Axis Nifty Capital Markets Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Axis Nifty Capital Markets Index Fund Direct Growth Plan is an equity index fund with a current NAV of ₹9.3318 as of 16 September 2026 and scheme AUM of ₹125 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the risk category is High Risk. Our view is that this is a very young, sector-focused index fund that still needs more live history before its return pattern can be read with confidence, even though the portfolio already gives a clear picture of where the exposure sits.
The fund is most suitable for investors who can tolerate sharper swings and want targeted exposure to capital-markets businesses rather than a broad-market core holding. Its current behaviour has been weaker than the benchmark in the near term, while the underlying portfolio remains concentrated in a relatively small set of financial-services names.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹9.3318 as of 16 Sep 2026 |
| AUM | ₹125 Cr |
| Expense Ratio | 0.0% |
| Launch Date | 20 May 2026 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | 0.25% on or before 15D, Nil after 15D |
| Fund Managers | Nandik Mallik, Rohit Gautam |
The fund is managed by Nandik Mallik and Rohit Gautam.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.84% | -4.41% |
| 3M | -5.06% | -3.6% |
| 1Y | Data not available | Data not available |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
Short-term performance has been uneven. Over 1 month, the fund was less negative than the benchmark, which suggests some resilience in that window, but over 3 months it lagged the benchmark and gave back more ground. That split tells us the fund has not yet established a steady pattern of outperformance and can move differently from the broader market even within a brief period.
The longer-horizon fields do not yet provide a live return track record because the scheme launched on 20 May 2026. That makes the present read-through more about structure than history. We can still see that the fund is built to follow a narrow capital-markets theme, so its journey may be more sensitive to sentiment in exchange, brokerage, asset-management, depository and related businesses than a broad index fund would be.
The one-month return was still positive relative to the benchmark’s deeper fall, but the three-month figure moved the other way. In our view, that combination is normal for a newly launched thematic index fund, but it also means investors should focus on the nature of the underlying exposure rather than expecting a settled compounding record at this stage.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD Axis Nifty Capital Markets Index?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Axis Nifty Capital Markets Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Axis Nifty Capital Markets Index Fund Direct Growth Plan | Data not available | Data not available | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund has no live 1-year return to compare with the listed peers, while several peer funds already show double-digit 1-year figures. That makes the near-term comparison one-sided on history, not on theme. For the longer spans that are available, the peer set again shows established records, whereas this fund does not yet have enough live history for a like-for-like 3-year or 5-year read. So the useful comparison here is mainly about the stage of the product rather than a direct performance contest.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Multi Commodity Exchange of India Limited | Finance | 19.65% |
| BSE Limited | Finance | 16.81% |
| HDFC Asset Management Company Limited | Finance | 12.09% |
| 360 One Wam Limited | Finance | 6.9% |
| Central Depository Services (India) Limited | Business Services | 5.66% |
| Nippon Life India Asset Management Limited | Finance | 4.76% |
| Anand Rathi Wealth Limited | Finance | 4.46% |
| Computer Age Management Services Limited | Business Services | 4.26% |
| Angel One Limited | Finance | 4.22% |
| Motilal Oswal Financial Services Limited | Finance | 3.7% |
The top 10 holdings account for approximately 82.51% of the portfolio.
To see all holdings, visit the Axis Nifty Capital Markets Index Fund Direct Growth Plan page
The largest holding, Multi Commodity Exchange of India Limited, carries a 19.65% weight, which is large enough to matter on its own. From there, the weights step down to 16.81%, 12.09% and then into the mid-single digits, so influence is likely to be led by a few large positions rather than spread evenly across the list.
The gap from the first holding to the tenth is meaningful, but the basket is not a simple one-name story. The top 10 together make up 82.51% of the portfolio, and the fund discloses 17 holdings in total, which suggests a concentrated structure with a visible tail beyond the largest positions.
That concentration may make the fund more responsive to changes in sentiment around exchanges, brokers, asset managers, depositories and wealth businesses. At the same time, the spread across 17 holdings means the portfolio is not fully dependent on a single company, even though the first few names clearly carry the most weight.
Source data date: as of 16 Sep 2026
Who should invest
This fund is suited to investors who are comfortable with High Risk exposure and who want a targeted thematic index allocation rather than a broad-market core holding. The live record is still too short to read a full cycle, so the key judgment is about accepting theme-led volatility and the possibility that short-term moves can differ from the benchmark.
It may suit a longer horizon investor who can wait for the capital-markets theme to play out over time, rather than someone who needs a smooth return path. The main trade-off is clear: the portfolio offers focused exposure to a specific financial-services theme, but that focus can also mean sharper swings and less diversification than a wider index fund.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load applies at 0.25% if units are sold on or before 15 days. After 15 days, no exit load applies.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of Axis Nifty Capital Markets Index Fund Direct Growth Plan?
Its current NAV is ₹9.3318 as of 16 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are not available yet in live history because the scheme launched in May 2026.
How has the fund done versus the benchmark recently?
Over 1 month, it was less negative than the benchmark, but over 3 months it lagged the benchmark. The short-run pattern has therefore been mixed rather than steady.
How does it compare with peer funds on available return data?
Several peer funds show established 1-year records in the 17.57% to 29.31% range, while this fund does not yet have live 1-year, 3-year or 5-year return history. That makes the comparison more about product stage than direct performance.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is the portfolio style?
The fund is managed by Nandik Mallik and Rohit Gautam. The portfolio is concentrated in capital-markets and financial-services names, with the top 10 holdings accounting for 82.51% of assets.
Bottom line
Axis Nifty Capital Markets Index Fund Direct Growth Plan is still at the beginning of its live history, so the recent performance read is more useful for spotting early volatility than for judging a full return cycle. It has been mixed against the benchmark over the short term, and the peer set already shows more developed return histories. The portfolio is concentrated in a small set of finance and market-infrastructure names, so the fund may suit investors who want focused thematic exposure and can accept the higher uncertainty that comes with it.
Published on 17 September 2026 at 4:49 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.