SBI BSE Sensex Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI BSE Sensex Index Fund Direct Growth Plan has a current NAV of ₹12.2692 as of 17 Sep 2026 and scheme AUM of ₹301 Cr. Its 1-year, 3-year and 5-year returns are -9.14%, 3.96% and 0% respectively, and the scheme is tagged High Risk. Our view is that this is a plain index option for investors who want benchmark-linked equity exposure, but the recent return pattern has been weak and the longer-term picture is only modest.
The fund’s low expense ratio of 0.2% supports a cost-conscious approach, but the return record shows that even an index strategy can go through extended soft patches. The portfolio is concentrated in large financials, telecom, infrastructure and information technology names, so the fund is likely to move closely with broad large-cap market sentiment.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹12.2692 as of 17 Sep 2026 |
| AUM | ₹301 Cr |
| Expense Ratio | 0.2% |
| Launch Date | 26 May 2023 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | 0.20% on or before 15D, Nil after 15D |
| Fund Managers | Viral Chhadva |
The fund is managed by Viral Chhadva.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.78% | -3.66% |
| 3M | -3.52% | -3.71% |
| 1Y | -9.14% | -7.13% |
| 3Y | 3.96% | 5.82% |
| 5Y | Data not available | Data not available |
The recent pattern has been soft. Over one month and three months, the fund has stayed close to the benchmark, but it has not consistently improved on it. That is important because an index fund should generally be judged by how steadily it tracks the market, not by aggressive outperformance.
The one-year figure is the clearest weak spot. The fund has trailed the benchmark over that period, which tells us that the ride has been choppy even before looking further back. For a passive product, that sort of lag matters because it reduces the case for expecting a smoother experience than the index itself.
Over three years, the gap is still there, but the difference is less severe than the one-year stretch suggests. The fund remains positive over that horizon, which points to some recovery after earlier softness. Even so, the benchmark has done better, so our view is that the fund has not fully matched the index in either the shorter or medium term.
The longer arc looks mixed rather than strong. The movement pattern in the returns has included periods of recovery after drawdowns, but the overall compounding has not been robust enough to turn this into a clearly compelling trailing record. For investors, that means the main attraction is still index exposure and low cost, not a standout return profile.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD SBI BSE Sensex 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 SBI BSE Sensex Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| SBI BSE Sensex Index Fund Direct Growth Plan | -9.14% | 3.96% | 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’s one-year return is well below the five peer funds shown here, while its three-year return is also below the available three-year peer figures. That tells us the recent stretch has been much weaker than the comparison set. In the longer window, the gap remains visible wherever three-year data is available, although not every peer has a full record.
What stands out is that the short-term and medium-term comparisons point in the same direction: the fund has lagged the stronger peer numbers. There is no evidence here of a return edge emerging over either horizon, so the case for the scheme rests more on index tracking and low cost than on competitive trailing performance.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Ltd. | Bank | 11.84% |
| ICICI Bank Ltd. | Bank | 11.39% |
| Reliance Industries Ltd. | Crude Oil | 9.53% |
| Bharti Airtel Ltd. | Telecom | 6.11% |
| Larsen & Toubro Ltd. | Infrastructure | 5.16% |
| State Bank of India | Bank | 4.83% |
| Infosys Ltd. | IT | 4.31% |
| Axis Bank Ltd. | Bank | 4.02% |
| Kotak Mahindra Bank Ltd. | Bank | 3.37% |
| Mahindra & Mahindra Ltd. | Automobile & Ancillaries | 3.26% |
The largest holding, HDFC Bank Ltd., accounts for 11.84% of the portfolio, which is large enough to matter but not unusual for a Sensex-linked index fund. The tenth holding still carries 3.26%, so the weight drop from the top position to the tenth is gradual rather than abrupt.
The top 10 holdings together account for approximately 63.82% of the portfolio, and the scheme discloses 30 holdings in total. That mix suggests a meaningful concentration in a small cluster of large names, while also leaving room for a longer tail of smaller positions that can influence the final portfolio shape.
Because the biggest weights sit in banks, telecom, infrastructure and a few other large-cap names, the fund may be more sensitive to moves in those pockets than a more evenly spread equity portfolio. At the same time, the presence of 30 holdings means the overall exposure is not limited to only a handful of stocks.
To see all holdings, visit the SBI BSE Sensex Index Fund Direct Growth Plan page
Source data date: as of 17 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and who can stay invested for at least a medium-term horizon. The one-year result has been weak, but the three-year number is positive, so patience matters if the aim is to give the index cycle time to work through rough phases.
The main trade-off is simple: you get a low-cost, benchmark-linked structure, but you also accept that returns can lag the market for extended stretches. That makes the scheme more suitable for investors who value broad large-cap participation and can tolerate periods when the fund trails both the benchmark and stronger peer returns.
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 0.20% if units are sold on or before 15 days, and it is nil after 15 days.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of SBI BSE Sensex Index Fund Direct Growth Plan?
The current NAV is ₹12.2692 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is -9.14%, its 3-year return is 3.96%, and its 5-year return is 0%.
How has the fund compared with the benchmark recently?
It has tracked close to the benchmark in the short term, but it has lagged the benchmark over 1 year and 3 years. That means the fund has not consistently matched the index’s pace across the periods shown.
How does it compare with the peer funds shown here?
Its 1-year return is weaker than the peer funds listed here, and its 3-year return is also below the peers with available 3-year figures. The comparison points to a softer trailing record than the peer set shown.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Viral Chhadva. The exit load is 0.20% if units are sold on or before 15 days, and nil after 15 days.
Bottom line
SBI BSE Sensex Index Fund Direct Growth Plan looks like a straightforward large-cap index option with a low expense ratio, but its recent performance has been softer than its medium-term picture. It has also lagged the benchmark and the peer returns shown here across the available periods. The portfolio is anchored by a few large holdings, especially banks, so the scheme may track broad market moves closely rather than offering much insulation. It fits investors who can accept High Risk equity swings and who are comfortable with a patient, benchmark-style approach.
Published on 18 September 2026 at 1:22 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.