New Delhi: The combined market valuation of nine of the top-10 most valued firms surged by Rs 3.65 lakh crore last week, with TCS, Bharti Airtel and Infosys emerging as the biggest winners, amid a bullish trend in equities.
Last week, the BSE benchmark Sensex surged 2,256.94 points, or 3.11 per cent, and the NSE Nifty jumped 625.7 points, or 2.77 per cent.
“Indian equity markets extended their recovery during the week, with the Nifty-50 and Sensex recording their strongest weekly performance in approximately six months. The Nifty-50 advanced around 2.8 per cent, while the Sensex gained approximately 3.1 per cent.
“The rally was primarily driven by a sharp rebound in information technology stocks following encouraging September quarter earnings, supported by renewed buying interest in several heavyweight stocks,” Ponmudi R, CEO – Enrich Money, an online trading and wealth tech firm, said.
While Reliance Industries, Bharti Airtel, HDFC Bank, ICICI Bank, Tata Consultancy Services (TCS), State Bank of India, Bajaj Finance, Life Insurance Corporation of India (LIC) and Infosys were the gainers, Larsen & Toubro emerged as the only laggard.
The market valuation of TCS surged Rs 1,08,542.63 crore to Rs 8,91,134.96 crore, the most among the top-10 firms.
Bharti Airtel added Rs 61,406.53 crore, taking its valuation to Rs 11,88,815.45 crore.
The valuation of Infosys jumped Rs 55,893.05 crore to Rs 4,71,409.41 crore, and that of Reliance Industries zoomed Rs 53,047.56 crore to Rs 16,37,437.19 crore.
The market capitalisation (mcap) of HDFC Bank rallied Rs 32,379.05 crore to Rs 11,22,628.07 crore, and that of ICICI Bank soared Rs 30,769.95 crore to Rs 10,02,871.44 crore.
Bajaj Finance’s valuation edged higher by Rs 14,786.65 crore to Rs 6,11,326.72 crore, and that of LIC went up by Rs 4,933.5 crore to Rs 5,02,204.82 crore.
The mcap of State Bank of India advanced Rs 3,323.07 crore to Rs 8,87,722.84 crore.
However, the mcap of Larsen & Toubro declined by Rs 9,232.26 crore to Rs 4,99,725.06 crore.
Reliance Industries remained the most valued domestic firm, followed by Bharti Airtel, HDFC Bank, ICICI Bank, TCS, State Bank of India, Bajaj Finance, LIC, Larsen & Toubro and Infosys.
PTI
