Mumbai: FMCG major ITC Ltd on Wednesday became the most influential stock on BSE benchmark Sensex, pushing energy giant Reliance Industries Ltd (RIL) to the second spot.
At the end of Wednesday’s trade, ITC commanded 10.01% weightage, while RIL had 9.07% weightage, followed by ICICI Bank which had 7.66% weightage in the 30-share Sensex.
A stock’s weightage in the Sensex is measured by the value of a company’s free-float or non-promoter shares that can be freely traded in the market.
Shares of ITC settled 0.81% higher at Rs 287.60 on the BSE, while RIL fell by 0.97% to Rs 805.40. RIL shares have been under pressure for last three days as weak quarterly earnings remained a worry, said analysts.
RIL on Monday reported its fourth consecutive drop in quarterly net profit, hurt by weak demand and lower natural gas output, but sequentially its earnings had rebounded. RIL’s July-September net profit at Rs 5,376 crore, fell 5.7% from Rs 5,703 crore in the previous year.
ITC had first replaced RIL as the most influential stock on Indian bourses on 17 April but the energy major regained the top-weighted stock status on the BSE benchmark index the very next day.