THE READING ROOM
13 November 2026. The Nifty 50 index-fund median — measured here through the NAVs of 23 Nifty 50 index funds — fell 0.61%, the Nifty Midcap 150 index-fund median moved −0.35% and the Nifty Smallcap 250 index-fund median −0.28%. Across the 551 equity schemes we track, 76 closed higher (14%). Over the past week the Nifty 50 measure is +2.51%, over one month +10.73% and since the start of the year −2.93%.
The absolute size of today’s Nifty 50 index-fund move was at least as large as on 60% of the earlier available NAV sessions in the comparison (251 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 | −0.61% | +2.51% | +10.73% | −2.93% |
| Nifty Next 50 | −0.83% | +1.54% | +5.78% | +5.69% |
| Nifty Midcap 150 | −0.35% | +1.78% | +3.97% | +2.12% |
| Nifty Smallcap 250 | −0.28% | +2.34% | +0.67% | +7.61% |
| Nifty Bank | −0.79% | +5.64% | +9.99% | +2.87% |
| Gold (gold funds) | −0.76% | −5.26% | −7.54% | +1.43% |
| Silver (silver funds) | −1.58% | −5.16% | −18.67% | −21.98% |
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 (−0.50% against −0.10% 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, Mid cap funds had the strongest day (median −0.01%) and Value & contra the weakest (−0.61%). 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, 13 Nov 2026
%
| Label | Value (%) |
|---|---|
| Mid cap | -0.01 |
| Small cap | -0.1 |
| Multi cap | -0.33 |
| Large & mid cap | -0.37 |
| Sectoral & thematic | -0.37 |
| Flexi cap | -0.42 |
| ELSS (tax saver) | -0.43 |
| Focused | -0.48 |
| Dividend yield | -0.5 |
| Large cap | -0.5 |
| Value & contra | -0.61 |
| Category | Schemes | Rose today | 1 day | 1 week | 1 month | YTD |
|---|---|---|---|---|---|---|
| Large cap | 34 | 0 | −0.50% | +2.55% | +9.12% | +0.74% |
| Large & mid cap | 35 | 2 | −0.37% | +2.51% | +6.81% | +4.70% |
| Mid cap | 33 | 15 | −0.01% | +2.04% | +3.85% | +6.37% |
| Small cap | 37 | 8 | −0.10% | +2.31% | +0.73% | +12.17% |
| Flexi cap | 45 | 1 | −0.42% | +2.53% | +6.39% | +5.24% |
| Multi cap | 32 | 2 | −0.33% | +2.51% | +5.19% | +5.82% |
| Focused | 27 | 3 | −0.48% | +2.69% | +7.83% | +3.46% |
| Value & contra | 25 | 0 | −0.61% | +2.17% | +6.25% | +0.01% |
| ELSS (tax saver) | 43 | 3 | −0.43% | +2.57% | +6.95% | +2.63% |
| Dividend yield | 10 | 1 | −0.50% | +1.88% | +6.31% | +0.82% |
| Sectoral & thematic | 230 | 41 | −0.37% | +2.11% | +6.12% | +3.90% |
| Aggressive hybrid | 31 | 2 | −0.33% | +1.91% | +5.74% | +2.63% |
| Balanced advantage | 38 | 0 | −0.34% | +1.71% | +5.27% | +3.41% |
| Multi asset | 24 | 1 | −0.40% | +0.85% | +3.47% | +3.52% |
| Equity savings | 24 | 2 | −0.16% | +0.92% | +2.98% | +3.70% |
| Arbitrage | 38 | 0 | −0.05% | +0.17% | +0.67% | +5.64% |
| Conservative hybrid | 18 | 0 | −0.17% | +0.50% | +2.06% | +3.12% |
Hybrid funds: check the actual exposure
Aggressive hybrid funds, which hold roughly 65–80% in equities, moved −0.33%. Balanced advantage funds, which adjust allocations using their stated models and mandates, moved −0.34%. Arbitrage funds — which lock in the price gap between the cash and futures markets — moved −0.05%. 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 +0.51% 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 −0.35% 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% | +0.12% | +0.47% | +4.54% |
| Liquid | 44 | +0.01% | +0.17% | +0.51% | +5.71% |
| Money market | 26 | +0.01% | +0.20% | +0.45% | +5.65% |
| Ultra short duration | 51 | 0.00% | +0.17% | +0.43% | +5.42% |
| Corporate bond | 21 | −0.07% | −0.04% | +0.46% | +3.85% |
| Banking & PSU | 20 | −0.08% | −0.03% | +0.41% | +3.84% |
| Gilt | 29 | −0.30% | −0.71% | +0.89% | +2.36% |
| Long duration | 13 | −0.18% | −0.35% | +0.71% | +2.95% |
| Credit risk | 13 | −0.02% | +0.04% | +0.52% | +6.32% |
Gold, silver and global funds
Gold funds moved −0.76% on the day and −7.54% over the month. Silver funds moved −1.58% (−18.67% 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) |
|---|---|
| 28 Oct | 100 |
| 29 Oct | 101.06 |
| 30 Oct | 101.57 |
| 2 Nov | 103.27 |
| 3 Nov | 104.9 |
| 4 Nov | 105.56 |
| 5 Nov | 108.1 |
| 6 Nov | 110.29 |
| 9 Nov | 110.36 |
| 11 Nov | 111.28 |
| 12 Nov | 111.49 |
| 13 Nov | 110.81 |
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
- Bharti Airtel Limited (Telecom - Services) — pooled disclosed value +₹15,660 Cr across 635 schemes
- ICICI Bank Limited (Banks) — pooled disclosed value +₹12,951 Cr across 681 schemes
- Infosys Limited (IT - Software) — pooled disclosed value +₹10,718 Cr across 515 schemes
Largest decreases
- Gold (Gold) — pooled disclosed value −₹31,256 Cr across 6 schemes
- Alphabet Inc A (IT - Software) — pooled disclosed value −₹11,963 Cr across 14 schemes
- Silver (Silver) — pooled disclosed value −₹10,499 Cr across 5 schemes
What this means if you invest through SIPs
The Nifty 50 measure is +10.73% 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 13 November 2026 and the previous observed Nifty 50 fund-NAV session (12 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 13 October 2026 and 31 December 2025.