Mumbai: 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 today, 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 percent, followed by RIL which has a weightage of 9.23 percent.
Infosys slipped to the third place and commands 7.98 percent weight in Sensex after the company's shares crashed 13 percent 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 percent weight, while the energy giant had 7.72 percent weightage.
ITC ended the trade with over 2 percent gains, while RIL was down 0.25 percent.
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 today, 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.