THE READING ROOM
9 November 2026. The Nifty 50 index-fund median — measured here through the NAVs of 23 Nifty 50 index funds — rose 0.06%, the Nifty Midcap 150 index-fund median moved +0.62% and the Nifty Smallcap 250 index-fund median +1.10%. Across the 551 equity schemes we track, 530 closed higher (96%). Over the past week the Nifty 50 measure is +6.86%, over one month +11.26% and since the start of the year −3.33%.
The absolute size of today’s Nifty 50 index-fund move was at least as large as on 9% of the earlier available NAV sessions in the comparison (249 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 | +0.06% | +6.86% | +11.26% | −3.33% |
| Nifty Next 50 | +1.58% | +5.56% | +6.83% | +5.57% |
| Nifty Midcap 150 | +0.62% | +5.16% | +3.79% | +0.88% |
| Nifty Smallcap 250 | +1.10% | +3.48% | +0.05% | +5.40% |
| Nifty Bank | +1.11% | +8.61% | +8.09% | +0.69% |
| Gold (gold funds) | +0.58% | +3.69% | −4.78% | +5.94% |
| Silver (silver funds) | +0.94% | +2.94% | −15.71% | −18.44% |
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
Small-cap funds moved more than large-cap funds (+0.96% against +0.48%). This pattern is common: shares of smaller companies tend to swing more than the market in both directions, because they trade less, carry more business risk and are more sensitive to changes in sentiment. A bigger move on the way up usually comes with bigger falls on the way down.
Which equity categories moved most
Among equity categories, Small cap funds had the strongest day (median +0.96%) and Dividend yield the weakest (+0.42%). 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, 9 Nov 2026
%
| Label | Value (%) |
|---|---|
| Small cap | 0.96 |
| Multi cap | 0.67 |
| Large & mid cap | 0.61 |
| Sectoral & thematic | 0.61 |
| Mid cap | 0.59 |
| ELSS (tax saver) | 0.59 |
| Flexi cap | 0.58 |
| Large cap | 0.48 |
| Focused | 0.45 |
| Value & contra | 0.42 |
| Dividend yield | 0.42 |
| Category | Schemes | Rose today | 1 day | 1 week | 1 month | YTD |
|---|---|---|---|---|---|---|
| Large cap | 34 | 34 | +0.48% | +6.63% | +9.44% | +0.29% |
| Large & mid cap | 34 | 34 | +0.61% | +5.66% | +6.35% | +2.46% |
| Mid cap | 33 | 33 | +0.59% | +4.26% | +3.13% | +4.59% |
| Small cap | 36 | 36 | +0.96% | +3.65% | −0.18% | +10.01% |
| Flexi cap | 45 | 45 | +0.58% | +5.73% | +6.36% | +4.21% |
| Multi cap | 32 | 32 | +0.67% | +5.11% | +4.69% | +4.80% |
| Focused | 27 | 26 | +0.45% | +6.04% | +7.57% | +2.09% |
| Value & contra | 25 | 24 | +0.42% | +5.43% | +6.19% | −1.01% |
| ELSS (tax saver) | 43 | 42 | +0.59% | +5.84% | +6.87% | +0.77% |
| Dividend yield | 10 | 10 | +0.42% | +5.12% | +6.74% | +0.40% |
| Sectoral & thematic | 232 | 214 | +0.61% | +5.21% | +5.83% | +2.93% |
| Aggressive hybrid | 31 | 31 | +0.42% | +4.63% | +5.95% | +1.86% |
| Balanced advantage | 38 | 37 | +0.32% | +4.25% | +5.05% | +2.71% |
| Multi asset | 25 | 24 | +0.48% | +4.57% | +3.82% | +3.81% |
| Equity savings | 23 | 23 | +0.15% | +2.19% | +3.01% | +3.63% |
| Arbitrage | 39 | 28 | +0.02% | +0.05% | +0.62% | +5.64% |
| Conservative hybrid | 18 | 18 | +0.15% | +1.72% | +2.03% | +2.97% |
Hybrid funds: check the actual exposure
Aggressive hybrid funds, which hold roughly 65–80% in equities, moved +0.42%. Balanced advantage funds, which adjust allocations using their stated models and mandates, moved +0.32%. Arbitrage funds — which lock in the price gap between the cash and futures markets — moved +0.02%. 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 +0.91% 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 | +0.05% | +0.11% | +0.47% | +4.48% |
| Liquid | 44 | +0.06% | +0.16% | +0.48% | +5.61% |
| Money market | 26 | +0.07% | +0.21% | +0.39% | +5.53% |
| Ultra short duration | 51 | +0.07% | +0.22% | +0.38% | +5.35% |
| Corporate bond | 21 | +0.09% | +0.59% | +0.48% | +3.99% |
| Banking & PSU | 20 | +0.09% | +0.55% | +0.44% | +3.98% |
| Gilt | 29 | +0.11% | +0.98% | +1.19% | +2.90% |
| Long duration | 13 | +0.06% | +0.91% | +0.71% | +3.25% |
| Credit risk | 13 | +0.11% | +0.50% | +0.56% | +6.36% |
Gold, silver and global funds
Gold funds moved +0.58% on the day and −4.78% over the month. Silver funds moved +0.94% (−15.71% 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) |
|---|---|
| 23 Oct | 100 |
| 26 Oct | 100.68 |
| 27 Oct | 100.66 |
| 28 Oct | 100.43 |
| 29 Oct | 101.49 |
| 30 Oct | 102.01 |
| 2 Nov | 103.72 |
| 3 Nov | 105.36 |
| 4 Nov | 106.02 |
| 5 Nov | 108.57 |
| 6 Nov | 110.77 |
| 9 Nov | 110.84 |
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 +11.26% 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 9 November 2026 and the previous observed Nifty 50 fund-NAV session (6 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 9 October 2026 and 31 December 2025.