India’s Nifty IT and Nifty FMCG indexes posted annualized losses over three years through Sept. 30, 2026, while the broader Nifty 50 gained, challenging assumptions about defensive sectors.
NSE Indices Limited reported three-year total returns, expressed at annual rates, of -2.42% for Nifty IT and -3.27% for Nifty FMCG. The Nifty 50 returned 6.06% a year over the same period. Exchange factsheets list 10 companies in the information technology index and 15 in the fast-moving consumer goods index; the figures do not describe every company in either industry.
The gap also appeared in the first nine months of 2026, though the exchange used a different return measure. Its factsheets show price declines of 26.87% for Nifty IT, 19.77% for Nifty FMCG and 13.43% for the Nifty 50 through Sept. 30. Those price returns are separate from the three-year total-return figures.
On the exchange’s one-year volatility measure, Nifty IT registered 25.20%, compared with 14.49% for Nifty FMCG and 13.46% for the Nifty 50. The readings show a wider gap between IT and the broad index than between FMCG and the broad index.
Mint reported that managers it interviewed were examining individual companies’ earnings and market expectations when judging defensive qualities. Its report also described concerns about IT customers’ spending and artificial intelligence’s effect on the industry, alongside competition for consumer goods producers from online-first brands and rapid-delivery platforms.
Company results offer a different view from the index returns. Tata Consultancy Services reported revenue of $7.642 billion for the quarter ended Sept. 30, up 2.4% in U.S. dollars from a year earlier. ITC said revenue in its standalone FMCG segment rose 12% in the quarter ended June 30, 2026.
Sachin Relekar, senior equity fund manager at Axis Mutual Fund, told Mint he sees potential defensive traits in selected health care, utility and financial services companies. NSE Indices’ one-year volatility readings for related benchmarks were 13.63% for the Nifty Healthcare Index, 19.03% for Nifty Power and 17.42% for Nifty Financial Services.
Hindustan Unilever Limited said it will release its September-quarter results Oct. 28, 2026, providing the next scheduled earnings update from a major FMCG company.
