The combined market valuation of eight of India’s top 10 most valued companies jumped by a substantial Rs 4.55 lakh crore last week, buoyed by a sharp rally in domestic equities, with Reliance Industries emerging as the biggest gainer.
The surge came as the BSE benchmark index climbed 2,857.46 points, or 3.53 per cent, during the week, reflecting broad-based buying across sectors, barring information technology.
Among the top-10 firms, Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Bajaj Finance, Life Insurance Corporation of India (LIC) and Hindustan Unilever recorded gains in market capitalisation. In contrast, Tata Consultancy Services (TCS) and Infosys witnessed a decline in valuations.
Reliance Industries added Rs 1,41,887.97 crore, taking its market capitalisation to Rs 19,63,358.79 crore, cementing its position as the country’s most valued company.
LIC’s valuation surged by Rs 64,926.10 crore to Rs 5,70,198.54 crore, while Bharti Airtel saw its market capitalisation rise by Rs 52,516.39 crore to Rs 11,62,288.64 crore. The valuation of ICICI Bank increased by Rs 52,476.97 crore to Rs 10,06,258.82 crore.
Bajaj Finance added Rs 48,659.83 crore, taking its market value to Rs 6,10,830.20 crore, while State Bank of India gained Rs 45,460.79 crore to reach a market capitalisation of Rs 9,84,353.06 crore.
The valuation of HDFC Bank rose by Rs 32,350.28 crore to Rs 14,48,249.63 crore, and Hindustan Unilever added Rs 17,058.03 crore to Rs 5,69,482.18 crore.
In contrast, TCS saw its market capitalisation decline by Rs 88,172.80 crore to Rs 10,64,242.35 crore, while Infosys lost Rs 63,462.66 crore, taking its valuation to Rs 6,26,067.95 crore.
Analysts attributed the weakness in IT stocks to selling pressure amid global concerns over technology valuations, coupled with uncertainty around the rapid pace of advancements in artificial intelligence.
At the end of the week, Reliance Industries remained the most valued firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, LIC and Hindustan Unilever. |
