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Reliance's refining-to-retail-to-telecom conglomerate, the state oil producer ONGC and the coal monopoly Coal India.
Produces and refines India's crude oil, gas and coal - the fuels behind transport, power and industry. Reliance alone is one of the index's largest weights, making this group close to a tenth of the Nifty.
Crude and coal prices feed straight into inflation, the rupee and power costs. Reliance's moves often decide the index's day on their own.
Upstream producers (ONGC, Coal India) earn more when global prices are high but face government pricing and windfall taxes. Reliance mixes refining margins with consumer businesses (Jio, retail) that are valued separately.