Nifty Capital Markets index up 10% in 2026; what’s next for BSE, MCX and others?

The Nifty Capital Markets index, comprising financial services stocks such as Multi-Commodity Exchange (MCX), BSE, and ICICI Asset Management, among others, has gained 10% on a year-to-date basis so far in 2026, with more than half of the stocks trading higher compared to the beginning of the year despite heightened volatility in the market.

The Nifty Capital Markets is a thematic stock index designed to track the performance of the stocks listed on the Nifty 500 index and pick 20 stocks across asset management, stockbroking, exchanges, and depositories, based on their six-month average free-floating market capitalisation (m-cap).

On Wednesday, April 15, Nifty Capital Markets index was trading 3.27% higher at 5,119.40 points as of 10:38 am, compared to 4,949.25 points at the previous market close, according to NSE data.

Did Nifty Capital Markets outperform NIFTY50?

The Nifty Capital Markets index has significantly outperformed the NIFTY50 index, gaining around 10% year-to-date (YTD) to around 5,119 points as of the intraday high on April 15, compared to 4,656.30 points at the beginning of the year.

While the benchmark index, NIFTY50 lost around 7.2% YTD due to the impact of the West Asia conflict, NSE data showed.

As of the closing figures on April 13, the Nifty Capital Markets index closed 0.08% lower at 4,949.25 points, compared to 4,953.30 points at the previous market close. The NIFTY50 closed 0.86% lower at 23,842.65 points, compared to 24,050.60 points amid the escalating US-Iran conflict.

Factors driving capital market stocks

Strong earnings releases from the index heavyweights such as BSE, MCX India, and others were driving the thematic index at the beginning of the January to March (Q4) quarter, which later witnessed significant pressure from the constant foreign investor outflow amid the West Asia conflict.

Despite the conflict, the higher trading volumes and the daily surge in turnover in the market kept the depository or exchange business strong, fuelling the gains of the stocks over the period. The stocks have been gaining momentum since the second week of April as tensions witnessed a temporary easing after the ceasefire agreement.

During the selling pressure in Indian markets, NSDL data showed that FPIs have sold more than ₹1.31 lakh crore worth of assets from the capital markets in the January to March quarter of the financial year ending 2025-26, fuelling a correction-like state among the benchmark indices.

Despite the foreign investor outflows, the stock indices witnessed support from the rising domestic investor participation in stock and derivatives trading, in turn increasing the revenues for the Nifty Capital Market heavyweight companies like MCX, BSE, Angel One, and Billionbrains Garage Ventures, among others, due to the rise in volumes.

Mumbai-based independent capital markets analyst Ambareesh Baliga said that while there were initial concerns about a potential decline in trade volumes, investment flows, and investor folios amid the US-Iran conflict, those fears have not materialised so far.

“If you look at the history, whenever the market has corrected in a big way, we have seen investor participation coming down. But this time, despite all the issues related to the US-Iran war, the total volumes have increased,” said the expert, highlighting that this move has given momentum to this sector.

Investors are now focusing on the overall equity markets recovering and the quantum of investments increasing throughout the period, adding to the gains of the companies in the sector.

What do other experts say?

Experts from global giant Bernstein Research said that although the Indian asset management stocks have corrected since the beginning of the year, the valuations of the stocks are not yet in the ‘outright cheap’ category.

“Indian asset manager stocks have corrected since the start of the year, and the forward valuation multiples on consensus estimates have come off. We think the valuations are approaching interesting levels,” said the analysts at Bernstein.

Other experts, like those from the global investment giant HSBC, in a research note, said that the top-line growth of earnings is expected to be impacted for most of the asset management companies (AMCs) as the current global dynamic fits with companies that can hold or increase their market share.

“In the current volatile environment, preference sits with market leaders that can gain and/or protect market share,” said the analysts at HSBC. “Dual impact due to weak equity markets for asset management companies,” they said.

When the overall stock price falls in the market, the ‘dual impact’ affects both the valuation of the stock as well as the company’s valuation of the overall assets under management (AUM) in its portfolio.

Stocks in focus

Billionbrains Garage Ventures closed 0.52% higher at ₹194.85 after April 13, compared to ₹193.70 at the previous trading close, according to NSE data.

BSE shares closed 0.68% higher at ₹3,303.60 after Monday’s market session, compared to ₹3,281.20 at the previous stock market close, according to the exchange data. BSE shares have the highest weightage on the Nifty Capital Markets index.

MCX shares closed 3.6% higher at ₹2,765.60 on Monday, compared to ₹2,669.40 at the previous stock market session, according to the exchange data. MCX shares have the second highest weightage in the capital markets index as of date.

The company’s shares closed 0.95% lower at ₹3,353.50 on April 13, compared to ₹3,385.50 at the previous market close, according to the exchange data.

Shares of Angel One were trading 6.3% higher at ₹298.26 as of Wednesday’s trading session, compared to ₹280.46 at the previous market close.

Aditya Birla Sun Life AMC stock closed 1.24% higher at ₹1,010.20 on Monday, compared to ₹997.85 at the previous stock market session, NSE data showed.

On April 15, the company’s stock was trading 5.5% higher at ₹966, compared to ₹915.45 at the previous market close on Monday.

HDFC Asset Management is the third largest index constituent in the Nifty Capital Markets Index. The company’s stock was trading 4.7% higher at ₹2,667 on Wednesday, compared to ₹2,546 at the previous market close.