In good company: Sensex names that stayed on, dropped out, returned

Only continuous relevance and reinvention can secure a place in the ­­30-stock index

The Sensex, the country’s revered stock market barometer, is a mirror to economic and corporate transformation. For companies, earning a place in this 30-stock index is a badge of honour: Confirmation that they belong to the elite club shaping India’s capital markets. Remaining there, however, is the much taller order. The index is reviewed and reconstituted twice a year, and each rejig is a quiet but firm reminder that even the most admired corporations must continuously prove their relevance. 

Over the decades, the Sensex has been a diary of winners and laggards, faithfully recording the churn that defines Indian business. Once-powerful names such as Zenith, Ballarpur Industries or Mukund Steel have faded into footnotes of corporate history. Among the original 30 constituents at launch in January 1986, only three companies have never exited: Reliance Industries, Hindustan Unilever and ITC. Their uninterrupted presence is testimony to the resilience and reinvention required to stay at the top through liberalisation shocks, consumption booms, technological shifts and the rise of global capital. 

A few others — Larsen & Toubro (L&T), Tata Steel and Mahindra & Mahindra — remain part of the index, though each has stepped out and re-entered at various points due to demergers, business cycles or sector reshuffles. More recently, long-standing names such as Tata Motors and Nestlé India lost their spots, reflecting the index’s unflinching commitment to size and liquidity over legacy. 

What is equally striking is how the Sensex’s sectoral composition has morphed with the Indian economy. In 1991, manufacturing dominated the index — a picture consistent with pre-reform industrial India. Today, it accounts for less than half. Financial services dominate instead followed by information technology (IT). Meanwhile, aviation (InterGlobe Aviation) and new-age consumption businesses (Eternal) have entered the club. 

The Sensex has tracked India’s journey from a closed, licence-controlled economy to a globalising market led by both legacy giants and first-generation entrepreneurs. 

“The Sensex essentially mirrors the transformation of the Indian economy. At another level, it also reflects the maturing of India’s market for risk capital,” says U R Bhat of Alphaniti Fintech, cofounder and director of Alphaniti Fintech. 

His observation underscores a critical shift. Earlier, corporations relied heavily on development finance institutions, with equity markets playing only a marginal role. But as liquidity deepened and investor appetite broadened, markets became a preferred channel for capital raising. The Sensex —constructed on the principles of free-float market cap and liquidity — has captured this entrepreneurial emergence. 

Three companies that never left 

Reliance Industries: From Dhirubhai Ambani’s humble yarn-trading operation to becoming India’s most valuable listed enterprise, Reliance Industries has repeatedly reimagined its business model. Its watershed 1977 IPO seeded India’s equity cult; the KG-D6 offshore gas project showcased energy ambition; the retail and telecom forays redefined consumer markets; and its green-energy investments set the stage for the next decade. The group’s seamless generational transition —with Chairman Mukesh Ambani’s three children now leading verticals — further cements its long-term strategic clarity. Few companies have aligned with India’s economic direction as closely as Reliance has. 

Hindustan Unilever: HUL’s journey — from selling Sunlight soap in colonial India to building a multi-category FMCG powerhouse — is a lesson in brand stewardship and agility. Strategic integrations such as Brooke Bond, Pond’s and GSK Consumer broadened the MNC firm’s portfolio meaningfully. Even in a digital-first world, HUL has stayed ahead through investments in sustainability, health nutrition and data-led consumer insight. Its position in the Sensex reflects its unparalleled reach across Indian households. 

ITC: Its transformation is perhaps one of the most complex among large Indian firms. Once a colonial cigarette company, it gradually built meaningful businesses in hotels, FMCG, packaging, IT services and agribusiness. Under Y C Deveshwar and later Sanjiv Puri, ITC successfully scaled its non-cigarette FMCG operations, created new profit pools and improved capital allocation efficiency. Its wide free float and balanced portfolio continue to secure its place among the benchmark’s key influencers. 

Stalwarts that returned 

Though not uninterrupted members, these companies have been long-term pillars of the index. L&T, with its engineering and infrastructure dominance, has mirrored India’s capital expenditure cycles. Tata Steel, historically among the country’s industrial pillars, re-entered the index as global commodity cycles and domestic consolidation improved its scale and profitability. Mahindra & Mahindra has benefited from structural rural demand and a pivot into electric vehicles, helping it regain index relevance. 

Youngest entrants 

InterGlobe Aviation (IndiGo): Added in December 2025, IndiGo’s inclusion marks a symbolic milestone: Air travel is no longer aspirational but mainstream. Since its launch in 2006, IndiGo has disrupted the aviation sector with its low-cost model and unmatched on-time performance. The airline commands more traffic than the next several carriers combined and operates one of the world’s largest A320-family fleets. Its Sensex debut reflects rising disposable incomes, underpenetrated domestic travel and improving airport infrastructure. Despite recent turbulence, its long-term fundamentals remain strong

 

Trent: Trent’s addition in June 2025 marks the retail sector’s formal coming of age. From the early Westside stores to the explosive growth of Zudio, Trent has built one of India’s most successful brick-and-mortar retail models. Zudio’s format — sharp pricing, fast fashion, and rapid expansion — has rewritten the rules of value retailing and made Trent one of the fastest-growing large-cap consumer companies. Its Sensex entry highlights a major shift in India’s consumption story: the rise of aspirational, mass-market retail driven not by e-commerce alone but by efficient offline expansion. 

 

Bharat Electronics: The inclusion of Bharat Electronics Ltd (BEL) in June 2025 is emblematic of the pivot underway in India’s industrial policy. Established in 1954, the state-owned company is central to India’s defence electronics ecosystem. A decade of policy support — import substitution, modernisation programmes, and export incentives — has propelled BEL into a new orbit. BEL leads in critical technologies such as radars, missile systems, communication networks, electronic warfare and avionics.