Top 50 Companies' Performance: The underlying value of the ETF is intrinsically linked to the collective performance of the top 50 companies in the NSE. Strong earnings, positive news, and overall growth in these companies typically push the ETF price upward.

Market Sentiment: General investor optimism or pessimism regarding the Indian stock market plays a significant role. Bullish market sentiment often increases demand, driving up the price. Conversely, bearish sentiment can lead to sell-offs and a price decline.

Supply and Demand: Like any security, the basic principles of supply and demand influence the ETF's price. Higher demand relative to supply increases price, while greater supply than demand lowers it.

Expense Ratio and Tracking Error: The ETF's expense ratio and how closely it tracks the Nifty 50 index affect investor appeal. Lower expense ratios and minimal tracking errors make the ETF more attractive.

Global Economic Factors: Global economic conditions, such as international trade, commodity prices, and global interest rate movements, can indirectly impact the performance of Indian companies and, consequently, the ETF's price.