ICICI Bank, the country?s largest private sector lender in terms of business and FMCG major ITC have found place among the top ten publicly-listed valuable firms in terms of market capitalisation. They have trumped state-owned mineral monopoly NMDC and power equipment maker Bhel to join the exclusive league.

Market capitalisation is often used as a yardstick to measure the notional value of a firm and is arrived at by multiplying the number of outstanding shares by the current market price of the stock. According to analysts, what is more important is the narrowing of the gap between the country?s top petrochemical maker Reliance Industries Ltd (RIL) and the public sector hydrocarbon behemoth ONGC. ONGC is fast catching up with the Mukesh Ambani Group?s flagship company in terms of market capitalisation.

At the end of trade on September 16, 2010, ITC ranks no. 9 among the top 10 most valuable firms with a market capitalisation Rs 1.27,988 crore while ICICI Bank finished a close no. 10 with a notional value of Rs 1,26,585 crore.

Both the firms were not in the exclusive league of super 10 as of the end of trade on April 1, 2010. While ICICI Bank closed on the BSE on Thursday at Rs 1,103.45, up by 0.42%, ITC closed flat at Rs 167.10. ?There has been a run-up in FMCG and banking spaces triggered by key market moving policy developments and change in business outlook.

This has helped both the firms add value in the current bull phase of the broader market,? an analysts with a local brokerage house said, adding, ?metal stocks are cyclical and the stock performance depends much on the international price cycles. This may perhaps explains why NMDC losing out in the M-Cap ranking?. Reliance Industries remains at the top of the M-Cap pecking order with a notional value of Rs 3,27,400 crore followed by ONGC with a M-Cap of Rs 2,99,442 crore. As of April 1, 2010, RIL had a M-Cap of Rs 3,57,660 crore while ONGC was a distant second with a market capitalisation of Rs 2,32,057 crore.

State Bank of India finished third with a M-Cap of Rs 1,96,852 crore as of September 16, up from Rs1,33,560 crore as on April 1, 2010. TCS was in fourth position in the top 10 M-Cap league with a notional value of Rs 1,75,229 crore and Infosys came fifth with a M-Cap of Rs 1,70,322 crore. Others in the top 10 list are public sector thermal power producer NTPC with a M-Cap of 1,70,145 crore, MMTC (Rs 1,36,305 crore), and the Sunil Mittal promoted Bharti Airtel with a M-Cap of Rs 1,32,040 crore.