The overall market value of seven of ten most valuable companies soared by a staggering Rs 2.31 lakh crore last week, with Reliance Industries emerging as the top gainer in a largely upbeat equity market.
The rally came during a holiday-shortened trading week, with markets remaining close on Thursday for Maharashtra Day. The BSE benchmark Sensex jumped 1,289.46 points or 1.62 per cent over the week, helping boost investor sentiment.
The market capitalisation of Reliance Industries swelled by Rs 1.65 lakh crore to Rs 19.24 lakh crore.
Other major contributors to the surge included Bharti Airtel, which saw its valuation climb by Rs 20,755.67 crore to Rs 10.56 lakh crore, and ICICI Bank, which gained Rs 19,381.9 crore to hit a market cap of Rs 10.20 lakh crore.
HDFC Bank added Rs 11,514.78 crore to reach Rs 14.73 lakh crore, while Infosys rose by Rs 10,902.31 crore to Rs 6.25 lakh crore. State Bank of India and ITC posted modest gains of Rs 1,160.2 crore and Rs 2,502.82 crore respectively.
However, Tata Consultancy Services (TCS) saw its valuation dip by Rs 1,284.42 crore to Rs 12.45 lakh crore, while Hindustan Unilever lost Rs 1,985.41 crore to settle at Rs 5.45 lakh crore. Bajaj Finance was the biggest loser, with a Rs 15,470.5 crore drop bringing its Mcap down to Rs 5.50 lakh crore.
The week’s movement reflects cautious optimism among investors despite global uncertainties.
As of now, Reliance Industries remains the most valued firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and ITC.