Based on recent NSE reports and market data, the National Stock Exchange of India (NSE) has demonstrated high resilience and growth, with the Nifty 50 providing a benchmark for the Indian capital market. Below is a detailed year-to-year performance analysis in text, highlighting trends, key events, and financial growth from 2021 to early 2025. 

Nifty 50 Performance Analysis (2021–2025)

• 2021 (Growth Phase): The Nifty 50 showed robust performance, ending the year with a roughly 24% gain, driven by economic recovery post-pandemic.
• 2022 (Consolidation): The market saw moderate growth (approx. 4.3% return) as it consolidated, navigating inflationary pressures.
• 2023 (Strong Momentum): A significant, broad-based rally occurred, with all 13 major sectors advancing, leading to a yearly gain of over 20%.
• 2024 (Growth and Volatility): The market continued to advance, with the Nifty 50 recording around 8.8% return, supported by strong corporate earnings and economic expansion (7.6% GDP growth in FY24).
• 2025 (Projected/Early): As of early 2025, the market experienced a correction, with projected negative returns (-14% in early forecasts) due to valuation concerns, though structural growth remains. 

NSE Financial & Operational Performance

• Market Share & Leadership: NSE continues to dominate the Indian market, with roughly 93.6% market share in the cash segment and 98.5% in the derivatives segment as of FY23.
• Trading Volumes (FY23-FY25): Exchange Traded Funds (ETFs) experienced a 38% year-on-year growth in daily average turnover in FY23. In Q1 FY26 (covering part of 2025), while revenue from operations saw a dip due to softer market activity compared to previous peaks, the NSE maintained a profit after tax of ₹2,923.86Cr, showcasing high profitability.
• Revenue Streams: Revenue is driven by trading services, clearing services, and data analytics. Other income has grown significantly due to treasury income. 

Key Trends and Drivers

• Sectoral Shifts: The financial services sector has increased its weight in the Nifty 50 from 20% (long-term average) to 37% by 2021, while the weight of Consumer Goods and Metals has decreased.
• Foreign Investment (FPIs): FPI inflows played a crucial role in the 2023 rally, while outflows were noted in late 2024–2025, contributing to volatility.
• Return on Equity (ROE): The Nifty 50 has maintained a strong ROE, consistently above 13%, with projections of around 17% in 2025, demonstrating corporate profitability. 

Long-Term Performance (Historical)

• 15-Year View: The Nifty 50 Total Return (TR) index has delivered a compound annual growth rate (CAGR) of 11.8% over the last 15 years, with an average volatility of 22%.
• Cycle Consistency: The index has shown positive returns in 17 out of 22 calendar years (1999–2020), demonstrating resilience despite crisis events like the dot-com bubble, subprime crisis, and the COVID-19 pandemic