SECTOR ROTATION REPORT NSE
NSE Sector Outlook
Relative Rotation Analysis · All NSE Tradable Sectors · Benchmark: NIFTY 50
NIFTY 50
24,577
2026-04-21 · Auto-generated
Leading Sectors
11
Strong RS + Rising Momentum
Improving Sectors
2
Weak RS + Rising Momentum
Weakening Sectors
2
Strong RS + Falling Momentum
Lagging Sectors
1
Weak RS + Falling Momentum
How to Read the Relative Rotation Graph

The RRG (Relative Rotation Graph) plots each sector's relative strength (RS-Ratio, X-axis) against its momentum (RS-Momentum, Y-axis) compared to the NIFTY 50 benchmark. The center (100,100) represents parity with the benchmark. Sectors rotate clockwise through the four quadrants over time — this rotation reflects the natural cycle of sector leadership.

Improving (Top-Left)

RS-Ratio < 100, RS-Momentum > 100 — Sector still underperforms but momentum is turning up. Early rotation signal. Watch for breakout into Leading.

Leading (Top-Right)

RS-Ratio > 100, RS-Momentum > 100 — Sector is outperforming and acceleration is positive. The strongest position. Best sectors for momentum trades.

Lagging (Bottom-Left)

RS-Ratio < 100, RS-Momentum < 100 — Sector underperforms with declining momentum. Weakest position. Avoid until momentum turns. Watch for rotation into Improving.

Weakening (Bottom-Right)

RS-Ratio > 100, RS-Momentum < 100 — Sector still outperforms but momentum is fading. Leadership is ending. Consider booking profits.

RRG Scatter Plot — Current Positioning
LEADING IMPROVING LAGGING WEAKENING 90 93 96 99 102 105 108 111 90 93 96 99 102 105 108 111 RS-RATIO → RS-MOMENTUM → Bank IT Auto FMCG Metal Pharma PSU Bank Realty Media Energy Infra Commodities MNC PSE Fin Services Services
Sector Rotation Trail — Weekly Movement
LEADING IMPROVING LAGGING WEAKENING RS-RATIO → RS-MOMENTUM → Bank IT Auto FMCG Metal Pharma PSU Bank Realty Media Energy Infra Commodities MNC PSE Fin Services Services
Bank [Leading] IT [Lagging] Auto [Improving] FMCG [Leading] Metal [Weakening] Pharma [Improving] PSU Bank [Leading] Realty [Leading] Media [Leading] Energy [Leading] Infra [Leading] Commodities [Leading] MNC [Leading] PSE [Leading] Fin Services [Leading] Services [Weakening]
1-Month Sector Performance
Realty +12.3% Media +10.3% IT +10.3% Metal +10.3% Energy +9.3% MNC +8.1% Commodities +6.8% PSE +6.2% Auto +6.0% FMCG +5.6% Infra +5.5% PSU Bank +4.8% Services +4.6% Bank +4.5% Fin Services +4.4% Pharma -0.7%
3-Month Sector Performance
Energy +14.3% Metal +13.0% PSE +8.0% Commodities +6.8% MNC +4.6% PSU Bank +3.3% Media +2.1% Infra +1.4% Pharma -0.5% Fin Services -2.7% FMCG -3.3% Bank -3.7% Auto -4.6% Services -5.6% Realty -6.9% IT -17.0%
Market Breadth — Cap-wise Index Performance
Index Level 1D1W1M3M6M1Y From High Trend
Nifty 50 24,577 +0.9% +3.1% +4.2% -4.5% -2.6% — -6.7% Downtrend
Nifty 100 25,464 +0.8% +3.5% +5.1% -3.2% -1.8% — -5.4% Downtrend
Nifty 200 13,971 +0.8% +3.7% +5.8% -2.4% -1.0% — -4.8% Downtrend
Nifty Midcap 100 70,824 +0.7% +5.5% +8.9% +3.4% +3.1% — +0.0% Downtrend
Nifty Midcap 150 59,791 -0.2% +3.4% +9.5% +0.1% +2.3% — -2.7% Downtrend
Sector Outlook Summary
Sector Quadrant Trend 1D 1W 1M 3M 6M From High Vol (30d) Outlook
Realty Leading Downtrend +2.1% +5.5% +12.3% -6.9% -10.9% -23.2% 39% Moderately Bullish
Media Leading Downtrend +1.0% +6.1% +10.3% +2.1% -7.6% -18.6% 31% Bullish
Energy Leading Downtrend +0.4% +5.8% +9.3% +14.3% +11.1% +0.0% 21% Bullish
MNC Leading Downtrend +1.4% +5.9% +8.1% +4.6% +6.0% -1.0% 27% Bullish
Commodities Leading Downtrend +0.1% +4.1% +6.8% +6.8% +10.9% +0.0% 24% Bullish
PSE Leading Downtrend -0.0% +4.6% +6.2% +8.0% +7.1% -0.0% 22% Bullish
FMCG Leading Downtrend +2.6% +6.8% +5.6% -3.3% -7.5% -11.6% 23% Moderately Bullish
Infra Leading Downtrend +0.3% +3.4% +5.5% +1.4% +1.8% -4.2% 25% Bullish
PSU Bank Leading Downtrend +0.8% +3.4% +4.8% +3.3% +17.1% -8.8% 39% Bullish
Bank Leading Downtrend +1.4% +3.2% +4.5% -3.7% +1.3% -6.8% 35% Moderately Bullish
Fin Services Leading Downtrend +1.2% +3.1% +4.4% -2.7% +0.0% -5.7% 34% Moderately Bullish
Auto Improving Downtrend +0.4% +2.1% +6.0% -4.6% -0.4% -7.9% 41% Moderately Bullish
Pharma Improving Downtrend -0.1% +1.5% -0.7% -0.5% +1.0% -3.9% 18% Neutral
Metal Weakening Downtrend +0.0% +4.1% +10.3% +13.0% +25.1% -0.3% 32% Moderately Bullish
Services Weakening Downtrend +1.1% +3.1% +4.6% -5.6% -4.0% -7.2% 27% Neutral
IT Lagging Downtrend +0.5% +3.5% +10.3% -17.0% -10.2% -19.6% 24% Neutral
Sector Leaders — Top 3 Stocks per Sector
Realty Leading
Stock Price1W1M1Y
DLF LIMITED ₹608 +6.9% +10.9% -1.9%
GODREJ PROPERTIES LTD ₹1,805 +5.8% +13.9% -7.4%
OBEROI REALTY LIMITED ₹1,724 +2.3% +18.2% +12.0%
Media Leading
Stock Price1W1M1Y
ZEE ENTERTAINMENT ENT LTD ₹87 +8.6% +15.2% -14.7%
SUN TV NETWORK LIMITED ₹645 +4.4% +13.7% -0.1%
PVR INOX LIMITED ₹973 +4.1% -3.0% +11.9%
Energy Leading
Stock Price1W1M1Y
RELIANCE INDUSTRIES LTD ₹1,353 +2.9% -3.2% +11.5%
OIL AND NATURAL GAS CORP. ₹283 -1.5% +6.9% +29.5%
NTPC LTD ₹396 +2.6% +3.4% +12.9%
MNC Leading
Stock Price1W1M1Y
MARUTI SUZUKI INDIA LTD. ₹13,461 +2.9% +3.8% +17.3%
HINDUSTAN UNILEVER LTD. ₹2,311 +8.6% +7.1% -0.5%
SIEMENS LTD ₹3,722 +11.3% +17.3% +37.0%
Commodities Leading
Stock Price1W1M1Y
OIL AND NATURAL GAS CORP. ₹283 -1.5% +6.9% +29.5%
COAL INDIA LTD ₹443 +1.9% -4.1% +21.0%
TATA STEEL LIMITED ₹212 +2.7% +8.5% +62.6%
PSE Leading
Stock Price1W1M1Y
NTPC LTD ₹396 +2.6% +3.4% +12.9%
COAL INDIA LTD ₹443 +1.9% -4.1% +21.0%
BHARAT ELECTRONICS LTD ₹452 +2.3% +2.8% +59.5%
FMCG Leading
Stock Price1W1M1Y
HINDUSTAN UNILEVER LTD. ₹2,311 +8.6% +7.1% -0.5%
ITC LTD ₹310 +3.7% +1.6% -23.6%
NESTLE INDIA LIMITED ₹1,380 +12.5% +14.3% +18.0%
Infra Leading
Stock Price1W1M1Y
LARSEN & TOUBRO LTD. ₹4,075 +3.1% +15.0% +32.0%
ADANI PORT & SEZ LTD ₹1,594 +8.8% +16.7% +37.6%
ULTRATECH CEMENT LIMITED ₹12,039 +4.7% +8.3% +5.3%
PSU Bank Leading
Stock Price1W1M1Y
STATE BANK OF INDIA ₹1,112 +4.5% +4.4% +50.5%
PUNJAB NATIONAL BANK ₹114 +3.1% +1.9% +22.2%
BANK OF BARODA ₹284 +3.0% +0.3% +26.4%
Bank Leading
Stock Price1W1M1Y
HDFC BANK LTD ₹812 +2.1% -4.0% -8.9%
ICICI BANK LTD. ₹1,388 +2.8% +7.7% +6.7%
STATE BANK OF INDIA ₹1,112 +4.5% +4.4% +50.5%
Fin Services Leading
Stock Price1W1M1Y
HDFC BANK LTD ₹812 +2.1% -4.0% -8.9%
ICICI BANK LTD. ₹1,388 +2.8% +7.7% +6.7%
BAJAJ FINANCE LIMITED ₹939 +4.4% +8.1% +5.9%
Auto Improving
Stock Price1W1M1Y
MAHINDRA & MAHINDRA LTD ₹3,247 +0.8% +3.8% +26.9%
BAJAJ AUTO LIMITED ₹9,793 -0.2% +7.5% +29.2%
MARUTI SUZUKI INDIA LTD. ₹13,461 +2.9% +3.8% +17.3%
Pharma Improving
Stock Price1W1M1Y
SUN PHARMACEUTICAL IND L ₹1,665 +0.8% -7.2% -0.4%
DR. REDDY S LABORATORIES ₹1,221 -1.2% -4.9% +10.7%
CIPLA LTD ₹1,232 +1.8% -3.9% -14.9%
Metal Weakening
Stock Price1W1M1Y
TATA STEEL LIMITED ₹212 +2.7% +8.5% +62.6%
JSW STEEL LIMITED ₹1,280 +6.3% +9.6% +29.6%
HINDALCO INDUSTRIES LTD ₹1,022 +4.4% +9.1% +71.4%
Services Weakening
Stock Price1W1M1Y
TATA CONSULTANCY SERV LT ₹2,610 +5.6% +9.1% -16.4%
HDFC BANK LTD ₹812 +2.1% -4.0% -8.9%
BHARTI AIRTEL LIMITED ₹1,855 -0.8% +1.5% +6.5%
IT Lagging
Stock Price1W1M1Y
TATA CONSULTANCY SERV LT ₹2,610 +5.6% +9.1% -16.4%
INFOSYS LIMITED ₹1,313 +2.9% +6.5% -4.1%
HCL TECHNOLOGIES LTD ₹1,441 +0.8% +9.1% +7.3%
Detailed Sector Analysis by Quadrant

Leading Quadrant 11 sectors

These sectors have strong relative strength AND rising momentum vs Nifty 50. They are outperforming the benchmark and the outperformance is accelerating. These are the strongest sectors in the market — ideal for trend-following strategies. Sectors typically enter this quadrant from 'Improving' after sustained relative outperformance.

Nifty Bank Moderately Bullish
RS-Ratio: 100.69 | RS-Momentum: 100.63
Banking sector — SBI, HDFC Bank, ICICI Bank, Kotak, Axis etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Elevated 30-day annualized volatility of 35% — higher risk.
Nifty FMCG Moderately Bullish
RS-Ratio: 102.59 | RS-Momentum: 102.81
Fast Moving Consumer Goods — HUL, ITC, Nestlé, Dabur, Britannia etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +5.6% shows near-term strength.
Nifty PSU Bank Bullish
RS-Ratio: 100.79 | RS-Momentum: 100.96
Public Sector Banks — SBI, PNB, Bank of Baroda, Canara Bank etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Positive returns across both 1M and 3M timeframes show sustained momentum.
  • Elevated 30-day annualized volatility of 39% — higher risk.
Nifty Realty Moderately Bullish
RS-Ratio: 102.50 | RS-Momentum: 101.65
Real Estate — DLF, Godrej Properties, Oberoi Realty, Brigade etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +12.3% shows near-term strength.
  • Significantly off 52-week high (-23.2%) — potential value zone or structural weakness.
  • Outperforming NIFTY 50 by +8.1% over the past month.
  • Elevated 30-day annualized volatility of 39% — higher risk.
Nifty Media Bullish
RS-Ratio: 102.35 | RS-Momentum: 102.47
Media & Entertainment — Zee, Sun TV, PVR INOX, Saregama etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +10.3% shows near-term strength.
  • Positive returns across both 1M and 3M timeframes show sustained momentum.
  • Outperforming NIFTY 50 by +6.1% over the past month.
  • Elevated 30-day annualized volatility of 31% — higher risk.
Nifty Energy Bullish
RS-Ratio: 102.20 | RS-Momentum: 102.58
Energy — Reliance, ONGC, NTPC, Power Grid, BPCL, IOC etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +9.3% shows near-term strength.
  • Positive returns across both 1M and 3M timeframes show sustained momentum.
  • Trading near 52-week high (+0.0% from peak) — strong relative positioning.
  • Outperforming NIFTY 50 by +5.1% over the past month.
Nifty Infra Bullish
RS-Ratio: 100.16 | RS-Momentum: 101.06
Infrastructure — L&T, Adani Ports, UltraTech, Bharti Airtel etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +5.5% shows near-term strength.
  • Positive returns across both 1M and 3M timeframes show sustained momentum.
Nifty Commodities Bullish
RS-Ratio: 100.73 | RS-Momentum: 100.73
Commodities — ONGC, Coal India, Tata Steel, UPL, Hindalco etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +6.8% shows near-term strength.
  • Positive returns across both 1M and 3M timeframes show sustained momentum.
  • Trading near 52-week high (+0.0% from peak) — strong relative positioning.
  • Outperforming NIFTY 50 by +2.6% over the past month.
Nifty MNC Bullish
RS-Ratio: 102.15 | RS-Momentum: 102.22
Multinational Corporations — Maruti, HUL, Siemens, ABB, Honeywell etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +8.1% shows near-term strength.
  • Positive returns across both 1M and 3M timeframes show sustained momentum.
  • Trading near 52-week high (-1.0% from peak) — strong relative positioning.
  • Outperforming NIFTY 50 by +3.9% over the past month.
Nifty PSE Bullish
RS-Ratio: 100.98 | RS-Momentum: 101.01
Public Sector Enterprises — NTPC, Coal India, BEL, HAL, ONGC etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +6.2% shows near-term strength.
  • Positive returns across both 1M and 3M timeframes show sustained momentum.
  • Trading near 52-week high (-0.0% from peak) — strong relative positioning.
Nifty Fin Services Moderately Bullish
RS-Ratio: 100.54 | RS-Momentum: 100.18
Financial Services — Banks, NBFCs, Insurance, AMCs etc.
  • Sector is in the Leading quadrant — both relative strength and momentum vs NIFTY 50 are above average.
  • Price is below key moving averages — bearish structure.
  • Elevated 30-day annualized volatility of 34% — higher risk.

Improving Quadrant 2 sectors

These sectors have rising momentum but relative strength is still below average. They were previously underperforming but are now gaining ground. This is where early opportunities emerge — sectors moving from Lagging to Improving are showing signs of a turnaround. If momentum sustains, they will rotate into the Leading quadrant.

Nifty Auto Moderately Bullish
RS-Ratio: 99.67 | RS-Momentum: 100.26
Automobile & ancillaries — M&M, Tata Motors, Maruti, Bajaj Auto etc.
  • Sector is in the Improving quadrant — momentum is picking up though relative strength is still below NIFTY 50.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +6.0% shows near-term strength.
  • Elevated 30-day annualized volatility of 41% — higher risk.
Nifty Pharma Neutral
RS-Ratio: 98.66 | RS-Momentum: 100.90
Pharmaceuticals — Sun Pharma, Dr. Reddy's, Cipla, Lupin, Divis Labs etc.
  • Sector is in the Improving quadrant — momentum is picking up though relative strength is still below NIFTY 50.
  • Price is below key moving averages — bearish structure.
  • Negative returns across both 1M and 3M periods — persistent weakness.
  • Underperforming NIFTY 50 by -4.9% over the past month.

Weakening Quadrant 2 sectors

These sectors still have above-average relative strength but momentum is declining. They were previously leading but are starting to lose steam. This is a caution zone — while still relatively strong, the deceleration suggests the best of the move may be over. Without a momentum reversal, they will rotate into Lagging.

Nifty Metal Moderately Bullish
RS-Ratio: 100.83 | RS-Momentum: 98.63
Metals & Mining — Tata Steel, JSW Steel, Hindalco, Vedanta etc.
  • Sector is in the Weakening quadrant — while relative strength is still above average, momentum is fading.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +10.3% shows near-term strength.
  • Positive returns across both 1M and 3M timeframes show sustained momentum.
  • Trading near 52-week high (-0.3% from peak) — strong relative positioning.
  • Outperforming NIFTY 50 by +6.1% over the past month.
  • Elevated 30-day annualized volatility of 32% — higher risk.
Nifty Services Neutral
RS-Ratio: 100.20 | RS-Momentum: 99.71
Services Sector — IT, Financial Services, Telecom, Hospitality etc.
  • Sector is in the Weakening quadrant — while relative strength is still above average, momentum is fading.
  • Price is below key moving averages — bearish structure.

Lagging Quadrant 1 sector

These sectors have weak relative strength AND declining momentum. They are underperforming the benchmark and the underperformance is worsening. These are the weakest sectors — best avoided for fresh longs. However, when momentum starts improving (rotation toward Improving), it can signal a bottoming process.

Nifty IT Neutral
RS-Ratio: 98.62 | RS-Momentum: 95.59
Information Technology — TCS, Infosys, Wipro, HCL Tech, Tech Mahindra etc.
  • Sector is in the Lagging quadrant — both relative strength and momentum are below NIFTY 50.
  • Price is below key moving averages — bearish structure.
  • Strong 1-month return of +10.3% shows near-term strength.
  • Outperforming NIFTY 50 by +6.1% over the past month.
Generated on 2026-04-21 · Data via Yahoo Finance · Benchmark: NIFTY 50
Relative Rotation Graph methodology based on Julius de Kempenaer's RRG framework
Not investment advice · For informational purposes only