
Five Years of Nifty 50 Returns: What Do the Numbers Reveal?
From the end of 2020 to the end of 2025, the Nifty 50 rose about 87%. That single number hides an uneven path, a big start-date effect and a very different result in dollars.
22 pages carry this tag.

From the end of 2020 to the end of 2025, the Nifty 50 rose about 87%. That single number hides an uneven path, a big start-date effect and a very different result in dollars.

Crude oil is India's single most important import. A change in its price travels through four channels: the current account, the rupee, inflation and the government's budget.

The yield curve is a line linking interest rates across different maturities. Its shape is the market's summary of where rates, inflation and growth are heading.

"The rupee fell" is not one piece of news. For an IT exporter it is a tailwind, for an airline a cost shock, and for a company with dollar loans a balance sheet problem.

On 7 October 2026, the RBI raised its policy rate by 25 basis points. For most companies that is a rounding error. For a heavily indebted one, it is the start of a much bigger story.

Net interest margin is the gap between what a bank earns on loans and what it pays for deposits. Rate changes move the two sides at different speeds, and that timing shapes bank profits.

When the RBI changes rates, most people think about loan EMIs. For companies, rates arrive through four separate doors, and the one that matters most for share prices is often not the interest bill.

A fast-growing economy does not guarantee fast-growing company profits. Here is why the two numbers can drift apart for years, and how to compare them properly.

"FIIs sold ₹3,000 crore, so the market fell." The sentence sounds like an explanation, but every share sold was also bought. Here is what flow data can and cannot tell you.
India's debt market from G-secs, SDLs and T-bills to corporate bonds, commercial paper and CDs, and what the shape of the yield curve signals.
See what a nominal return actually means after inflation, the real growth in your purchasing power.
Fundamental snapshot of Nifty 50 constituents: market cap, P/E, P/B, ROE, debt to equity, and dividend yield, sortable by sector.
The interest rate at which the Reserve Bank of India lends short-term money to banks against government securities. It is the RBI's main policy rate, set by the Monetary Policy Committee.
The rate at which banks park surplus funds with the RBI. Together with the repo rate it forms the corridor within which overnight market rates move.
The rate of change in the prices of a consumption basket of goods and services. India's monetary policy targets CPI inflation at 4%, within a 2 to 6% band.
An index of prices at the wholesale level, weighted toward manufactured goods and commodities. It often diverges from CPI, which tracks consumer prices.
The rate of change in the total value of goods and services produced in the economy, reported quarterly in real (inflation-adjusted) terms.
The gap between government spending and its revenues, financed by borrowing. Expressed as a percentage of GDP in the Union Budget.
The shortfall between a country's foreign earnings (exports, remittances) and foreign spending (imports). A persistent CAD must be financed by foreign capital inflows.
The percentage of a bank's net demand and time liabilities, mostly its deposits, that it must hold as cash balances with the Reserve Bank of India. The RBI pays no interest on these balances.
The share of deposits banks must invest in approved securities, chiefly government bonds. It ensures bank liquidity and a captive market for government debt.
One hundredth of a percentage point. Interest rates, yields, spreads, and expense ratios are quoted in basis points to avoid ambiguity.
Related topics: Valuation, DCF, Relative valuation, Cost of capital, Financial statements, Cash flow, Earnings quality, Red flags