Index | Current PE | PB Div Generate |
|——————–|———–|——|———–|
| *Nifty 50* | *19.19* | 2.75 | 1.23%
| *Sensex* | *~19.09*| — | — |
| *Good Bank* | *12.91* | 1.64 | 0.73% |
| *Nifty Next 50* | 18.08 | 3.31 | 1.06% |
| *Good 100* | ~18.97–19.14 | ~2.84–2.87 | ~1.19–1.20% |
| *Nifty Midcap 50| **29.80* | 3.65 | 0.68% |
| *Nifty Midcap 100*| 27.70 | 3.73 | 0.65% |
| *Nifty Midcap 150*| ~ 28.10 | ~3.79| ~0.72% |
| *Nifty Smallcap 100*| 37.37–37.71 | ~3.69–3.73 | ~0.53–0.55% |
| *Good IT* | 17.80 | 4.96 | 2.83%
| *Good Financial Services* | 15.05 | 2.27 | 1.01% |
Source: NSE Index / Flash Finance / IndexPE / Downstox (end of day figures). Slight variations on site are normal due to timing or small calculation differences. Forward PE for Nifty 50 is lower (about 17.4x in recent comments).
### Historical Context – Last 10 Years (and longer)
*Good 50 PE trend (key reference point):*
– *10 year average/median*: ~23.2-23.3 (some sources indicate the average is closer to 24-24.8 depending on the exact window and standalone vs consolidated).
– *5-year median*: ~21.9–22.0.
– *Full history (long term) median*: ~20.9–21.3.
– 19.19 is currently *below* the 10-year, 5-year, 3-year, and 1-year medians (typically 8–18% lower than these benchmarks). It is at the bottom of the post-April 2021 combined earnings period (single-digit 0th-low percentile in many readings) and is among the lowest levels in the last decade outside of periods of deep stress.
*Notable historical ranges for Nifty 50 (approx):*
– Less than 10 years: ~17.15 (March 2020 COVID Trough).
– Height: ~ 39–42 (early 2021 after peak COVID rebound with mixed mix); the peak of the end of the year is often 26-28 in 2017-2019.
– Year-end examples (approximate, mixed basis recorded): 2016 ~21.5–22, 2017 ~26–27, 2018 ~26, 2019 ~28, 2020 ~37–38, 2021 ~24, 2022 ~22, 2022 ~22, 3,20 ~23, 2026 YTD less ~19.2.
*Note on methodology*: NSE switched its index PE calculation from standalone to consolidated earnings around the end of March 2021. This lowers the reported PE level (often a few points) at the same price/earnings level. Comparisons before 2021 require caution; the post-2021 data is more consistent for the new analysis.
*Bank Nifty*:
– Currently 12.91 less than the 5-year median (~16) and the 10-year median (~22-23). It ranks in the lower percentile of recent history and is viewed as moderately undervalued on a historical basis.
*Midcap / Smallcap*:
– Midcaps (eg, Midcap 50 at ~29.8) are close to or slightly below the recent 5-year median (~31) but still higher than long-term history (10-year median is often higher, full history lower). Smallcaps remain rich (high 30s).
### Analysis vs 10 Years ago
– *Nifty 50 / relatively attractive large-caps*: Trading ~15-18% below the 10-year median and in multi-year lows on a consolidated basis. Valuations have compressed significantly from the 21-24x range common in 2023-2025 and higher post-COVID peaks. Recent commentary notes the Nifty near its post-Covid lows as well, with multiple contractions leading to fresh price weakness as earnings continue to grow (more modestly).
– This is *not* an extreme bargaining area like March 2020 (~17) or 2008/2011, but clearly in the lower zone of the last decade. Historically, buying the Nifty when the PE is in the low-20s or below (especially relative to its own median) has been associated with higher subsequent medium-to-long-term returns, though past performance is no guarantee.
– *Banking is cheaper *: Nifty Bank at ~ 13x stands out as one of the main segments more undervalued than its own history.
– *Mid/small caps less attractive in pure PE*: Still up against long-term averages even after some cooling, despite relatively recent performance and strong earnings growth in this part of the universe.
– *Overall market context*: Large-scale revaluations have reset lower amid broader market pressure (Nifty down significantly from peak). Earnings growth remains the key swing factor – sustained double-digit growth would support a re-rating from that level, while any decline would continue to come under pressure. Global factors, interest rates, and domestic flows also affect where PE is located.
*Bottom line*: Nifty 50 and Sensex PE levels seem reasonable to be moderately undervalued versus the norm of the past 10 years (especially the 10 year median near 23+). Banking looks very good on this metric. Mid- and small-caps are fairly fair or still a bit rich. PE is just one lens—pair it with earnings growth trajectory, PB, dividend yield, and macro conditions for a more complete view. Data from early October 2026 and may change daily with monthly price and income updates.