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Nifty Pharma Index captures the performance of the pharmaceutical sector. The index comprises 20 companies listed on National Stock Exchange of India (NSE).
Nifty Pharma Index is computed using the free-float market capitalisation method, wherein the level of the index reflects the total free-float market value of all the stocks in the index relative to a particular base market capitalisation value. The index follows a periodic capped free-float methodology to ensure balanced representation across constituent companies within the pharmaceutical sector.
An index variant, the Nifty Pharma Total Returns Index, is also available for tracking total returns including dividend distributions. The index is managed by a professional team under a three-tier governance structure comprising the Board of Directors of NSE Indices Limited, the Index Advisory Committee (Equity), and the Index Maintenance Sub-Committee. As of October 31, 2025, the index comprises 20 constituents and is calculated in real-time during market hours.
Nifty Pharma Index can be used for a variety of purposes such as benchmarking fund portfolios, launching of index funds, ETFs, and structured products. The index provides investors and fund managers with a comprehensive benchmark to track the performance of the pharmaceutical sector within the Indian equity market.
The Nifty Pharma Index was launched on July 1, 2005. The base date for the index is January 1, 2001, with a base value of 1,000.
The index is rebalanced on a semi-annual basis. The cut-off dates are January 31 and July 31 of each year, meaning that for the semi-annual review of indices, average data for six months ending the cut-off date is considered. Four weeks’ prior notice is given to the market from the date of change.
As of October 31, 2025, the top constituents of the Nifty Pharma Index by weightage are:
The following eligibility criteria are applied for selection of constituent stocks:
The index uses the periodic capped free-float methodology. The calculation frequency is real-time, providing continuous updates during market hours.
As of October 31, 2025, the index demonstrated the following performance characteristics:
Returns (Total Return Index):
Fundamentals:
Risk Metrics (based on Price Return Index):
The Nifty Pharma Index comprises 20 companies from the pharmaceutical sector listed on National Stock Exchange of India. These companies are selected based on free-float market capitalisation from the Nifty 500 universe, with preference given to those available for trading in NSE's Futures & Options segment.
The index shows moderate concentration with Sun Pharmaceutical Industries Ltd. leading at 22.19% weight. The top three constituents—Sun Pharmaceutical Industries, Divi's Laboratories, and Cipla—together account for 43.36% of the index as of October 31, 2025, well within the 62% cumulative cap for the top three stocks.
The Nifty Pharma Index exhibits lower volatility compared to the broader market, with a beta of 0.77 relative to Nifty 50 and an annualised standard deviation of 14.55%. The index has delivered a 15.40% return over 1 year and 16.69% CAGR over 5 years as of October 31, 2025, demonstrating its defensive yet growth-oriented characteristics.
