Mumbai: Thirteen stocks that make up nearly a third of the Nifty have weighed heavily on the benchmark's performance over the past five years. 8% between September 2021 and August 2026, according to 360 One Wealth's study.

1% annually during this period, but excluding these 13 laggards, the return would have been 11%, said the study by Varuk Sikka, executive director of the firm. 3% equity worth Rs 892 croreThe biggest weights among these stocks are HDFC Bank, Reliance Industries, Infosys, Kotak Mahindra Bank and TCS, which together account for about 27% of the index.

5% of the Nifty, were hurt by factors including AI-led pressure on the billable-hour model. HDFC Bank faced margin pressure following its merger, while regulatory changes weighed on HDFC Life.

Consumer companies such as Hindustan Unilever and Asian Paints faced pressure from rising input costs and increased competition. Read more: Landmark NSE IPO threatens to hollow out Dalal Street’s shadow marketThis drag from a handful of heavyweight stocks also helped active mutual funds outperform the index, as many of them had lower exposure to these laggards.

30%, according to 360 One Wealth. 5-2 percentage points of their outperformance, the study showed.