Sector Rotation Map: NSE Sectors vs Nifty 500

Sector rotation readings vs the Nifty 500, Weekly, as of 23 Oct 2026
Sector index	Quadrant	RS-Ratio	RS-Momentum	Change vs benchmark over 8 weeks	In quadrant
IT	Leading	104.76	104.49	+13.1%	Leading for 2 weeks, after Lagging
Media	Leading	103.56	102.62	+8.4%	Leading for 3 weeks, after Weakening
Private Bank	Leading	102.33	101.85	+4.0%	Leading for 7 weeks, after Lagging
Bank	Leading	101.22	101.15	+2.7%	Leading for 6 weeks, after Improving
Financial Services	Leading	100.87	101.51	+1.7%	Leading for 3 weeks, after Improving
PSU Bank	Leading	100.66	100.74	+2.9%	Leading for 3 weeks, after Lagging
Oil & Gas	Leading	100.11	100.15	+0.7%	Leading for 1 week, after Improving
Pharma	Weakening	101.35	99.30	+3.8%	Weakening for 2 weeks, after Leading
Capital Markets	Weakening	100.44	99.39	−1.3%	Weakening for 1 week, after Leading
Healthcare	Weakening	100.19	98.96	+1.8%	Weakening for 2 weeks, after Leading
Energy	Lagging	99.42	99.89	−1.6%	Lagging for 1 week, after Improving
Defence	Lagging	99.17	98.23	−4.3%	Lagging for 2 weeks, after Weakening
Commodities	Lagging	98.91	99.23	−2.7%	Lagging for 2 weeks, after Improving
Chemicals	Lagging	98.67	98.70	−5.1%	Lagging for 3 weeks, after Improving
Realty	Lagging	98.56	99.31	−6.2%	Lagging for 6 weeks, after Weakening
Metal	Lagging	98.17	96.11	−6.5%	Lagging for 2 weeks, after Weakening
Auto	Lagging	97.77	98.16	−2.6%	Lagging for 6 weeks, after Weakening
Consumer Durables	Lagging	97.50	97.34	−6.8%	Lagging for 5 weeks, after Weakening
MNC	Lagging	97.33	98.19	−6.2%	Lagging for 8 weeks, after Leading
FMCG	Improving	99.83	102.68	+0.9%	Improving for 5 weeks, after Lagging
Infrastructure	Improving	99.74	100.46	+0.9%	Improving for 7 weeks, after Lagging
PSE	Improving	99.53	100.03	−0.7%	Improving for 3 weeks, after Leading
CPSE	Improving	99.49	100.07	−0.6%	Improving for 2 weeks, after Leading
Consumption	Improving	99.31	100.10	+0.4%	Improving for 1 week, after Lagging
Cement	Improving	98.93	100.90	−0.4%	Improving for 2 weeks, after Lagging

Sector	RS	Mom.
Leading · 7
	104.76	104.49
	103.56	102.62
	102.33	101.85
	101.22	101.15
	100.87	101.51
	100.66	100.74
	100.11	100.15
Weakening · 3
	101.35	99.30
	100.44	99.39
	100.19	98.96
Lagging · 9
	99.42	99.89
	99.17	98.23
	98.91	99.23
	98.67	98.70
	98.56	99.31
	98.17	96.11
	97.77	98.16
	97.50	97.34
	97.33	98.19
Improving · 6
	99.83	102.68
	99.74	100.46
	99.53	100.03
	99.49	100.07
	99.31	100.10
	98.93	100.90
Not enough history yet · Capital Goods, Construction, Hospitals, Housing Finance, Insurance, NBFC, Power, Retail, Telecom

Sector rotation: questions and method

Which sectors are leading the Nifty 500 right now?

As of 23 Oct 2026, 7 of 25 NSE sector indices are leading the Nifty 500: IT, Media, Private Bank and 4 more. 9 are lagging, including Energy, Defence, Commodities and 6 more. FMCG, Infrastructure, PSE and 3 more are improving. Pharma, Capital Markets and Healthcare are weakening. Oil & Gas moved from Improving to Leading. Capital Markets moved from Leading to Weakening. Energy moved from Improving to Lagging. Consumption moved from Lagging to Improving.

How are RS-Ratio and RS-Momentum calculated?

Relative strength (RS) = 100 × sector close ÷ benchmark close. RS-Ratio = 100 × the 5-week weighted average of RS ÷ its 15-week weighted average (linearly weighted, newest heaviest). RS-Momentum = 100 × today's RS-Ratio ÷ the RS-Ratio 5 weeks earlier.

What is a sector rotation map?

A sector rotation map places each sector by two numbers. Relative strength (RS-Ratio, across) compares the sector index with a broad benchmark and normalises it to 100: above 100 means the sector has been outperforming its own recent trend against the benchmark, below 100 means underperforming. Momentum (RS-Momentum, up) measures whether that relative strength is rising or falling, also centred on 100.

What do Leading, Weakening, Lagging and Improving mean?

Leading: Outperforming the benchmark, and the outperformance is gaining pace. Weakening: Still outperforming, but losing pace. Lagging: Underperforming, and still fading. Improving: Still underperforming, but picking up pace.

Why do sectors move clockwise around the map?

Together they split the map into four quadrants. Leading (top right) is outperforming and gaining pace. Weakening (bottom right) is still outperforming but slowing. Lagging (bottom left) is underperforming and still fading. Improving (top left) is underperforming but picking up pace. Over time sectors tend to travel clockwise through them; select a sector, or show all tails, to see the path it took to get there.

Can a sector be Leading while its index is falling?

The map is relative, not absolute: a sector can be Leading while its index falls, if the benchmark falls further. It also lags by design, because both numbers are smoothed averages.

Should I use the weekly or the daily map?

The weekly map smooths out day-to-day noise and suits trends that play out over months; it uses completed weeks only, so it changes when a trading week closes. The daily map reacts faster and changes after every session. This view uses 5/15/5 weeks.

Why are some sector indices not on the map?

Capital Goods, Construction, Hospitals, Housing Finance, Insurance, NBFC, Power, Retail, Telecom were launched too recently to fill the averages for this view, so they are left off rather than plotted on a partial window.

Is this investment advice?

Relative strength data for research and information only. Not investment advice and not a forecast: a quadrant describes how a sector has moved against the benchmark, not what it will do next.