Mumbai: Real estate tycoon K P Singh of DLF has overtaken Anil Ambani to become the second richest Indian after Mukesh Ambani, as the stock market rally changed the sweepstakes of the country''s rich club.

While the stock market continued its upward march today with a modest gain of 25 points, a relatively stronger rally in real estate sector, the day''s best performer, helped Singh become India''s second richest person in terms of the value of promoter group shares on the bourses.

Bharti group''s Sunil Mittal retained his fourth position, followed by Wipro''s Azim Premji at the fifth slot.

The collective wealth of the top five richest stood at about Rs 5,43,500 crore ($136 billion). This is nearly 11 per cent of the total investor wealth in the country. The cumulative market cap of all the companies listed at the BSE today soared to Rs49,56,946 crore.