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RIL Ceases To Be The Top Weighted Stock On Nifty 50

By Staff
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This week, Reliance Industries Limited (RIL) ceased to be the highest weighted stock in Nifty 50 after eight months of holding the title.

On Monday, its weightage in the 50-stock pack slipped to as low as 9.82% and was at 10.08%. The stock's weightage has slipped from as high as 15% causing HDFC Bank to take the top spot with 10.26% weightage.

RIL Ceases To Be The Top Weighted Stock On Nifty 50
 

Shares of the largest private bank in the country rose to a new 52-week high for two consecutive days as foreign portfolio investors (FPIs) increased their stake in the third quarter in a row. The stock was the most weighted stock on the Nifty 50 index at the start of 2020 till investors withdrew funds fearing a colossal rise in bad loans in the country's banking sector after the pandemic-induced lockdown.

On the other hand, RIL managed to raise more than Rs 2 lakh crore between April and September by selling stakes in Jio Platforms and Reliance Retail Ventures to foreign investors, pushing its share price higher.

HDFC Bank's share price has more-than-doubled from its 52-week low level of Rs 739, touched on 24 March 2020.

According to experts, the lost ground for RIL and rise of HDFC Bank are reflective of the ongoing market swing towards cyclical stocks, after vaccine rollout raises optimism for economic growth.

The top ten weighted stocks on Nifty 50 now are HDFC Bank (10.26%), RIL (10.08%), Infosys (8.1%), HDFC (7.86%), ICICI Bank (6.02%), TCS (5.31%), Kotak Mahindra Bank (4.44%), Hindustan Unilever (3.38%), ITC Ltd (2.87%) and Axis Ban (2.67%).

Story first published: Wednesday, January 13, 2021, 12:22 [IST]
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