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For years, Reliance Industries has been seen as the engine of the Indian stock market. Investors, analysts, and even casual traders often believed one simple thing: If Reliance moves, the market moves.

Whenever Reliance Industries’ stock price jumped, both the Nifty and Sensex would respond with enthusiasm. And if it slipped, the mood across Dalal Street turned cautious. However, the Indian stock market has changed. It is now deeper, larger, and more diversified.  Multiple sectors are thriving, retail investors are smarter, and new-age companies are rising fast.

So the question is no longer how big Reliance is because we know it’s still huge. The real question is: Can Reliance still move the market the way it once did? In this article, we will delve into the answer to this question and see whether Reliance still holds the same power in 2025.

India’s Present Equity Market 

Over the years, India’s stock market has transformed from a narrow, index-heavy landscape into a broad, dynamic ecosystem. While Reliance Industries continues to be a market giant, it no longer dominates the way it once did. The weight of influence is now shared.

The Nifty 50 and Sensex indices have diversified. Companies like TCS, Infosys, HDFC Bank, ICICI Bank, and several private and public sector firms now hold significant weight. Reliance’s index share, which once touched double digits, has slightly decreased, currently hovering around 9.9%.

New-age businesses and startup-driven IPOs have added further depth to the market. Sectors that barely existed a decade ago (like fintech, EVs, green energy, and digital platforms) are now attracting serious investor capital.

The Rising Influence of Retail Investors

The Indian stock market isn’t just for big institutions anymore. Over the last few years, something remarkable has happened: people have started taking control of their finances, and it’s showing up in the market. More millennials and Gen Z investors are trading, researching, and diversifying their portfolios.

And they’re not just buying the usual giants like Reliance or HDFC Bank. They’re putting money into mid-cap stocks, small-cap stocks, defence sector opportunities, electric vehicle themes, and even global funds.

Market Sentiment and Analyst Views on RIL

While Reliance remains a market heavyweight, institutional investors are not as bullish as they once were.

Mutual funds and foreign portfolio investors (FPIs) have gradually reduced their exposure to RIL. Even though Reliance’s weight in the Nifty remains high, its share in many institutional portfolios has dropped. This indicates a strategic shift that big investors are no longer betting heavily on just one stock. They’re diversifying, spreading their capital across sectors and themes, in line with India’s expanding economic landscape.

However, on the positive side, market sentiment towards Reliance Industries has been notably positive recently, with analysts expressing confidence in the company’s future prospects. In fact, as per the latest Reuters report in April, the Reliance share price recently saw a 4.4% jump, reaching its highest level since late October 2024. This spike came after RIL reported a much stronger-than-expected fourth-quarter profit, thanks to impressive performances in its telecom and retail divisions.

The strong results caught the attention of market experts and investors alike, signalling an overall vote of confidence in RIL.

Final Thoughts

Reliance remains a heavyweight, and its movements can still influence the index. But the market is no longer entirely reliant on Reliance. The Indian market today is more resilient, with many sectors contributing to its trajectory. Banking, IT, infrastructure, manufacturing, and even PSUs share the responsibility of market momentum. Thus, while RIL stands as a giant, it is always better to include any stock as a part of your broader portfolio based on your goals and risk appetite.