---
title: "Sector Rotation Map"
canonical: "https://tapetide.com/insight/sector-rotation"
last_updated: "2026-10-23"
generated_at: "2026-10-28T07:01:21.094Z"
---

# Sector Rotation Map

By [Sanjay Mehta](https://tapetide.com/about/authors/sanjay-mehta), Research lead. How we research these reports: https://tapetide.com/about/editorial-policy

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 to read the 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.

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.

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.

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.

Canonical page: https://tapetide.com/insight/sector-rotation

Methodology:

- Each dot is an NSE sector or thematic index, compared with the Nifty 500 on closing prices.
- 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.
- Weekly mode uses the last close of each completed week; a week still in progress is left out until it ends.
- Tails show the last 8 weeks. "Change vs benchmark" is how much the sector beat or trailed the benchmark over that window: its RS at the end of the tail over its RS at the start, in percent.
- Indices launched too recently to fill the averages are listed separately rather than plotted on a partial window. Index prices are price returns (dividends not included).

### Sector rotation vs Nifty 500, weekly, as of 2026-10-23

Change vs benchmark covers the last 8 weeks. Periods are weeks.

| Sector index | Quadrant | RS-Ratio | RS-Momentum | Periods in quadrant | Prior quadrant | Change vs benchmark % |
| --- | --- | --- | --- | --- | --- | --- |
| IT | Leading | 104.76 | 104.49 | 2 | Lagging | 13.1 |
| Media | Leading | 103.56 | 102.62 | 3 | Weakening | 8.4 |
| Private Bank | Leading | 102.33 | 101.85 | 7 | Lagging | 4 |
| Bank | Leading | 101.22 | 101.15 | 6 | Improving | 2.7 |
| Financial Services | Leading | 100.87 | 101.51 | 3 | Improving | 1.7 |
| PSU Bank | Leading | 100.66 | 100.74 | 3 | Lagging | 2.9 |
| Oil & Gas | Leading | 100.11 | 100.15 | 1 | Improving | 0.7 |
| Pharma | Weakening | 101.35 | 99.3 | 2 | Leading | 3.8 |
| Capital Markets | Weakening | 100.44 | 99.39 | 1 | Leading | -1.3 |
| Healthcare | Weakening | 100.19 | 98.96 | 2 | Leading | 1.8 |
| Energy | Lagging | 99.42 | 99.89 | 1 | Improving | -1.6 |
| Defence | Lagging | 99.17 | 98.23 | 2 | Weakening | -4.3 |
| Commodities | Lagging | 98.91 | 99.23 | 2 | Improving | -2.7 |
| Chemicals | Lagging | 98.67 | 98.7 | 3 | Improving | -5.1 |
| Realty | Lagging | 98.56 | 99.31 | 6 | Weakening | -6.2 |
| Metal | Lagging | 98.17 | 96.11 | 2 | Weakening | -6.5 |
| Auto | Lagging | 97.77 | 98.16 | 6 | Weakening | -2.6 |
| Consumer Durables | Lagging | 97.5 | 97.34 | 5 | Weakening | -6.8 |
| MNC | Lagging | 97.33 | 98.19 | 8 | Leading | -6.2 |
| FMCG | Improving | 99.83 | 102.68 | 5 | Lagging | 0.9 |
| Infrastructure | Improving | 99.74 | 100.46 | 7 | Lagging | 0.9 |
| PSE | Improving | 99.53 | 100.03 | 3 | Leading | -0.7 |
| CPSE | Improving | 99.49 | 100.07 | 2 | Leading | -0.6 |
| Consumption | Improving | 99.31 | 100.1 | 1 | Lagging | 0.4 |
| Cement | Improving | 98.93 | 100.9 | 2 | Lagging | -0.4 |

### Tails (oldest first)

| Sector index | Date | RS-Ratio | RS-Momentum |
| --- | --- | --- | --- |
| IT | 2026-09-04 | 102.89 | 101.31 |
| IT | 2026-09-11 | 101.42 | 98.32 |
| IT | 2026-09-18 | 100.26 | 96.46 |
| IT | 2026-09-25 | 99.14 | 95.74 |
| IT | 2026-10-02 | 99.09 | 95.78 |
| IT | 2026-10-09 | 99.49 | 96.69 |
| IT | 2026-10-16 | 102.05 | 100.62 |
| IT | 2026-10-23 | 104.76 | 104.49 |
| Media | 2026-09-04 | 101.35 | 99.45 |
| Media | 2026-09-11 | 101.06 | 99.47 |
| Media | 2026-09-18 | 100.92 | 99.12 |
| Media | 2026-09-25 | 100.91 | 98.89 |
| Media | 2026-10-02 | 101.58 | 99.72 |
| Media | 2026-10-09 | 102.14 | 100.78 |
| Media | 2026-10-16 | 103.28 | 102.2 |
| Media | 2026-10-23 | 103.56 | 102.62 |
| Private Bank | 2026-09-04 | 99.41 | 99.47 |
| Private Bank | 2026-09-11 | 100.1 | 101.08 |
| Private Bank | 2026-09-18 | 100.47 | 102.12 |
| Private Bank | 2026-09-25 | 100.54 | 102.25 |
| Private Bank | 2026-10-02 | 101.05 | 102.41 |
| Private Bank | 2026-10-09 | 101.73 | 102.34 |
| Private Bank | 2026-10-16 | 102.14 | 102.04 |
| Private Bank | 2026-10-23 | 102.33 | 101.85 |
| Bank | 2026-09-04 | 99.56 | 99.36 |
| Bank | 2026-09-11 | 99.89 | 100.18 |
| Bank | 2026-09-18 | 100.06 | 100.73 |
| Bank | 2026-09-25 | 100.1 | 100.84 |
| Bank | 2026-10-02 | 100.38 | 101.12 |
| Bank | 2026-10-09 | 100.83 | 101.27 |
| Bank | 2026-10-16 | 100.95 | 101.07 |
| Bank | 2026-10-23 | 101.22 | 101.15 |
| Financial Services | 2026-09-04 | 98.99 | 98.98 |
| Financial Services | 2026-09-11 | 99.19 | 99.75 |
| Financial Services | 2026-09-18 | 99.37 | 100.43 |
| Financial Services | 2026-09-25 | 99.4 | 100.64 |
| Financial Services | 2026-10-02 | 99.68 | 100.87 |
| Financial Services | 2026-10-09 | 100.25 | 101.27 |
| Financial Services | 2026-10-16 | 100.64 | 101.47 |
| Financial Services | 2026-10-23 | 100.87 | 101.51 |
| PSU Bank | 2026-09-04 | 100.27 | 101.44 |
| PSU Bank | 2026-09-11 | 100.07 | 100.46 |
| PSU Bank | 2026-09-18 | 99.93 | 99.79 |
| PSU Bank | 2026-09-25 | 100.05 | 99.77 |
| PSU Bank | 2026-10-02 | 99.91 | 99.65 |
| PSU Bank | 2026-10-09 | 100.28 | 100.01 |
| PSU Bank | 2026-10-16 | 100.08 | 100.01 |
| PSU Bank | 2026-10-23 | 100.66 | 100.74 |
| Oil & Gas | 2026-09-04 | 99.42 | 100.35 |
| Oil & Gas | 2026-09-11 | 99.69 | 100.51 |
| Oil & Gas | 2026-09-18 | 99.95 | 100.81 |
| Oil & Gas | 2026-09-25 | 100.18 | 101.06 |
| Oil & Gas | 2026-10-02 | 100.26 | 101.3 |
| Oil & Gas | 2026-10-09 | 99.95 | 100.53 |
| Oil & Gas | 2026-10-16 | 99.77 | 100.09 |
| Oil & Gas | 2026-10-23 | 100.11 | 100.15 |
| Pharma | 2026-09-04 | 101.49 | 99.53 |
| Pharma | 2026-09-11 | 101.78 | 100 |
| Pharma | 2026-09-18 | 102.06 | 100.43 |
| Pharma | 2026-09-25 | 102.57 | 101.16 |
| Pharma | 2026-10-02 | 102.88 | 101.27 |
| Pharma | 2026-10-09 | 102.69 | 101.18 |
| Pharma | 2026-10-16 | 101.77 | 99.99 |
| Pharma | 2026-10-23 | 101.35 | 99.3 |
| Capital Markets | 2026-09-04 | 100 | 102.04 |
| Capital Markets | 2026-09-11 | 100.84 | 103.92 |
| Capital Markets | 2026-09-18 | 101.05 | 104.19 |
| Capital Markets | 2026-09-25 | 100.96 | 103.14 |
| Capital Markets | 2026-10-02 | 100.61 | 101.54 |
| Capital Markets | 2026-10-09 | 100.88 | 100.88 |
| Capital Markets | 2026-10-16 | 100.91 | 100.07 |
| Capital Markets | 2026-10-23 | 100.44 | 99.39 |
| Healthcare | 2026-09-04 | 100.41 | 98.79 |
| Healthcare | 2026-09-11 | 100.79 | 99.5 |
| Healthcare | 2026-09-18 | 101.24 | 100.36 |
| Healthcare | 2026-09-25 | 101.78 | 101.3 |
| Healthcare | 2026-10-02 | 101.96 | 101.37 |
| Healthcare | 2026-10-09 | 101.68 | 101.27 |
| Healthcare | 2026-10-16 | 100.66 | 99.87 |
| Healthcare | 2026-10-23 | 100.19 | 98.96 |
| Energy | 2026-09-04 | 98.12 | 100.49 |
| Energy | 2026-09-11 | 98.94 | 101.45 |
| Energy | 2026-09-18 | 99.53 | 102.05 |
| Energy | 2026-09-25 | 100 | 102.53 |
| Energy | 2026-10-02 | 100.42 | 102.93 |
| Energy | 2026-10-09 | 100.23 | 102.15 |
| Energy | 2026-10-16 | 99.86 | 100.93 |
| Energy | 2026-10-23 | 99.42 | 99.89 |
| Defence | 2026-09-04 | 101.36 | 101.64 |
| Defence | 2026-09-11 | 101.65 | 101.69 |
| Defence | 2026-09-18 | 100.95 | 100.43 |
| Defence | 2026-09-25 | 100.7 | 99.64 |
| Defence | 2026-10-02 | 100.63 | 99.47 |
| Defence | 2026-10-09 | 100.19 | 98.85 |
| Defence | 2026-10-16 | 99.94 | 98.32 |
| Defence | 2026-10-23 | 99.17 | 98.23 |
| Commodities | 2026-09-04 | 99.15 | 101.27 |
| Commodities | 2026-09-11 | 99.43 | 101.21 |
| Commodities | 2026-09-18 | 99.67 | 101.37 |
| Commodities | 2026-09-25 | 99.98 | 101.52 |
| Commodities | 2026-10-02 | 99.95 | 101.31 |
| Commodities | 2026-10-09 | 99.39 | 100.25 |
| Commodities | 2026-10-16 | 99.04 | 99.61 |
| Commodities | 2026-10-23 | 98.91 | 99.23 |
| Chemicals | 2026-09-04 | 99.9 | 99.66 |
| Chemicals | 2026-09-11 | 100.12 | 99.97 |
| Chemicals | 2026-09-18 | 99.97 | 99.68 |
| Chemicals | 2026-09-25 | 100.01 | 100.08 |
| Chemicals | 2026-10-02 | 99.81 | 100.05 |
| Chemicals | 2026-10-09 | 99.63 | 99.73 |
| Chemicals | 2026-10-16 | 99.45 | 99.33 |
| Chemicals | 2026-10-23 | 98.67 | 98.7 |
| Realty | 2026-09-04 | 101.24 | 96.39 |
| Realty | 2026-09-11 | 100.23 | 97.16 |
| Realty | 2026-09-18 | 99.24 | 97.43 |
| Realty | 2026-09-25 | 99.31 | 97.88 |
| Realty | 2026-10-02 | 99.38 | 98.21 |
| Realty | 2026-10-09 | 98.81 | 97.6 |
| Realty | 2026-10-16 | 98.83 | 98.6 |
| Realty | 2026-10-23 | 98.56 | 99.31 |
| Metal | 2026-09-04 | 101.99 | 104.58 |
| Metal | 2026-09-11 | 102.1 | 103.54 |
| Metal | 2026-09-18 | 102.14 | 102.95 |
| Metal | 2026-09-25 | 102.16 | 102 |
| Metal | 2026-10-02 | 101.64 | 100.3 |
| Metal | 2026-10-09 | 100.4 | 98.45 |
| Metal | 2026-10-16 | 99.32 | 97.28 |
| Metal | 2026-10-23 | 98.17 | 96.11 |
| Auto | 2026-09-04 | 101.41 | 99.89 |
| Auto | 2026-09-11 | 100.39 | 97.78 |
| Auto | 2026-09-18 | 99.6 | 96.56 |
| Auto | 2026-09-25 | 99.2 | 96.12 |
| Auto | 2026-10-02 | 98.51 | 95.93 |
| Auto | 2026-10-09 | 97.75 | 96.39 |
| Auto | 2026-10-16 | 97.63 | 97.25 |
| Auto | 2026-10-23 | 97.77 | 98.16 |
| Consumer Durables | 2026-09-04 | 101.88 | 98.39 |
| Consumer Durables | 2026-09-11 | 101.27 | 97.84 |
| Consumer Durables | 2026-09-18 | 100.17 | 96.85 |
| Consumer Durables | 2026-09-25 | 99.8 | 96.82 |
| Consumer Durables | 2026-10-02 | 99.02 | 96.47 |
| Consumer Durables | 2026-10-09 | 98.58 | 96.76 |
| Consumer Durables | 2026-10-16 | 98.17 | 96.93 |
| Consumer Durables | 2026-10-23 | 97.5 | 97.34 |
| MNC | 2026-09-04 | 99.64 | 99.78 |
| MNC | 2026-09-11 | 99.28 | 99.15 |
| MNC | 2026-09-18 | 99.12 | 98.71 |
| MNC | 2026-09-25 | 99.13 | 98.79 |
| MNC | 2026-10-02 | 98.99 | 98.83 |
| MNC | 2026-10-09 | 98.82 | 99.17 |
| MNC | 2026-10-16 | 98.19 | 98.9 |
| MNC | 2026-10-23 | 97.33 | 98.19 |
| FMCG | 2026-09-04 | 96.99 | 98.43 |
| FMCG | 2026-09-11 | 96.85 | 98.3 |
| FMCG | 2026-09-18 | 97.22 | 98.78 |
| FMCG | 2026-09-25 | 98.18 | 100.21 |
| FMCG | 2026-10-02 | 98.76 | 101.41 |
| FMCG | 2026-10-09 | 99.74 | 102.83 |
| FMCG | 2026-10-16 | 99.93 | 103.17 |
| FMCG | 2026-10-23 | 99.83 | 102.68 |
| Infrastructure | 2026-09-04 | 98.88 | 99.89 |
| Infrastructure | 2026-09-11 | 99.06 | 100.04 |
| Infrastructure | 2026-09-18 | 99.28 | 100.23 |
| Infrastructure | 2026-09-25 | 99.47 | 100.42 |
| Infrastructure | 2026-10-02 | 99.52 | 100.7 |
| Infrastructure | 2026-10-09 | 99.44 | 100.57 |
| Infrastructure | 2026-10-16 | 99.37 | 100.31 |
| Infrastructure | 2026-10-23 | 99.74 | 100.46 |
| PSE | 2026-09-04 | 98.35 | 100.38 |
| PSE | 2026-09-11 | 99.08 | 101.08 |
| PSE | 2026-09-18 | 99.5 | 101.46 |
| PSE | 2026-09-25 | 99.99 | 101.94 |
| PSE | 2026-10-02 | 100.22 | 102.32 |
| PSE | 2026-10-09 | 99.95 | 101.63 |
| PSE | 2026-10-16 | 99.7 | 100.63 |
| PSE | 2026-10-23 | 99.53 | 100.03 |
| CPSE | 2026-09-04 | 97.83 | 101.13 |
| CPSE | 2026-09-11 | 98.93 | 102.41 |
| CPSE | 2026-09-18 | 99.43 | 102.86 |
| CPSE | 2026-09-25 | 100.12 | 103.23 |
| CPSE | 2026-10-02 | 100.47 | 103.48 |
| CPSE | 2026-10-09 | 100.15 | 102.37 |
| CPSE | 2026-10-16 | 99.66 | 100.74 |
| CPSE | 2026-10-23 | 99.49 | 100.07 |
| Consumption | 2026-09-04 | 99.83 | 98.91 |
| Consumption | 2026-09-11 | 99.42 | 98.32 |
| Consumption | 2026-09-18 | 99.21 | 98.01 |
| Consumption | 2026-09-25 | 99.31 | 98.29 |
| Consumption | 2026-10-02 | 99.17 | 98.63 |
| Consumption | 2026-10-09 | 99.21 | 99.38 |
| Consumption | 2026-10-16 | 99.15 | 99.73 |
| Consumption | 2026-10-23 | 99.31 | 100.1 |
| Cement | 2026-09-04 | 98.32 | 98.08 |
| Cement | 2026-09-11 | 98.01 | 97.97 |
| Cement | 2026-09-18 | 98.05 | 98.64 |
| Cement | 2026-09-25 | 98.25 | 99.32 |
| Cement | 2026-10-02 | 98.38 | 99.93 |
| Cement | 2026-10-09 | 98.22 | 99.89 |
| Cement | 2026-10-16 | 98.26 | 100.25 |
| Cement | 2026-10-23 | 98.93 | 100.9 |

### Not yet plotted (history too short)

| Sector index |
| --- |
| Capital Goods |
| Construction |
| Hospitals |
| Housing Finance |
| Insurance |
| NBFC |
| Power |
| Retail |
| Telecom |

---

Compiled by Tapetide from exchange and regulator disclosures (NSE, BSE, SEBI) unless a section states otherwise — any figure marked unofficial or indicative is not an official disclosure. For research and information only, not investment advice. Generated 2026-10-28T07:01:21.094Z.