Purpose : This paper analyzed and compared the stock market recovery patterns of the Indian sectoral and market-cap indices during the pre-COVID-19 period and post-COVID-19 period.

Design/Methodology/Approach : We used the event study methodology to compare the performance of 12 sectoral and 3 market-cap indices of the National Stock Exchange over a decade-long period. The timeframe covered two periods: pre-COVID (2015–2020) and post-COVID (2020–2025).

Findings : Our regression results revealed heterogeneous recovery patterns. The auto, health care, metal, information technology, public sector undertaking banks, and realty sectors showed a significant improvement in returns post-COVID. The broader large-cap, mid-cap, and small-cap segments also demonstrated strong post-event performance, whereas sectors such as energy, financial services, fast-moving consumer goods, media, oil and gas, and private banks did not display statistically significant improvements.

Practical Implications : The results offered significant insights for investors, portfolio managers, analysts, and policymakers for better portfolio allocation, framing sector rotation strategies, and post-crisis policy design.

Originality/Value : This study provided an investigation of long-term sectoral recovery using the pre- and post-event comparative framework, which was lacking in previous studies. The study also applied event study regression to a longer horizon (2015–2025).

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