E-commerce giant Amazon has become the largest company by market value at stock market close on Monday, surpassing Microsoft, previously the biggest public corporation.

Amazon's market value stood at 796.78 billion U.S. dollars at market close, after its stock price rose by 3.44 percent to close at 1,629.51 U.S. dollars apiece for the day.

Microsoft registered market capitalization of 783.57 billion U.S. dollars after its shares rose by 0.13 percent. Microsoft and Kroger are taking on Amazon's cashierless stores with their own pilot program.

The Kroger Technology team has developed a smart technology system, powered by Microsoft Azure and connected by IoT sensors, to transform two pilot stores located in Monroe, Ohio and Redmond, Washington, respectively, near each company's headquarters, according to a statement released by Microsoft on Monday.

Apple, also a contender for the most valuable company, went down to 701.99 billion U.S. dollars in market value. Its stock price hit a 52-week low last week after the company issued lower guidance for the fiscal 2019 first quarter.