The current P/E (price-earnings) ratio of India’s NIFTY 50 stock index is 23.17 (January 1st, 2024). The CAPE ratio of the India’s stock market, calculated using the same index, is 34.87. Both ratios are considerably higher than the historical averages which might indicate the the Indian equity market is currently overvalued. When compared to other emerging (and also developed) markets, India continues to be among the most expensive public stock markets in the world.
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Nifty 50 Index – P/E (TTM), Forward P/E & CAPE Ratio
| Date | NIFTY 50 Index Value | NIFTY 50 P/E (TTM) | Forward P/E | NIFTY 50 CAPE Ratio |
|---|---|---|---|---|
| 12/31/2023 | 21,731.40 | 23.17 | 22.05 | 34.87 |
| 6/30/2023 | 19,189.05 | 21.78 | 21.41 | 32.95 |
| 12/31/2022 | 18,105.30 | 22.13 | 21.69 | 32.42 |
| 6/30/2022 | 15,780.25 | 19.50 | 19.01 | 29.88 |
| 12/31/2021 | 17,354.05 | 24.11 | 23.32 | 34.77 |
| 6/30/2021 | 15,721.50 | 28.33 | 22.39 | 33.38 |
| 12/31/2020 | 13,981.75 | 38.45 | 23.90 | 29.91 |
| 6/30/2020 | 10,302.10 | 26.32 | 21.61 | 23.29 |
| 12/31/2019 | 12,168.45 | 28.30 | 18.81 | 27.49 |
| 6/30/2019 | 11,788.85 | 28.98 | 18.00 | 27.91 |
| 12/31/2018 | 10,862.55 | 26.17 | 16.86 | 25.86 |
| 6/30/2018 | 10,714.30 | 25.90 | 16.96 | 25.81 |
| 12/31/2017 | 10,530.70 | 26.92 | 17.80 | 25.33 |
| 6/30/2017 | 9,520.90 | 24.31 | 17.15 | 23.57 |
| 12/31/2016 | 8,185.80 | 21.49 | 15.59 | 20.21 |
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NIFTY 50 stock index
NIFTY 50 consists of fifty major companies listed on the National Stock Exchange of India. It is considered as a benchmark index for the performance of the Indian equity market. The index is free float market cap weighted, just like the S&P 500. The largest sector of NIFTY 50 is clearly Financial Services (sector representation over 36% in September 2022), followed by Information Technology and Energy. The five largest components (September 2022) are Reliance Industries Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd. and Housing Development Finance Corp. The index was launched in April 1996.