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The Nifty closed at +4.33%. PSU Bank was at +70.7% and IT at -26.0%
Published by The Retail Trader · DEC 31, 2022 · Case Studies
By the index, 2022 would be called a boring year — Nifty +4.33%. At the sector level it was one of the most dramatic years in the whole dataset, with a 96.7 percentage point gap between the best and the worst sector.
Calendar year 2022:
• PSU Bank — +70.7%
• Metal — +21.8%
• Bank Nifty — +21.2%
• FMCG — +17.5%
• Sensex — +4.4%
• Nifty 50 — +4.3%
• Midcap 100 — +3.5%
• Nifty 500 — +3.0%
• Media — -10.2%
• Realty — -10.8%
• Pharma — -11.4%
• IT — -26.0%
Four sectors double-digit positive, four double-digit negative, and all the indices around 3-4%. The index did almost nothing all year because the things inside it were cancelling each other out.
In 2021 IT was the second-best sector with +59.6%. In 2022 it became the worst with -26.0%. A swing of 85.6 points in one year.
And PSU Bank was its opposite: from +44.4% in 2021 (fourth) to +70.7% in 2022 (first). This is one of the few cases where a sector stayed in the top 4 for two years in a row — but the leader still changed, which fits within the pattern of our rotation study.
If you only looked at the Nifty's 2022 number — +4.33% — you would think nothing happened. Inside that year, an IT-heavy portfolio lost a quarter and a PSU-bank-heavy portfolio earned 70%.
This is why every report has a sector breakdown. The answer to 'how did the market do' in 2022 was twelve different answers, and which of them was yours was decided by your holdings, not the index.
All figures in this article are computed from The Retail Trader's own daily index database, as of 24 July 2026. Past performance is no indication of the future, and this analysis is for educational purposes only — it is not a buy or sell recommendation.