Mumbai: ICICI Bank is closing in on HDFC Bank's position as the most influential stock in the Nifty. The gap in weights between the index heavyweights is the narrowest since at least January 2010, according to Nuvama Alternative & Quantitative Research.
The weight of HDFC Bank in the Nifty was around 9.85% as on August 31, while ICICI Bank's was 9.45%. Reliance Industries' weight was around 7.8% as of August 31. The 1.65 percentage point gap between ICICI Bank and Reliance Industries is the widest since April 2015, according to Nuvama data.
The convergence between the weights of HDFC Bank and ICICI Bank has been driven by the contrasting performance of their shares this year. HDFC Bank's Nifty weight has dropped from 12.7% at the end of December 2025 to 9.85%, with the stock declining around 28% so far in 2026. ICICI Bank's weight, in contrast, has risen from 8.05% to 9.45%, an increase of 1.4 percentage points.
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Reliance Industries has also lost ground, with its Nifty weight falling from 8.9% at the end of December to 7.8% as its shares declined around 17% this year.
The shift marks a significant change in the Nifty's pecking order. HDFC Bank's weight had reached a record 19.1% in February 2020, while Reliance Industries peaked at 14.92% in September that year.
Despite the lower weight in the index, Reliance Industries remains the largest of the three with a market capitalisation of around ₹17.7 lakh crore, followed by HDFC Bank at ₹10.97 lakh crore and ICICI Bank at ₹10.32 lakh crore.
