Nifty Total Market Index: The Big Picture for October 2026 03Nov2026
(This is my 544th blog since 2010. Over the years, I have covered global financial markets, with a focus on India, and continue to share insights to help readers understand complex topics in simple language.
The views expressed here are for information purposes only and should not be construed as a recommendation or investment advice. While the author is a CFA Charterholder with nearly 25 years of experience in financial markets, this content is intended to share general insights and does not constitute financial guidance.
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2) Stock-wise summary: Stability at the Top:
The top of the index has seen very little change. HDFC Bank, ICICI Bank, Reliance Industries, Bharti Airtel and Larsen & Toubro (in that order) retained the top five positions throughout the four months.
The changes were largely further down the list. State Bank of India moved between sixth and seventh positions, while Infosys and Axis Bank also saw minor shifts.
The notable change in October was Bajaj Finance entering the Top 10, replacing Mahindra & Mahindra.
The combined weight of the top 10 stocks stood at 28.2 percent in July. It dipped to 27.2 percent in September before recovering to 28.2 percent in October. The top five stocks accounted for roughly 19 percent to 20 percent throughout.
Chart 1 showing top 10 stocks by weight from July to October 2026 >
(click on the chart to view better)
3) Sector-wise summary: Healthcare Gains Ground:
Financial Services sector continued to dominate the index, accounting for nearly 30 percent of its weight. However, its share was down from 30.2 percent in July to 29.8 percent in October 2026.
Healthcare was the biggest gainer among the leading sectors. It moved from fourth position in July to second in October. Its weight increased from 7.4 percent to 7.7 percent.
Capital Goods moved in the opposite direction. Its weight declined from 7.7 percent to 7.6 percent, while its ranking slipped from second to third.
Automobiles also lost some ground, with their weight falling from 7.4 percent to 7.1 percent.
Information Technology showed a notable improvement. Its weight rose from 6.3 percent in July to 7.0 percent in October, moving into fifth position.
Consumer Services: New-Age Businesses Gain Ground:
Consumer Services is a sector worth watching. It includes several fast-growing businesses that reflect changing consumption patterns in India.
These include Eternal (Zomato), Trent, Swiggy, Indian Hotels Company, Nykaa and Lenskart.
The sector's weight in the Nifty Total Market Index increased from 3.9 percent in July to 4.3 percent in October. It also moved up from ninth to eighth position among the top 10 sectors.
The rising weight reflects the growing presence of businesses linked to online food delivery, quick commerce, organised retail, hospitality, beauty and lifestyle consumption. These are among the evolving segments of the Indian econony.
This makes Consumer Services an interesting sector to track, as it captures some of the structural changes taking place in India's consumption landscape.
Chart 2 showing top 10 sectors by weight from July to October 2026 >
(click on the chart to view better)
4) What Does This Tell Us?
The four-month data suggests that the Indian market's overall structure remains relatively stable. The leading stocks and sectors have not changed dramatically. However, some interesting shifts are taking place beneath the surface.
Consumer Services stands out. It brings together several businesses at the forefront of India's changing consumption story, including Eternal (Zomato), Swiggy, Trent, Nykaa, Lenskart and Indian Hotels.
Its growing presence in the index reflects the increasing importance of these newer business models in India's equity market.
The takeaway is that while traditional heavyweights such as banks continue to dominate the market, newer consumption-driven businesses are gradually gaining ground. Consumer Services is a sector worth watching over the coming years.
This is just for educational purposes. This should not be construed as investment advice. You had better consult your own financial adviser before considering any investments.
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References:
Nifty Total Market index factsheet - PDF latest month
Nifty Indices Factsheets (NSE Indices) 09Jul2026
Nifty TM factsheet as on 31Oct2026 >
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