The combined market capitalisation of India’s ten most valued companies soared by Rs 3,84,004.73 crore last week, driven by a strong rebound in equities, with HDFC Bank and Bharti Airtel emerging as the top gainers.
The BSE benchmark Sensex rallied 3,395.94 points or 4.51 per cent, while the NSE Nifty surged 1,023.1 points or 4.48 per cent during the holiday-shortened week, reflecting a broad-based recovery in investor sentiment.
According to Ajit Mishra, SVP – Research at Religare Broking Ltd, the sharp rally was underpinned by optimism around the deferral of tariff hikes and exemptions on select products, which fuelled hopes of possible trade negotiations.
“Markets responded positively to favourable developments such as a forecast for a normal monsoon, easing retail inflation raising hopes of rate cuts, and the absence of any major global shocks,” Mishra noted.
HDFC Bank led the gainers, adding Rs 76,483.95 crore to its market valuation, which stood at Rs 14,58,934.32 crore. Close behind, Bharti Airtel’s market cap jumped by Rs 75,210.77 crore, reaching Rs 10,77,241.74 crore.
Reliance Industries also saw strong gains, adding Rs 74,766.36 crore to reach a valuation of Rs 17,24,768.59 crore, retaining its position as India’s most valued company.
ICICI Bank, SBI, TCS among top movers
ICICI Bank’s market capitalisation rose by Rs 67,597 crore to Rs 10,01,948.86 crore, while State Bank of India added Rs 38,420.49 crore, taking its valuation to Rs 7,11,381.46 crore.
Tata Consultancy Services (TCS) added Rs 24,114.55 crore to reach Rs 11,93,588.98 crore. Bajaj Finance saw its valuation climb by Rs 14,712.85 crore to Rs 5,68,061.13 crore.
ITC, Infosys, and Hindustan Unilever also witnessed gains in market capitalisation. ITC rose by Rs 6,820.2 crore (Rs 5,34,665.77 crore total), Infosys by Rs 3,987.14 crore (Rs 5,89,846.48 crore total), and Hindustan Unilever by Rs 1,891.42 crore (Rs 5,57,945.69 crore total).
In terms of rankings, Reliance Industries continued to be the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and ITC.