The Nifty India Defence Index closed at about 8,783 on 28 October 2026, down 0.42% from the previous close, as per Anand Rathi data. Over the last 52 weeks, the index has moved between a low of 7,184.90 and a high of 10,067.20, so investors following the defence theme have seen a wide range of levels.
The Nifty India Defence Index is a thematic benchmark run by A regulated electronic marketplace in Mumbai where buyers and sellers trade shares and other securities at publicly visible prices. Read the full meaning of NSE (National Stock Exchange) Indices, and its stocks are drawn from the Nifty Total Market index. One market-data site lists its launch in January 2022. Only those companies that belong to eligible defence industries, or earn a fixed share of revenue from defence, are considered for the basket which makes it narrower than the word defence may suggest to many individuals.
How stocks get in and how much they weigh
As per the NSE Indices factsheet dated 30 September 2026, a stock is eligible if it belongs to the basic industries linked with defence, or if it earns at least 10% of its revenue from defence. The selection is made on the six month average of free-float market capitalisation.
Weights follow the same free-float measure which means only the shares that are available for public trading are counted. A company with a large promoter holding will therefore carry a smaller weight than its full market value would suggest.
No single stock can carry more than 20% weight in the index. The cap applies to each stock separately.
The index is reconstituted twice a year, alongside the Nifty broad-based indices, and the rules require a minimum of 10 stocks in the basket.
Governance runs through three levels: the NSE Indices Limited board, the Index Advisory Committee (Equity), and the Index Maintenance Sub-Committee.
Variants, valuations and numbers that differ
The index also has a total-returns variant, the Nifty India Defence Total Returns Index, and An open ended mutual fund that holds the securities of a market index, such as the Nifty 50, in the same weights, so its returns stay close to that index. Read the full meaning of Index Fund such as the one from Motilal Oswal track this version.
NSE Indices has also launched a sister index, the Nifty India Defence Equal Weight Index, with 19 stocks drawn from the parent index and equal weights. As per Business Standard, its factsheet shows capital goods at 88.98% of weight, and it is rebalanced every quarter.
Indexscreener puts the trailing PE at 56.83 and the PB at 10.70 as of 12 October 2026.
The NSE Indices factsheet lists 22 constituents and a launch date of 19 January 2022.
