The combined market valuation of seven of India’s top-10 most valued companies rose sharply by over INR 1.28 lakh crore last week.
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NEW DELHI — The combined market valuation of seven of India’s top-10 most valued companies rose sharply by over INR 1.28 lakh crore last week, supported by an overall positive trend in domestic equities.
The broader market sentiment remained upbeat as the BSE benchmark (Sensex) gained 669.14 points, or 0.79 per cent, during the week. While the Nifty50 jumped 0.61 per cent during the period.
Most of the heavyweights logged in healthy gains in their market capitalisation, even as three major firms saw an erosion in value. The weekly performance reflected strong investor interest in index majors, particularly in sectors such as energy, banking, IT and FMCG.
Among the gainers, Reliance Industries and Bharti Airtel witnessed a good surge in their valuation. Bharti Airtel's valuation jumped by INR 36,579.01 crore to INR 12,33,279.85 crore.
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Meanwhile, Infosys added INR 17,490.03 crore, taking its market capitalisation to INR 6,41,688.83 crore. Tata Consultancy Services (TCS) also logged robust gains of INR 16,299.49 crore, pushing its valuation to INR 11,39,715.66 crore.
The banking majors also chimed in with gains. HDFC Bank rose by INR 14,608.22 crore to INR 15,35,132.56 crore, while State Bank of India went up by INR 4,846.08 crore to INR 8,97,769.87 crore. In the FMCG pack, Hindustan Unilever's market capitalisation jumped by INR 1,785.69 crore to INR 5,71,972.75 crore.
Not all frontline companies, however, shared the momentum. Bajaj Finance was the biggest loser, as its valuation tumbled INR 8,244.79 crore to INR 6,25,328.59 crore. Life Insurance Corporation of India (LIC) lost INR 4,522.38 crore to slip to INR 5,70,578.04 crore, and ICICI Bank witnessed a marginal erosion of INR 1,248.08 crore to take its market capitalisation to INR 9,79,126.35 crore.
In the overall rankings, Reliance Industries stood as the most valued domestic company, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and LIC.