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NSE data shows Nifty 500 shift toward financials over 26 years
Financials grew from 8% of index constituents in March 2000 to 20% by March 2026, and their market-cap share rose to 26% over the same period, according to an NSE analysis.
India's Nifty 500 index composition has shifted substantially over the past 26 years, with financials, industrials and consumer discretionary now among the dominant areas, reflecting changes in India's corporate landscape, according to an NSE report cited by LiveMint Markets.
The report says financials have emerged as a key growth story, with the sector's representation and market capitalisation rising from 8% of index constituents and 7% of market capitalisation in March 2000 to 20% and 26%, respectively, by March 2026.
It also notes a change in revenue leadership, with the financial sector overtaking energy as the largest contributor to revenues in FY25 after more than two decades of energy being at the top.
Beyond sector mix, the NSE report highlighted stronger earnings growth relative to revenue. Between FY03 and FY26, aggregate net sales of Nifty 500 companies increased 21-fold, while PAT rose 31-fold, and aggregate PAT margin improved from 6% in FY00 to 10.9% in FY26.