Shares of financials including banks and non-banking financial companies (NBFCs), cement, oil & gas and automobiles companies contributed over 1000 points rally on Nifty in the past three-and-half months with Nifty50 closing at a record high of 9,407 on Wednesday.
The gains in the index came after India Meteorological Department (IMD) forecast above average monsoon rainfall in 2017. The 50-share index has rallied 1,015 points or 12% from its recent closing low of 8,392 on January 23, 2017.
Kotak Mahindra Bank, HDFC Bank, ICICI Bank, State Bank of India, Indiabulls Housing Finance, Bank of Baroda, Housing Development Finance Corporation (HDFC),