Sector Rotation Tracker: which Indian sectors are gaining and losing leadership
11 equal-weight baskets built from the Nifty 100, measured over 274 trading sessions.
Measured to the 2026-08-25 close. Daily closes from Yahoo Finance.
How sector leadership changed over the last four quarters
Rank 1 to 11 by trailing 1-month return, measured at 4 snapshots: 21 Nov 2025, 20 Feb 2026, 27 May 2026, 25 Aug 2026.
- 1Automobile and Auto Componentswas rank 7 on 21 Nov 2025, up 6 places
- 2Metals & Miningwas rank 5 on 21 Nov 2025, up 3 places
- 3Capital Goodswas rank 4 on 21 Nov 2025, up 1 place
- 4Information Technologywas rank 1 on 21 Nov 2025, down 3 places
- 5Consumer Serviceswas rank 11 on 21 Nov 2025, up 6 places
- 6Financial Serviceswas rank 3 on 21 Nov 2025, down 3 places
- 7Healthcarewas rank 8 on 21 Nov 2025, up 1 place
- 8Oil Gas & Consumable Fuelswas rank 2 on 21 Nov 2025, down 6 places
- 9Construction Materialswas rank 10 on 21 Nov 2025, up 1 place
- 10Fast Moving Consumer Goodswas rank 6 on 21 Nov 2025, down 4 places
- 11Powerwas rank 9 on 21 Nov 2025, down 2 places
Sector returns by window, against the same universe
Equal-weight baskets of 99 Nifty 100 names, 274 aligned sessions from 22 Jul 2025 to 25 Aug 2026.
| Sector | Names | 1 month21 sessions | 3 months63 sessions | 6 months126 sessions | 12 months273 sessions | 3m vs all names |
|---|---|---|---|---|---|---|
| Automobile and Auto Components | 9 | +8.4% | +13.7% | +9.2% | +24.2% | +12.4% |
| Consumer Services | 4 | +2.3% | +9.0% | +10.5% | -10.4% | +7.6% |
| Healthcare | 8 | +1.5% | +5.8% | +12.0% | +13.1% | +4.5% |
| Information Technology | 6 | +3.0% | +4.4% | -6.9% | -18.0% | +3.0% |
| Financial Services | 23 | +1.6% | +2.1% | -8.6% | +2.3% | +0.7% |
| Capital Goods | 8 | +3.0% | -1.5% | +15.9% | +17.9% | -2.9% |
| Construction Materials | 4 | -1.8% | -2.0% | -5.1% | -11.1% | -3.4% |
| Fast Moving Consumer Goods | 8 | -3.0% | -4.0% | -6.7% | -7.4% | -5.4% |
| Oil Gas & Consumable Fuels | 6 | -1.0% | -5.0% | -10.4% | -4.6% | -6.4% |
| Metals & Mining | 7 | +6.8% | -7.0% | -5.3% | +18.5% | -8.3% |
| Power | 6 | -4.5% | -10.0% | +20.7% | +28.9% | -11.4% |
| All names, equal weight | 149 | +2.0% | +1.4% | +1.7% | +6.5% | - |
Themes the sector tags cannot express
NSE's classification puts defence, railways and electronics assembly all inside broader groups, so these baskets are named explicitly. Membership is a curated judgement and every symbol is listed, so the composition can be checked rather than taken on trust.
| Theme | Names | 1 month | 3 months | 12 months | 3m vs all names | Above 200-day |
|---|---|---|---|---|---|---|
| Electronics ManufacturingDIXON, KAYNES, SYRMA, AMBER, CYIENTDLM, PGEL, ELIN | 7 | +9.3% | +27.6% | +8.1% | +26.3% | 86% |
| Logistics and PortsADANIPORTS, CONCOR, DELHIVERY, BLUEDART, TCI, JSWINFRA, MAHLOG, VRLLOG, ALLCARGO | 9 | +1.1% | +7.9% | -11.5% | +6.6% | 78% |
| DefenceHAL, BEL, BDL, MAZDOCK, COCHINSHIP, GRSE, DATAPATTNS, SOLARINDS, ZENTEC, PARAS, ASTRAMICRO, MTARTECH | 12 | +8.6% | +5.5% | +46.0% | +4.1% | 83% |
| Capital MarketsHDFCAMC, NUVAMA, ANGELONE, MOTILALOFS, CDSL, BSE, MCX, 360ONE, ABSLAMC, NAM-INDIA, KFINTECH, CAMS | 12 | +3.8% | +1.4% | +13.4% | +0.0% | 100% |
| RailwaysRVNL, IRCON, IRFC, RITES, TITAGARH, TEXRAIL, JWL, BEML, RAILTEL | 9 | -0.3% | -6.7% | -27.5% | -8.1% | 22% |
| Renewables and PowerTATAPOWER, NTPC, POWERGRID, ADANIGREEN, JSWENERGY, NHPC, SJVN, TORNTPOWER, CESC, INOXWIND, SUZLON, NTPCGREEN | 12 | -5.2% | -12.8% | -12.3% | -14.2% | 17% |
Sectors where the 1-month and 3-month windows point different ways
A turn shows up here first: the shorter window has changed sign while the longer one has not caught up.
- Capital Goods returned -1.5% over the 63 sessions to 25 Aug 2026, and 3.0% over the last 21 of them.
- Metals & Mining returned -7.0% over the 63 sessions to 25 Aug 2026, and 6.8% over the last 21 of them.
How closely sectors moved with each other
Mean correlation between sector pairs, three 63-session windows
Each window is 63 sessions of daily returns across every sector pair. A lower mean is what a market with more dispersion between sectors measures like. It is a description of the numbers, not a cause.
Each sector's correlation with the all-names basket, latest 126 sessions
Sector against sector, latest 126 sessions
Moved together most closely
- Financial Services and Construction Materials, 0.83
- Financial Services and Automobile and Auto Components, 0.82
- Automobile and Auto Components and Construction Materials, 0.79
- Financial Services and Consumer Services, 0.77
Moved together least closely
- Capital Goods and Information Technology, 0.06
- Information Technology and Power, 0.06
- Healthcare and Information Technology, 0.11
- Metals & Mining and Information Technology, 0.17
How many names in each sector closed above their own 200-day average
Measured on the 25 Aug 2026 close. A name needs 201 sessions of history to be counted, so the count can be lower than the basket size. Across all 99 names: 59% above their 50-day, 58% above their 200-day.
Each sector's PE against its own history
From NSE index-level PE history, which carries no stock survivorship bias. The index is a stand-in for the basket beside it, so the two cover similar but not identical companies, and the index is named on every row.
| Sector basket | Stand-in index | PE now | Percentile of its own history |
|---|---|---|---|
| Information Technology | NIFTY IT | 19.3 | 21th |
| Financial Services | NIFTY BANK | 13.7 | 25th |
| Fast Moving Consumer Goods | NIFTY FMCG | 32.8 | 42th |
| Capital Goods | NIFTY INFRA | 23.2 | 56th |
| Construction Materials | NIFTY INFRA | 23.2 | 56th |
| Automobile and Auto Components | NIFTY AUTO | 33.7 | 58th |
| Oil Gas & Consumable Fuels | NIFTY ENERGY | 14.9 | 60th |
| Power | NIFTY ENERGY | 14.9 | 60th |
| Metals & Mining | NIFTY METAL | 16.3 | 63th |
| Healthcare | NIFTY PHARMA | 41.1 | 74th |
| Consumer Services | No matching index PE history | - | - |
How far apart the last 12 months spread the individual names
53 of 99 names closed higher than they opened the window.
Worst
-53.3%
25th
-10.7%
Median
+3.0%
75th
+20.8%
Best
+83.9%
How this is measured, and what it cannot tell you
Each sector is an equal-weight basket of the Nifty 100 companies tagged to that industry, rebased to 100 at the start of the window. Equal weight is deliberate. A cap-weighted basket is mostly its largest constituent, so one heavyweight moving would read as a whole sector trend.
Daily history is available for only a few official NSE sector indices, which is the other reason for building baskets from constituents. It also produces two things an index level cannot: breadth, meaning how many companies participate in the move, and dispersion, meaning how far apart the individual results sit.
The membership list is today's index. About 71% of the current Nifty 100 was trading twenty years ago, so these baskets are honest over one to two years and would flatter over ten. Nothing in the basket sections looks back further than twelve months for that reason. The PE percentiles use NSE index-level history instead, which reflects whoever was actually in each index at the time.
Leadership rank is computed from the trailing one-month return at each snapshot. A rank on its own can mislead, because leading a month when everything fell is not the same event as leading a month when everything rose, so the returns table sits beside it rather than behind a click.
Nothing on this page is a recommendation. Every figure is a description of past prices with the window it was measured over attached.
Common questions
What is sector rotation?
Sector rotation describes leadership changing hands between parts of the market: the group of companies that led returns over one period is not the group that leads the next. This page measures it as a rank, by comparing eleven equal-weight baskets of Nifty 100 companies over the same windows.
How are the sector baskets built?
Each basket is an equal-weight group of the Nifty 100 constituents tagged to that industry, rebased to 100 at the start of the window. Equal weight is deliberate: a cap-weighted basket is mostly its largest company, so one heavyweight moving would render as a whole sector trend.
Why not use the official NSE sector indices?
Daily history is only available for a few of them. Building baskets from constituents also yields two things an index level cannot: breadth, meaning how many companies in the sector participate, and dispersion, meaning how far apart the individual results are.
What does the correlation number mean?
It is the Pearson correlation of daily returns over the stated window. A number near 1 means two baskets moved almost in step. The mean across every sector pair describes how much the market has been moving as one block rather than differentiating between sectors.
How far back does this go, and why not further?
The baskets cover roughly twelve months. They are built from today’s index membership, and only about 71% of the current Nifty 100 was trading twenty years ago, so a longer basket history would quietly report the returns of companies selected for having survived. The PE percentiles on this page use NSE index-level history instead, which does not have that problem.
Is this investment advice?
No. Downstox is not a SEBI-registered investment adviser or research analyst. Every figure here is a description of past prices with the window it was measured over attached, published for education and information only.
Related tools
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- FII and DII flows - who is putting money in, by the session
- Breakout scanner - names making new highs across six timeframes
- Stock screener - filter the full NSE and BSE universe on fundamentals
For information and education only. Downstox is a data and analytics platform, not a SEBI-registered Research Analyst or Investment Adviser. Nothing here is investment advice or a recommendation to buy, sell or hold any security. Any scores, ranks, targets or scenarios are model estimates shown with their method, not forecasts or assured outcomes. Markets carry risk; do your own research and consult a SEBI-registered adviser before investing.