Financial sector loses pole position in Sensex

Information technology majors Infosys, TCS and Wipro have taken over from bank stocks to reclaim pole position in weightage in the BSE Sensex. With bank stocks battered and the carnage on Thursday not likely being the final blow, the technology pack has once again pipped the banks.

As of February 11, the three technology majors account for nearly 21 per cent of the Sensex's market cap, while the weight of the financial sector has been reduced to 19 per cent.

Surprisingly, even as the Sensex saw it's biggest-ever fall on August 24, 2015, the financial sector continued to enjoy its top spot, accounting for 21 per cent of the Sensex's market cap. In fact, stocks in the financial sector took charge in January 2015 and despite asset quality issues weighing on them, held their position until Thursday's trade.

"With growth trends being divergent in technology companies, absolute growth also not encouraging and Nasscom's outlook weak for FY17, I am not too bullish on technology stocks either, "he said. Within the Nifty though, the picture was a bit better for the banks as they lead with a thin margin of 20.29 per cent of the Nifty's market cap, over technology stocks, which have a 20.11 per cent market weight.