RIL's share price jumped 2.7 per cent on Thursday taking the company's market capitalisation to about Rs 1.63 lakh crore, ahead of long time leader Oil and Natural Gas Corp Ltd's market value of Rs 1.61 lakh crore.
However, Infosys toppled RIL as the most influential stock in Sensex that comprises 30 of India's biggest blue-chip companies by gaining the highest weightage of 10.91 per cent, which gives it the biggest say in the movement of the most keenly followed market index.
In contrast, RIL's weightage has dropped to 10.85 per cent on the Sensex, making it the second most-weighted stock on the Sensex as against its earlier leading position.
Earlier on Wednesday, Infosys had replaced state-run power major NTPC as the country's third largest corporate entity in terms of market-cap after Reliance Industries and ONGC. Infosys on Thursday maintained its position as the third most valued company with a market cap of Rs 1.12 lakh crore.
ONGC's share price on Thursday posted a modest gain of about 0.4 per cent. However, the company has lost more than 4 per cent in its market value over the past ten trading sessions.
NTPC stood at the fourth position with a market cap of Rs 1.07 lakh crore after a modest gain of 0.4 per cent in its share price, followed closely by TCS at fifth position with a market cap of about Rs 1.06 lakh crore.
The market observers said that RIL could witness continued uptrend in its share price in the coming days on expectations of a robust second-quarter performance. The company is scheduled to announce its July-September quarter results next week on October 19.
Infosys' shares were seen gaining further ground on Thursday with 2 per cent further appreciation in its share price, after a jump of about 4 per cent yesterday driven by an impressive set of Q2 results and it's plans to launch a secondary American Depositary Shares offering of about $1.5 billion.
Another IT major TCS also added over 3 per cent to its share price, taking the company's market cap to about Rs 1.06 lakh crore, the fifth largest among all the country's listed entities.