For the past four years, TCS has had been the market leader in terms of market capitalisation, with reliance industries catching up from behind. But reliance is in the race to take over the first place in market valuation leaving behind TCS, the IT sector behemoth as the analyst and investors remains bullish on RIL after the stock price shot up to 26 percent during the last month.

On Monday, the RIL stock closed up near 4 per cent at a nine-year high of 1,305.35 on the NSE. The gap between the market capitalisation of the two companies has been consistently narrowing down since January 2016.

RELIANCE industries were the most valued company during 2008-13. Since then, it moved down to the second position; in 2015 it fell to the fourth position due to investments in the ongoing projects, reduced revenue from a gas output, uncertainty on the ongoing start-up of reliance JIO and its tariff issues.

The upside trend in the RIL stock will continue to be bullish due to huge investments (mainly energy and telecom) by the industrial giant.While telecom monetisations are expected to gather pace, earnings from energy business are poised to inflect over the next two years, benefiting from slowing oil oversupply, a rising global gas glut, and the start of a polyester upcycle, according to analysts.

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