ITC becomes top-weighted stock in Sensex
FMCG major ITC Monday overtook Reliance Industries as the most influential stock on BSE benchmark Sensex, pushing the energy giant to the second spot.
Mumbai: FMCG major ITC Monday overtook Reliance Industries as the most influential stock on BSE benchmark Sensex, pushing the energy giant to the second spot.
On May 2, RIL had regained its position as the top-weighted stock on the Indian stock market's key indices, Sensex and Nifty, from the FMCG giant ITC.
RIL's rein at the top spot continued during last week.
At the end of trade today, ITC commanded 9.13 percent weight, while RIL had 9.08 percent weight, followed by Infosys with 8.36 percent weight on Sensex.
Shares of ITC settled 0.59 percent lower, while RIL was down 1.53 percent in today's trade.
In the past few days, a veritable game of musical chairs has been played out between RIL and ITC for the top position on the bourses.
ITC regained 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 had first replaced RIL as the most influential stock on Indian bourses on April 17, but the very next day the energy major regained the top-weighted stock status on the BSE benchmark index Sensex, pushing the FMCG giant down to the second slot.
However, from April 19 till April 30, ITC remained the most influential stock on both Sensex and Nifty, pushing Reliance Industries Ltd (RIL) to second position.
In terms of market value as well, RIL is behind TCS. TCS remains the most valued company as it commanded an m-cap of Rs 2,49,330 crore, while RIL's worth is at Rs 2,34,228 crore.