loading
loading
Listen to this article in summarized format The top 10 companies accounted for around 17.65% of the total market capitalisation of all listed firms as on October 9, a level last seen in January 2017. Their combined market cap stood at ₹84.84 lakh crore, the lowest since December 2023, while the market cap of all listed companies was around ₹480.82 lakh crore till last weekend. Heavy foreign selling has weighed on large-cap stocks. The concentration of market value among the country's largest companies has steadily declined over the past few years. The top 10 companies accounted for around 25% of total market capitalisation at the start of 2023, falling to nearly 22% in early 2024 and 21% in January 2025. The share slipped below 20% earlier this year before declining to current levels. Read more: Polycab India’s F&O exit: NSE sets December 30 deadline; NCLAT stays insolvency order At the same time, domestic flows have continued to support the broader market. As smaller companies outperformed large-cap stocks, their share as a proportion of the total market cap went up. The combined share of small- and mid-cap companies in the total market capitalisation of listed companies rose to 20.6% and 23.1%, respectively, in September 2026, from around 18% at the start of the year 2024, according to ET calculations. "The shift reflects changing investor perceptions about which companies and sectors are best positioned to capture India's next phase of growth," said Swagatam Biswas, head of public equities at Avendus Wealth Management. Read more: Jubilant Pharmova block deal: Quant Mutual Fund offloads Rs 190 crore stake amid Rs 800 crore fundraising plan; Abakkus buys 11 lakh shares Investors are looking beyond traditional index heavyweights towards companies benefiting from emerging opportunities, including public infrastructure, he said. "The large-cap fatigue is largely happening due to this," Biswas said. The underperformance of several index heavyweights has contributed to the decline in the top 10 companies' share of total market capitalisation. Reliance Industries, India's largest company by market cap, has declined 26% this year. HDFC Bank and Bharti Airtel have fallen 27% and 15%, respectively, while TCS is down 32%. Larsen & Toubro has declined 11%, LIC 7% and Bajaj Finance 3%. ICICI Bank and State Bank of India have remained broadly flat, while Kotak Mahindra Bank has gained 1%. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
document fetched 2026-10-13 02:57