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The Nifty FMCG Index is designed to reflect the behaviour and performance of FMCGs (Fast Moving Consumer Goods), which are non-durable, mass consumption products available off the shelf. The Nifty FMCG Index comprises 15 stocks from the FMCG sector listed on the National Stock Exchange (NSE).
The Nifty FMCG 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 fast moving consumer goods sector.
An index variant, the Nifty FMCG 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 August 29, 2025, the index comprises 15 constituents and is calculated in real-time during market hours.
The Nifty FMCG Index can be used for a variety of purposes such as benchmarking of 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 fast moving consumer goods sector within the Indian equity market.
The Nifty FMCG Index was launched on September 22, 1999. The base date for the index is January 1, 1996, 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 August 29, 2025, the top constituents of the Nifty FMCG 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 August 29, 2025, the index demonstrated the following performance characteristics:
Returns (Total Return Index):
Fundamentals:
Risk Metrics (based on Price Return Index):
The index represents companies in the FMCG (Fast Moving Consumer Goods) sector, which includes non-durable, mass consumption products available off the shelf. The 15 constituents include companies across food and beverages, personal care, household products, tobacco, and alcoholic beverages sectors.
The index shows significant concentration with the top two stocks, ITC Ltd. and Hindustan Unilever Ltd., together accounting for 52.41% of the index weight as of August 29, 2025. The capping methodology ensures that no single stock exceeds 33%, and the top three stocks cumulatively do not exceed 62% at the time of rebalancing.
The Nifty FMCG Index exhibits relatively lower volatility compared to the broader market, with an annualised standard deviation of 12.91% and a beta of 0.60 relative to Nifty 50. This lower beta indicates the index is less volatile than the overall market, making it a defensive sector choice during market downturns.
