FMCG major ITC
on Tuesday replaced Mukesh Ambani-led Reliance Industries
Ltd (RIL) as the most influential stock on Indian bourses.
Based on its weightage on the stock market's index Sensex
, RIL slipped to the second position after ITC.
At close on Tuesday, ITC grabbed the top slot in terms of Sensex weightage, which is measured by the value of a company's free-float or non-promoter shares that can be freely traded in the market
ITC has a weightage of 9.25 per cent, followed by RIL which has a weightage of 9.23 per cent.
Infosys slipped to the third place and commands 7.98 per cent weight in Sensex after the company's shares crashed 13 per cent on last Friday when the company gave a muted revenue guidance for FY13.
On the NSE's Nifty index also, ITC surpassed RIL with the FMCG major having 8.15 per cent weight, while the energy giant had 7.72 per cent weightage.
ITC ended the trade with over 2 per cent gains, while RIL was down 0.25 per cent.
Measured in terms of its weightage on the key indices of Indian stock market (Sensex as well as Nifty), Reliance Industries Ltd (RIL) had been consistently enjoying its position as the most influential stock for many years till early December 2011.
RIL however, remains bigger in terms of the overall market value, including the value of promoter shares.
The total market value of RIL stood at Rs 2,44,412 crore as on Tuesday, while ITC commanded an M-cap of Rs 1,92,450 crore.
RIL is the country's most valued firm, followed by ONGC, Coal India, TCS and ITC in that order.