Market cap of India's top 8 firms jumps by ₹88,000cr
What's the story
In a recent surge, the total market valuation of eight out of the 10 most-valued companies in India jumped by ₹88,085.89 crore. Leading the upward trend was HDFC Bank. This increase comes in line with a positive shift in equity markets, as reflected by the BSE benchmark Sensex's jump of 509.41 points or 0.66% last week.
Market leaders
HDFC Bank leads the pack
The top firms that added to this market valuation jump include HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, ICICI Bank, State Bank of India, Bajaj Finance, Hindustan Unilever and ITC. Among these companies, HDFC Bank led the list with ₹44,933.62 crore added to its market capitalization. This took its total valuation to an astounding ₹13,99,208.73 crore.
Market growth
Other firms witness significant market capitalization increases
The State Bank of India's market capitalization also jumped by ₹16,599.79 crore to ₹6,88,623.68 crore. TCS's valuation rose by ₹9,063.31 crore to ₹13,04,121.56 crore while ICICI Bank's rose by ₹5,140.15 crore to ₹9,52,768.61 crore. ITC and Hindustan Unilever also witnessed massive gains with their valuations rising by ₹5,032.59 crore and ₹2,796.01 crore respectively.
Additional gains
Bharti Airtel and Bajaj Finance also gain
Bharti Airtel's market valuation jumped by ₹2,651.48 crore to ₹9,87,005.92 crore and Bajaj Finance's market capitalization increased by ₹1,868.94 crore to a record ₹5,54,715.12 crore last week. These gains indicate a general bullishness among these top companies in terms of their valuations.
Market dip
Reliance Industries and Infosys experience dip
Despite the overall positive trend among most top firms, two companies witnessed a dip in their respective market valuations last week. Reliance Industries's valuation fell by ₹1,962.2 crore to ₹17,25,377.54 crore while Infosys's valuation took a hit of ₹9,135.89 crore, bringing it down to ₹6,52,228.49 crore. This drop is in contrast with the upward trend across other major players of the Indian stock market.