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FMCG major ITC is now numero uno in the BSE Sensex and the NSE Nifty in terms of weightage. It has displaced Reliance Industries. For the first time in a decade, an FMCG company is commanding the highest weightage in the benchmark indices.
Hindustan Unilever (earlier Hindustan Lever Ltd) lost its most influential Nifty stock status to Reliance Industries on October 30, 2002. A day later, it lost its top slot on the Sensex too.
At that time ITC was in the fourth position in the Sensex (weightage of 6.20 per cent) and fifth in the Nifty (5.22 per cent). Of late, Infosys and Reliance Industries have seen a keen tussle for the No 1 spot on the benchmark indices.
On the day it announced its FY-12 results, Infosys' shares slumped 13 per cent and the IT major lost its prime position. The exchanges automatically adjust stock weights on a daily basis, depending on free-float market capitalisation (non-promoter holdings) stocks in a company. Market-cap is calculated by multiplying the number of outstanding shares with the share price.
FMCG stocks have been the darling of the market over the last year. The BSE FMCG index has returned 28.68 per cent in the last one year against Sensex's negative 10.47 per cent.
ITC today hit its all-time high at Rs 247.4 on the BSE. Most FMCG stocks are ruling near their all-time highs.
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