FMCG (fast-moving consumer goods), bank, and IT sectors are crucial for the market to hit new highs and without their contribution, it would be challenging for the market to grow and reach new heights. These sectors collectively account for a significant portion of the market's growth potential, making their participation vital for overall market success.

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These three sectors are known to be the backbone of the Indian stock market. They have consistently shown steady growth, even in the face of economic uncertainties. The FMCG sector comprises companies that sell everyday products such as toiletries, food, and beverages. The bank sector includes banks and financial institutions that provide financial services such as loans, deposits, and investments. The IT sector comprises companies that provide information technology and software services, such as IT consulting, software development, and business process outsourcing.

In an interview with CNBC-TV18, Rahul Arora, CEO of Nirmal Bang Institutional Equities said that FMCG, bank, and IT sectors account for 60 percent of the market.

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He said, “If you take FMCG, IT, and banks - that is about 60 percent of the market and add Reliance to it - that is about 75 percent of the market. Reliance looks to be doing its own thing, but if these three sectors do not participate from an earnings perspective, it's a little hard to make a case for the market moving higher or even making new highs.”

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Arora highlighted that for the market to achieve new highs and sustain upward momentum, the active involvement of the FMCG, bank, and IT sectors is crucial. These sectors play a pivotal role in driving economic growth and are closely intertwined with the everyday lives of individuals, businesses, and the overall economy.

The Indian stock market has seen significant growth in recent years, with its total market capitalization currently hovering around USD 3 trillion. The contribution of the FMCG, bank, and IT sectors to this growth has been significant, with their combined market capitalization accounting for a significant portion of the market's total value.

Watch the full interview here

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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(Edited by : C H Unnikrishnan)