Monthly factor report · India

India Factor Report — June 2026

How the major equity style factors — value, momentum, quality and low volatility — are performing in India, tracked through their flagship NSE factor indices. Free, and updated every month.

Trailing 1-year total return Data as of 3 Jul 2026

The factor scoreboard

Ranked by trailing 1-year total return. Each factor is represented by its flagship NSE index (tracked via a low-cost index fund, Direct Plan). Nifty 50 is shown as the broad-market baseline.

1
Value LeaderNifty500 Value 50
+14.1%
2
Low VolatilityNifty500 Low Volatility 50
+1.4%
3
MomentumNifty500 Momentum 50
−2.4%
—
Broad market (baseline)Nifty 50
−3.5%
4
Quality LaggardNifty200 Quality 30
−3.8%

What led, what lagged

Value ran away with it. Over the trailing year the Nifty500 Value 50 returned about +14% while the broad Nifty 50 was slightly negative — a wide, decisive spread. Cheaply-valued cyclicals, PSUs and capital-goods names did the heavy lifting as the market rewarded earnings over narrative.

Low Volatility held up; Momentum and Quality did not. Low-vol eked out a small positive return, cushioning the broad-market drawdown as designed. Momentum (−2.4%) edged out the index but still fell, and Quality (−3.8%) was the weakest factor of all — a reminder that the "safe compounders" trade can de-rate hard when leadership rotates toward value.

The one-line takeaway for June 2026: value led, low-volatility defended, and the crowded quality/momentum trade lagged. Factor leadership rotates, which is why our books combine several signal families rather than bet on one style — whether that pays is what the published record is for.

How MindForge uses factors

Two of the four styles above — momentum and low volatility — are in the same families as the signals our equity books rank on. Quality and value are not: the books use price and volume data only, no fundamentals. Every book is rebalanced monthly and holds its names in equal weight.

Momentum & trendThe main signal family behind LargeMidcap 250 and SmallMicro 500: how a stock’s price has moved, and how steadily.
VolatilityCalmer names rank ahead of erratic ones, so the concentrated books lean away from blow-off moves; every name held still carries the same weight.
LiquidityTrading volume is part of the ranking too, so the books stay in names that can actually be bought and sold.
Multi-asset rotationMultiAsset ranks its eight ETFs — Indian equity, the Nasdaq-100, gold, silver and bonds — on similar price-based signals each month.
See the strategies these factors power →

Report archive

Every month's edition, kept for the record.

This is the first edition. Past reports will be archived here as new months publish.

Methodology & sources

Each factor is represented by its flagship NSE factor index, measured through a low-cost index fund tracking that index (Direct Plan). Returns are trailing 1-year total returns as of the date shown, so every factor is compared on the same clock. Nifty 50 is the broad-market baseline.

  • Value — Nifty500 Value 50 (UTI Nifty 500 Value 50 Index Fund)
  • Low Volatility — Nifty500 Low Volatility 50 (Nippon India Nifty 500 Low Volatility 50 Index Fund)
  • Momentum — Nifty500 Momentum 50 (Nippon India Nifty 500 Momentum 50 Index Fund)
  • Quality — Nifty200 Quality 30 (UTI Nifty200 Quality 30 Index Fund)
  • Baseline — Nifty 50 (UTI Nifty 50 Index Fund)
  • Figures sourced from public fund fact pages (Groww / INDmoney / Value Research), as of 3 Jul 2026.

Factor and index returns are historical and will change. This report is educational commentary, not investment advice or a recommendation of any index, fund or security. Past performance does not guarantee future results.