | Schemes | Rose today | 1 day | 1 week | 1 month | YTD |
|---|---|---|---|---|---|---|
| Large cap | 34 | 34 | +2.21% | +6.13% | +6.99% | −1.69% |
| Large & mid cap | 34 | 34 | +1.97% | +5.22% | +4.62% | +2.06% |
| Mid cap | 33 | 33 | +1.64% | +4.44% | +2.34% | +4.40% |
| Small cap | 36 | 35 | +0.96% | +2.53% | −0.91% | +9.67% |
| Flexi cap | 45 | 45 | +1.87% | +5.21% | +4.30% | +2.50% |
| Multi cap | 32 | 32 | +1.62% | +4.57% | +3.07% | +3.03% |
| Focused | 27 | 27 | +2.15% | +5.84% | +5.09% | +1.16% |
| Value & contra | 25 | 25 | +1.81% | +5.08% | +4.03% | −2.03% |
| ELSS (tax saver) | 43 | 42 | +1.92% | +5.27% | +5.05% | −0.08% |
| Dividend yield | 10 | 10 | +1.55% | +4.74% | +4.54% | −0.96% |
| Sectoral & thematic | 231 | 218 | +1.59% | +4.79% | +3.82% | +1.87% |
| Aggressive hybrid | 31 | 31 | +1.59% | +4.48% | +4.11% | +1.08% |
| Balanced advantage | 38 | 38 | +1.42% | +4.04% | +3.66% | +1.79% |
| Multi asset | 25 | 25 | +1.44% | +3.59% | +2.62% | +2.84% |
| Equity savings | 23 | 22 | +0.67% | +2.05% | +1.93% | +2.99% |
| Arbitrage | 38 | 7 | −0.03% | +0.23% | +0.46% | +5.48% |
| Conservative hybrid | 18 | 18 | +0.54% | +1.70% | +1.38% | +2.53% |
Hybrid funds: check the actual exposure
Aggressive hybrid funds, which hold roughly 65–80% in equities, moved +1.59%. Balanced advantage funds, which adjust allocations using their stated models and mandates, moved +1.42%. Arbitrage funds — which lock in the price gap between the cash and futures markets — moved −0.03%. Hedges can reduce directional equity exposure, but the NAV can still fall. Net unhedged equity exposure, hedges, debt duration, credit risk and expenses all influence the result. A category name or a smaller gross equity allocation does not guarantee a smaller loss on every market day.
Debt funds: the quiet side of the market
The median liquid fund returned +0.48% over the past month. This is the observed cumulative NAV return for that month, not an annual yield, a deposit rate or a forecast. Long-duration bond funds returned +1.22% over the past week. For a conventional fixed-rate bond, price and required yield move in opposite directions when other factors are unchanged. A debt fund also earns accrued interest and is affected by credit spreads and portfolio changes. Its weekly NAV return alone cannot establish how much market yields moved; interest-rate sensitivity is better assessed using duration than maturity alone.
| Debt category | Schemes | 1 day | 1 week | 1 month | YTD |
|---|---|---|---|---|---|
| Overnight | 40 | +0.02% | +0.11% | +0.47% | +4.42% |
| Liquid | 44 | +0.03% | +0.16% | +0.48% | +5.52% |
| Money market | 26 | +0.06% | +0.19% | +0.38% | +5.44% |
| Ultra short duration | 51 | +0.08% | +0.25% | +0.37% | +5.27% |
| Corporate bond | 21 | +0.28% | +0.68% | +0.35% | +3.91% |
| Banking & PSU | 20 | +0.28% | +0.64% | +0.31% | +3.88% |
| Gilt | 29 | +0.34% | +1.56% | +0.93% | +2.89% |
| Long duration | 13 | +0.35% | +1.22% | +0.66% | +3.30% |
| Credit risk | 13 | +0.20% | +0.59% | +0.45% | +6.29% |
Gold, silver and global funds
Gold funds moved +1.46% on the day and −2.84% over the month. Silver funds moved +0.92% (−15.95% over the month). In rupee terms, gold and silver funds carry two prices at once — the metal in dollars and the dollar in rupees — so a weaker rupee can lift them even on a day the metal is flat.
The bigger picture: the Nifty 50 measure over 12 sessions
Nifty 50 index funds, rebased to 100
index
| Label | Value (index) |
|---|---|
| 21 Oct | 100 |
| 22 Oct | 99.46 |
| 23 Oct | 99.08 |
| 26 Oct | 99.75 |
| 27 Oct | 99.74 |
| 28 Oct | 99.51 |
| 29 Oct | 100.56 |
| 30 Oct | 101.07 |
| 2 Nov | 102.77 |
| 3 Nov | 104.39 |
| 4 Nov | 105.05 |
| 5 Nov | 107.57 |
Inside the portfolios: the latest monthly disclosures
Daily NAVs show what fund portfolios are worth; the monthly disclosures show what they hold. Comparing every scheme’s last two disclosed portfolios, these holdings saw the largest changes in pooled value:
Largest increases
- HDFC Bank Limited (Banks) — pooled disclosed value +₹6,944 Cr across 315 schemes
- BSE Limited (Capital Markets) — pooled disclosed value +₹3,628 Cr across 139 schemes
- National Stock Exchange Of India Ltd (Capital Markets) — pooled disclosed value +₹2,943 Cr across 117 schemes
Largest decreases
- ICICI Bank Limited (Banks) — pooled disclosed value −₹22,974 Cr across 657 schemes
- Infosys Limited (IT - Software) — pooled disclosed value −₹12,275 Cr across 532 schemes
- State Bank of India (Banks) — pooled disclosed value −₹11,169 Cr across 602 schemes
What this means if you invest through SIPs
The Nifty 50 measure is +8.81% over the past month. For a SIP investor, rising NAVs mean each instalment buys fewer units — the other side of rupee-cost averaging. A SIP is built to keep investing through both kinds of month, which is why one month, and certainly one day, is a poor reason to start or stop one.
If you want to see how today’s market sits inside your portfolio — what you actually own across all your funds, and how much they overlap — Portfolio Analysis reads your CAS and does it in one step.
How these numbers are calculated
- Source: the net asset values every fund house publishes through AMFI each business day.
- Universe: open-ended Direct Plan Growth options with a NAV on 5 November 2026 and the previous observed Nifty 50 fund-NAV session (4 November 2026). IDCW options are excluded because payouts distort the NAV change.
- Category figures are medians, which are less sensitive than a mean to extreme observations; the number of eligible schemes can change. Categories with fewer than five schemes are left out.
- Data-quality filter: schemes with an absolute one-session NAV move above 15% are automatically excluded. This screen can also exclude genuine extreme returns. Availability and category filters affect coverage.
- Index measures are medians of the eligible index-fund or fund-of-funds sample selected for that exposure, not the index level itself. Figures and scheme counts reflect the data available when this brief was prepared; later refreshes can change coverage.
- Windows: 1 week = five observed Nifty 50 fund-NAV sessions; 1 month and year-to-date use the last NAV on or before 5 October 2026 and 31 December 2025.