MUMBAI: Homegrown technology services major Tata Consultancy Services (TCS) on Monday overtook IBM, one of the global technology majors, in terms of market capitalisation. At close of Monday’s trade, TCS ’s market capitalisation was $120.5 billion (Rs 8.37 lakh crore), while in early trade in New York, IBM was at $119.6 billion, translating into Rs 8.32 lakh crore, BSE and Bloomberg data showed.Incidentally, on Monday, TCS also pipped Reliance Industries (Rs 8.36 lakh crore), to take the top spot among the most valued Indian companies, BSE data showed.For fiscal 2019, TCS had a net profit of $4.5 billion from a total revenue of $21 billion, while the corresponding numbers for IBM, for the year ended 2018, were $8.7 billion from $79.6 billion. Over the years, while TCS, which was set up in 1968 as a division of Tata Sons , has been recording higher growth in revenues and net profit, IBM’s numbers had seen several ups and downs, Bloomberg data showed.Known as ‘Big Blue’, initially IBM had entered India in the 1950s, but had to leave the country in the late 1970s. It then again entered India through a joint venture with the Tata Group, the promoters of TCS, in 1992. In 1997, IBM parted with the Tata Group and now operates independently.Meanwhile, in the markets, the sensex and Nifty logged gains for a second straight session on Monday, mainly driven by IT stocks amid positive global cues after the US took trade tariffs off the table against Mexico. The sensex rose 169 points to close at 39,785, and the Nifty gained 52 to settle at 11,975. The rupee, however, fell 18 paise to 69.65.Both BSE and NSE opened flat on Tuesday and the rupee appreciated 16 paise to 69.49 against the US dollar.