Stock market indices serve as a barometer of the market, reflecting overall performance and tracking its movement over time. Sectoral indices, in particular, provide insights into the performance of companies operating within a sector. Against the backdrop of a progressively dynamic interconnected financial environment, understanding the risk-return characteristics and inter-sectoral relations among different sectors of the market becomes vital. Thus, the current study analyses the risk-return dimensions and correlation among the select sectoral indices and Nifty-50 from the National Stock Exchange (NSE) in India using daily logarithmic returns from April 1, 2016, to March 31, 2026. Nifty-Bank, Nifty-IT, and Nifty-Media were selected as service sector indices, and Nifty-Auto, Nifty-Metal, and Nifty-Pharma were selected as industrial sector indices, with Nifty-50 identified as the benchmark index for the study. Returns were assessed and compared using daily mean returns, while standard deviation was used as a metric to measure risk. The findings reveal Nifty-Metal generated the highest daily mean return among the indices, but this return was accompanied by the highest risk, as indicated by its standard deviation. Moreover, the study found Nifty-Bank, Nifty-Auto, along with Nifty-Metal, outperformed the benchmark index Nifty-50 in terms of daily average return, whereas Nifty-Media recorded a negative daily mean return, indicating weak sectoral performance during the study period. Notably, Nifty-50 recorded the lowest total risk when compared with the selected sectoral indices, signifying stable market behaviour during the sample period. Further, Spearman Rank-Order Correlation was used for correlation analysis since the data series were not normally distributed. The correlation analysis revealed positive and statistically significant relations among all sectoral indices and with Nifty-50. Nifty-Bank exhibited the strongest correlation with Nifty-Auto among the inter-sectoral correlations, and even with the benchmark index, reflecting substantial co- movement with broader market conditions. Overall, the varying strength of correlations observed across sectors indicates potential opportunities for portfolio diversification, particularly among sectors which exhibit comparatively weaker co-movement.