ICICI Bank just edged past TCS to become India's 5th-biggest company
ICICI Bank just edged past Tata Consultancy Services (TCS) to become India's fifth-biggest company by market value, hitting ₹10.22 lakh crore while TCS slipped to ₹10.04 lakh crore.
The move highlights a rotation into banks and a contemporaneous selloff in some tech stocks amid concerns about AI and other factors.
What's happening in the market?
If you're watching the stock market or thinking about investing, this flip shows that banks are getting a lot more love than tech companies right now.
AI-related disruption fears have coincided with a rotation into financial stocks.
Banking stocks look cheaper compared to IT firms
ICICI Bank's shares climbed nearly 2%, while TCS dropped 5% as part of a broader sell-off in tech—mirroring what's happening on Wall Street.
SBI also jumped ahead of TCS after strong earnings, with big analyst targets.
Plus, banking stocks look cheaper compared to IT firms, which could mean more gains ahead if this trend sticks around.