Gains in both HDFC Bank and HDFC contributed 14.57% and 9.32% to Nifty's rise this year, followed by Reliance (9.23%), L&T (6.58%) and ITC (6.39%)
It took just five trading sessions for the Nifty to rise 100 points to 9,500. The 50-share benchmark of the National Stock Exchange (NSE) hit the mark for the first time on Tuesday, closing at 9,512.25, up 0.7%, as better-than-estimated corporate earnings growth in the March quarter and expectations of an early monsoon boosted investor confidence.
Market sentiment also improved as India’s retirement fund manager Employees’ Provident Fund Organization (EPFO) is expected to invest at least Rs18,000 crore in stocks in the current financial year, adding more liquidity to the markets. The 50-share index has gained 16.2% while the 30-share index jumped 14.86% in 2017.
According to NSE and Mint research, financial stocks drove the Nifty’s rally to 9,500. Gains in both HDFC Bank Ltd and Housing Development Finance Corp. Ltd contributed 14.57% and 9.32% respectively to the Nifty’s rise this year.
Reliance Industries Ltd contributed 9.23%, Larsen and Toubro Ltd 6.58% and ITC Ltd 6.39% to the Nifty’s jump in 2017.