Six of India’s top ten most valued companies added nearly ₹1 lakh crore in market capitalisation last week as equities rallied.
Bharti Airtel and Bajaj Finance led the surge, while HDFC Bank, ICICI Bank, LIC and Hindustan Unilever also gained.
The rise came amid upbeat domestic indicators and expectations of a more accommodative global monetary stance.
Mcap of 6 of Top-10 Most Valued Firms Surges ₹1 Lakh Cr; Airtel, Bajaj Fin Top Winners
Markets ended the week on a firm footing, supported by resilient domestic macroeconomic indicators, healthy GST collections and improving industrial activity
Mcap of 6 of Top-10 Most Valued Firms Surges ₹1 Lakh Cr; Airtel, Bajaj Fin Top Winners
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The combined market valuation of 6 of the top-10 most valued firms surged by ₹1 lakh crore last week, with Bharti Airtel and Bajaj Finance emerging as the biggest gainers, amid a largely positive trend in equities.
Last week, the BSE benchmark Sensex climbed 663.44 points, or 0.86%, and the NSE Nifty rose 214.85 points, or 0.89%.
Markets ended the week on a firm footing, supported by resilient domestic macroeconomic indicators, healthy GST collections and improving industrial activity, Ajit Mishra, SVP, Research, Religare Broking Ltd, said.
"Expectations of a more accommodative global monetary policy following softer-than-expected US labour market data further strengthened investor sentiment," he added.
The market valuation of Bharti Airtel jumped ₹36,529.21 crore to ₹11,63,877.30 crore, the most among the top-10 firms.
Bajaj Finance added ₹33,059.83 crore, taking its valuation to ₹6,43,141.36 crore.
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ICICI Bank's valuation surged ₹16,084.29 crore to ₹10,11,695.03 crore, and that of Life Insurance Corporation of India (LIC) climbed ₹8,601.99 crore to ₹5,44,139.55 crore.
The market capitalisation (mcap) of HDFC Bank rallied ₹7,664.89 crore to ₹12,33,646.33 crore, and that of Hindustan Unilever edged higher by ₹6,461.38 crore to ₹5,17,086.30 crore.
However, the mcap of Larsen & Toubro tumbled ₹26,572.2 crore to ₹5,53,978.63 crore.
The mcap of Reliance Industries eroded by ₹18,945.56 crore to ₹17,64,981.36 crore, and that of State Bank of India (SBI) declined by ₹4,846.08 crore to 49,59,891.92 crore.
The market valuation of Tata Consultancy Services (TCS) dipped by 41,031.15 crore to ₹7,57,175.27 crore.
Reliance Industries remained the country's most valued firm, followed by HDFC Bank, Bharti Airtel, ICICI Bank, SBI, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.