Market history · November 2026
What 20 years of markets actually returned
From November 2006 to November 2026, Indian shares grew about 9.5% a year and gold about 14.8%. The numbers are useful. What they leave out is more useful still.
| 10 Nov 2006 | Nov 2026 | A year | Growth | |
|---|---|---|---|---|
| Nifty 50 | 3,834.75 | 24,536.60 | 9.73% | 6.4× |
| Sensex | 13,282.91 | 79,310.01 | 9.35% | 6.0× |
| Dow Jones (USD) | 12,108.43 | 53,356.12 | 7.70% | 4.4× |
| Nasdaq Composite (USD) | 2,389.72 | 25,736.51 | 12.63% | 10.8× |
| Gold, 24 ct per 10 g (₹) | ₹9,242 | ₹1,46,020 | 14.81% | 15.8× |
Price-only compound annual growth. End dates: 5 Nov 2026 for India and gold, 4 Nov 2026 for the US indices.
The headline numbers
Over twenty years that included the 2008 crash, the 2020 pandemic fall and a war-driven oil shock, the Nifty 50 rose from 3,835 to 24,537: about 9.7% a year, or 6.4 times. The Sensex did almost the same. ₹1 lakh that simply tracked the Nifty would have become about ₹6.4 lakh before costs, without counting dividends.
Four things the table doesn't show
- Dividends. Index levels track prices only. Companies also paid dividends, which an index fund reinvests, so total returns from shares were higher than these figures.
- Inflation. Prices of everyday things rose over these years too, so the gain in real buying power was smaller. Try the inflation calculator with your own assumption.
- The ride. The Nifty did not rise 9.7% every year. It more than halved in 2008 and lost over a third in 2020. The average hides the years when patience was very hard. See every fall and the way back.
- Start and end dates. Gold's lead depends heavily on where you start and stop: a large part of its rise came in 2024–26, during a war and an oil shock. Over other windows, shares have often been ahead. One 20-year snapshot is a single draw, not a law.
Shares and gold do different jobs
A share is part of a business that earns profits and can grow them. Gold earns nothing; its price moves with fear, interest rates, the dollar and the rupee. That is why gold has often held up when shares fell, and why many long-term investors think about the mix they hold rather than about picking last decade's winner.
The US indices are in dollars, so they are not directly comparable. For an Indian holding them, the rupee's fall from about 45 to about 94 per dollar over these years would have added to returns in rupee terms.
Twenty years of returns are a record of what happened, not a promise of what comes next.
Use these figures as context when you choose an assumed return in the SIP planner, and test a lower number too.
For educational purposes only. Figures are price-only compound annual growth rates calculated from published index closes and city gold rates, before costs, taxes, making charges and dividends; sources are listed on the Market history page. Past returns do not predict future returns. This article is not investment advice or a recommendation to buy, sell or hold any security, fund or commodity. Zeneqt is not registered with SEBI as a Research Analyst or Investment Adviser.