Nifty Down 11% From Navratri 2025 to 2026: Winners and Losers
Nifty fell 11% between Navratri 2025 and Navratri 2026 amid FPI selling, high oil and a weak rupee. ITC, Infosys and TCS fell over 30%; Shriram Finance rose 49%.
“Nifty Down 11% From Navratri 2025 to 2026: Winners and Losers”
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11 Oct 2026
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Nifty Down 11% From Navratri 2025 to 2026: Winners and Losers
Key Highlights
The fall: Nifty declined 11% between Navratri 2025 and Navratri 2026.
Broad weakness: 31 Nifty stocks delivered negative returns; about 20 fell more than 12%.
Biggest losers: ITC, Tata Motors PV, Infosys, Jio Financial Services and TCS, each down over 30%.
Top gainer: Shriram Finance surged nearly 49%.
The pressure: FPIs have sold ₹3.04 lakh crore of Indian equities in 2026 so far.
Indian markets have had a difficult year from one Navratri to the next. The Nifty fell 11% between Navratri 2025 and Navratri 2026, with most of its stocks ending lower, even as domestic institutions kept buying and the economy kept growing.
Analysts blamed mainly external factors: geopolitical tensions, high oil prices linked to the US–Iran conflict, a weaker rupee, rising global bond yields and persistent foreign selling.
Foreign portfolio investors have sold Indian equities worth ₹3.04 lakh crore so far in 2026, after net outflows of ₹1.66 lakh crore in 2025. Together, that is about ₹4.7 lakh crore pulled out in less than two years.
HDFC Life, Maruti Suzuki, HDFC Bank, Hindustan Unilever, Max Healthcare, Mahindra & Mahindra
22–29%
Top Gainers
Stock
Gain
Shriram Finance
~49%
Titan, Adani Ports, Hindalco
21–27%
Nestle India, SBI, Axis Bank
Over 10%
Why It Matters: The Index Hid Big Differences
An 11% fall in the index doesn’t tell the full story. Within the same year, some stocks lost a third of their value while others gained nearly half. Even within one sector, results diverged sharply: SBI and Axis Bank rose while HDFC Bank fell over 22%. IT heavyweights Infosys and TCS were among the worst performers, while metals and select financials did well.
For investors, the lesson is that in a weak market, what you own matters as much as whether you are invested at all. For long-term investors in index funds or SIPs, a year like this is also when units are bought at lower prices, which can pay off if markets recover.
What’s Ahead
Analysts expect the market to stay range-bound in the near term, with crude oil and global bond yields as the key factors to watch. Second-quarter corporate earnings are expected to be healthy, but macroeconomic worries could limit any sustained rally.
The past week offered a small sign of relief: markets ended an eight-week losing streak as crude eased.
The Bottom Line
From Navratri to Navratri, the Nifty lost 11%, but beneath the index, the year produced clear winners and steep losers, making it a year for selective, patient investing.