Nifty India Manufacturing Index: relative strength and momentum
Theme. Compared with Nifty 500 TRI.
As of 2026-10-23, Nifty India Manufacturing Index has an ArthaNiti relative-strength score of 54 out of 100 (neutral) against Nifty 500 TRI, in the Falling behind phase (losing ground, and faster); the score moved -30 points in four weeks. Returns use ETF NAV.
1 week−4.3%
1 month−8.2%
3 months−8.8%
6 months−6.2%
1 year−1.8%
3 years, a year−3.3%
5 years, a year–
Volatility, 1 year15.7%
Worst fall, 1 year−12.9%
Above 200-day averageNo
What is inside Nifty India Manufacturing Index: holdings and weights
Nifty India Manufacturing Index holds 77 stocks; the top 10 make up 37% of the index. 22% of its stocks trade above their 200-day average.
- 17 of 77 stocks (22%) are above their 200-day average — weak participation.
- Top 10 stocks are 37% of the index; half the weight sits in 24 stocks.
- Biggest 1-month driver: Dr. Reddy's Laboratories Ltd. (+1.5%).
- Largest group: Capital Goods — 23 stocks, about 24% of the weight.
| Stock | Industry | Weight | 3 months | Momentum score |
|---|---|---|---|---|
| M&M Mahindra & Mahindra Ltd. | Automobile and Auto Components | 4.99% | −11.4% | 38 |
| RELIANCE Reliance Industries Ltd. | Oil Gas & Consumable Fuels | 4.97% | −6.5% | 42 |
| SUNPHARMA Sun Pharmaceutical Industries Ltd. | Healthcare | 4.60% | −10.5% | 60 |
| MARUTI Maruti Suzuki India Ltd. | Automobile and Auto Components | 3.72% | −16.2% | 22 |
| TATASTEEL Tata Steel Ltd. | Metals & Mining | 3.66% | −9.0% | 40 |
| BEL Bharat Electronics Ltd. | Capital Goods | 3.33% | −10.7% | 37 |
| HINDALCO Hindalco Industries Ltd. | Metals & Mining | 3.26% | −9.0% | 53 |
| JSWSTEEL JSW Steel Ltd. | Metals & Mining | 2.89% | −4.9% | 58 |
| BAJAJ-AUTO Bajaj Auto Ltd. | Automobile and Auto Components | 2.84% | −10.7% | 62 |
| DIVISLAB Divi's Laboratories Ltd. | Healthcare | 2.83% | +22.5% | 92 |
ETFs that track Nifty India Manufacturing Index
| ETF | NSE symbol | Expense ratio | Tracking diff, 1 yr | AUM |
|---|---|---|---|---|
| Motilal Oswal Nifty India Manufacturing ETF | MOMGF | 0.71% | -0.68% | ₹2 Cr |
| Mirae Asset Nifty India Manufacturing ETF | MAKEINDIA | 0.52% | -0.54% | ₹252 Cr |
| Nippon India Nifty India Manufacturing ETF | MANUFGBEES | 0.30% | -0.27% | ₹16 Cr |
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