Since last Diwali, gold is up 16% and the Nifty is down 12%. The dollar rose 8%
Samvat 2082 began with the Muhurat session on 21 October 2025 and ends at Diwali on 8 November 2026. With 11 days to go, RBI's gold bond prices, NSE's index closes and RBI's reference rate show how the year went for gold, shares and the rupee.
From the Muhurat session on 21 October 2025 to 27 October 2026, the Nifty 50 fell 12.06% by NSE's index closes, the Nifty 500 8.52% and the Nifty Smallcap 250 2.04%. RBI's redemption price for the same gold bond rose 16.08%, from ₹12,198 to ₹14,159 a gram. RBI's reference rate for the dollar went from ₹87.79 to ₹95.16, up 8.40%. In dollars, the Nifty 50 is down 18.88%.
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Samvat 2082, the Hindu calendar year that markets mark with Diwali, began with NSE's Muhurat session on 21 October 2025. It ends at Diwali, on Sunday, 8 November 2026, when the next Muhurat session opens Samvat 2083.
With 11 days to go, three public prices show how the year went: NSE's daily index closes, RBI's redemption price for gold bonds and RBI's reference rate for the dollar.
Shares, gold and the dollar
| Measure | 21 Oct 2025 | 27 Oct 2026 | Change |
|---|---|---|---|
| Nifty 50 | 25,868.60 | 22,749.75 | -12.06% |
| Nifty Next 50 | 69,519.65 | 67,343.95 | -3.13% |
| Nifty Midcap 150 | 21,972.05 | 21,003.15 | -4.41% |
| Nifty Smallcap 250 | 17,286.70 | 16,933.70 | -2.04% |
| Nifty 500 | 23,759.20 | 21,734.90 | -8.52% |
| Gold, RBI bond price per gram | ₹12,198 | ₹14,159 | +16.08% |
| US dollar, RBI reference rate | ₹87.79 | ₹95.16 | +8.40% |
The index figures are NSE's closes from the Muhurat session and from 27 October 2026. The dollar rates are from 20 October 2025, the last working day before Diwali, and 27 October 2026.
The gold figures come from the same bond, SGB 2020-21 Series I, which has an early redemption window each 28 October. RBI sets the price as the average of IBJA's closing price for 999 gold over the three business days before. For 28 October 2025, that was ₹12,198 a gram. For 28 October 2026, it is ₹14,159.
The Nifty 50 fell the most of the five indices. Compound looked at the January high and last week's fall in smallcaps in The Nifty is 14% below its January high.
By sector
NSE's sector indices moved far apart over the same dates.
| Index | Change |
|---|---|
| Nifty Pharma | +16.66% |
| Nifty Metal | +15.38% |
| Nifty PSU Bank | +3.48% |
| Nifty Energy | -1.07% |
| Nifty Auto | -6.94% |
| Nifty Bank | -6.95% |
| Nifty IT | -8.81% |
| Nifty Financial Services | -11.74% |
| Nifty Realty | -14.12% |
| Nifty FMCG | -23.83% |
Pharma and metal companies rose about as much as gold. FMCG, the makers of packaged food, soap and other household goods, fell almost twice as far as the Nifty 50.
The same year in dollars
For a family whose spending or goals are partly in dollars, such as a child's foreign tuition, the rupee's fall adds to the change.
- The Nifty 50, down 12.06% in rupees, is down 18.88% in dollars.
- The Nifty Smallcap 250, down 2.04% in rupees, is down 9.63% in dollars.
- Gold, up 16.08% in rupees, is up 7.08% in dollars.
These are the rupee figures divided by the change in RBI's dollar rate.
What ₹1 crore looks like
Illustration. Take a hypothetical ₹1 crore that moved exactly with each measure from last year's Muhurat session to 27 October 2026.
| If it followed | Value on 27 Oct 2026 |
|---|---|
| Nifty 50 | ₹87.94 lakh |
| Nifty 500 | ₹91.48 lakh |
| Nifty Midcap 150 | ₹95.59 lakh |
| Nifty Smallcap 250 | ₹97.96 lakh |
| US dollar | ₹1.08 crore |
| Gold, RBI bond price | ₹1.16 crore |
The index values are price indices and leave out dividends. The gold bond price leaves out the bond's 2.5% a year interest. No real portfolio matches any one of them.
Price against earnings
NSE also publishes each index's P/E, the index price divided by the trailing earnings of its companies.
- The Nifty 50's P/E went from 22.74 at the Muhurat session to 19.07 on 27 October 2026.
- The Nifty Midcap 150's went from 34.50 to 26.47.
- The Nifty Smallcap 250's went from 30.98 to 31.77.
Smallcap prices fell 2.04% and their P/E rose, so the trailing earnings of those companies fell over the year. For the Nifty 50, the P/E fell faster than the price.
What the figures do not show
- Why. The data shows how far prices moved, not the reasons for the move.
- Your own year. Your funds, your entry dates and your SIPs decide your number. Reva works it out from your statements as an XIRR.
- The next Samvat. A year's move in either direction says nothing about the next one.
We post the charts behind these pieces on X (@revaprivate) and LinkedIn, and every new piece on our WhatsApp channel. Follow along to get them first.
Questions
- How has the Nifty done since Diwali 2025?
- From NSE's Muhurat session close on 21 October 2025 to 27 October 2026, the Nifty 50 fell 12.06%, from 25,868.60 to 22,749.75.
- How much has gold risen since last Diwali?
- RBI's redemption price for SGB 2020-21 Series I rose from ₹12,198 a gram for 28 October 2025 to ₹14,159 for 28 October 2026, up 16.08%. Both prices are averages of IBJA's 999 gold closing prices.
- How much has the rupee fallen against the dollar in Samvat 2082?
- RBI's reference rate went from ₹87.79 on 20 October 2025 to ₹95.16 on 27 October 2026, so the dollar costs 8.40% more in rupees.
- Which sectors rose in Samvat 2082?
- Among NSE's sector indices, pharma rose 16.66%, metal 15.38% and PSU banks 3.48% from 21 October 2025 to 27 October 2026. FMCG fell 23.83%.
- When is Muhurat trading in 2026?
- NSE has set the Muhurat session for Sunday, 8 November 2026, Diwali, which opens Samvat 2083.
Sources
- NSE, daily closing values of all indices, Muhurat session (21 Oct 2025)
- NSE, daily closing values of all indices (27 Oct 2026)
- RBI, redemption price for premature redemption of SGB 2020-21 Series I due on 28 Oct 2025 (27 Oct 2025), copy on IBJA's site
- RBI, redemption price for premature redemption of SGB 2020-21 Series I due on 28 Oct 2026
- RBI, Reference Rate Archive, US dollar (20 Oct 2025 and 27 Oct 2026)
- NSE, Muhurat trading on 8 Nov 2026, circular in continuation of NSE/COM/71784 (19 Oct 2026)
Compound is analysis, not investment advice. Reva Money is not a SEBI-registered investment adviser.
