Adani Power has overtaken Infosys in market capitalisation to become the 11th most valuable listed company on the BSE, amid growing investor preference for energy and infrastructure stocks over export-driven IT companies.

At Wednesday’s trading levels, Adani Power’s market capitalisation stood at about ₹4.81 lakh crore after the stock rose over 3% to hit a fresh 52-week high of ₹252.60 on the BSE. On the other hand, Infosys was valued at around ₹4.71 lakh crore, as its shares traded marginally lower by 0.5% at the time of reporting.

In the calendar year 2026, Adani Power shares have risen 67%, while the stock has gained nearly 14% in the past one month. The Adani Group’s power arm has surged 140% from its 52-week low of ₹105.66 touched on June 20, 2025, supported by robust earnings growth, rising electricity demand, improving merchant power tariffs, and optimism around India’s long-term infrastructure and industrial expansion cycle.

The power company has also benefited from expectations that India’s power demand will remain structurally strong due to rapid urbanisation, manufacturing growth, electrification, and rising consumption from AI-driven data centres and industrial projects.

In sharp contrast, Infosys, the country’s second-most valuable IT stock, has plunged around 29% year-to-date, while losing nearly 1% in the last one month. The IT heavyweight is currently trading nearly 33% below its 52-week high of ₹1,727.85, as global macroeconomic uncertainty weighs on client spending decisions and deal conversion cycles.

The correction in Infosys shares has been in sync with the broader sell-off in technology stocks and rising concerns around artificial intelligence (AI)-led disruption. The pressure has intensified due to broader market weakness following the war in West Asia, the steady depreciation of the rupee, and fears that elevated crude oil prices could weigh on India’s economic growth and corporate earnings.

Meanwhile, Reliance Industries continues to top the chart with a market capitalisation of over ₹18.36 lakh crore. The second spot is held by HDFC Bank at nearly ₹12 lakh crore, followed by Bharti Airtel, which has emerged as one of the biggest wealth creators amid India’s telecom consolidation and data consumption boom.

Private lender ICICI Bank and public-sector banking giant State Bank of India occupy the fourth and fifth spots, respectively, highlighting the strong investor appetite for financials linked to India’s credit growth cycle.

Among technology companies, only Tata Consultancy Services remains in the top 10, albeit slipping to the sixth position, with a market valuation exceeding ₹8 lakh crore.

The rest of the top 10 includes diversified NBFC leader Bajaj Finance, infrastructure and engineering major Larsen & Toubro, insurance giant Life Insurance Corporation of India, and FMCG heavyweight Hindustan Unilever.