The Tata entity moved ahead with a market capitalisation of Rs 1,22,858.34 crore (Rs 1228.58 billion) as against Infosys' Rs 1,22,256.21 crore (Rs 1222.56 billion) on the Bombay Stock Exchange.

The company has moved to an overall third ranking in terms of market cap charts, which are led by PSU major ONGC and Reliance Industries.

ONGC's market cap stood at Rs 1.96 lakh crore followed by corporate behemoth Reliance Industries at Rs 1.78 lakh crore on Tuesday.

Infosys is at the fourth place and the fifth slot is commanded by telecom giant Bharti Airtel Rs 1.18 lakh crore.

In the weak markets, BSE IT index closed 0.85 per cent or 44 points down at 5160.61.

The TCS scrip managed to gain nearly Rs 10 to close at Rs 1,255.45, whereas Infosys lost about Rs 14 to settle at Rs 2,191.60 at the BSE.