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Private and public banks, consumer and vehicle lenders, life insurers, an exchange and two holding companies.
Banks take deposits and lend to households and companies; NBFCs fill gaps in consumer, vehicle and small-business credit; insurers pool long-term savings; BSE runs a stock exchange. Together they are by far the largest industry in the Nifty 50 - well over a third of the index.
Because the block is so large, the index rarely moves far without the big private banks and SBI. Credit growth, deposit costs and bad loans in this group are the main driver of Nifty earnings.
Large private banks earn the best returns on equity through cheap current and savings deposits and cross-selling; SBI wins on scale and government links; consumer NBFCs earn high yields with higher credit risk. Insurers and the exchange are fee businesses with lighter balance sheets.