Market cap of India's top 8 firms up ₹4.13L crore
What's the story
The combined market capitalization of eight out of the top 10 most-valued Indian companies surged by a whopping ₹4.13 lakh crore last week. The surge was led by HDFC Bank and ICICI Bank, in line with a positive trend in equities. The Sensex rose by 4,230 points or 5.77%, while the Nifty gained 1,337 points or 5.88% during this period.
Market trends
Geopolitical factors and crude oil prices influence market
Ajit Mishra, SVP of Research at Religare Broking Ltd, attributed the positive market sentiment to optimism over a temporary US-Iran ceasefire. However, he also noted that persistent geopolitical uncertainties limited the pace of gains as the week progressed. A sharp fall in crude oil prices below $100 also eased domestic concerns and sparked a strong recovery across markets.
Top gainers
HDFC Bank, ICICI Bank lead gains
Among the top 10 companies, HDFC Bank and ICICI Bank were the biggest gainers last week. HDFC Bank's market capitalization rose by ₹91,282 crore to ₹12.47 lakh crore, while ICICI Bank's valuation jumped by ₹76,036 crore to ₹9.46 lakh crore. Other major gainers included Bajaj Finance (up ₹60,980 crore), Larsen & Toubro (up ₹47,624 crore), Bharti Airtel (up ₹45,873 crore), and State Bank of India (up ₹43,614 crore).
Market updates
TCS, HUL also gain; Infosys, RIL lose
Tata Consultancy Services (TCS) also witnessed a marginal increase in its market valuation by ₹26,303 crore to end at ₹9.13 lakh crore. Hindustan Unilever's market capitalization rose by ₹21,287 crore to ₹5.06 lakh crore during the same period. However, Infosys and Reliance Industries saw a decline in their valuations last week.