Market cap of top 9 companies jumps ₹2L crore
What's the story
Nine out of the top 10 most valued Indian companies, experienced a significant increase in their market capitalization last week. Their combined market value rose by ₹2.01 lakh crore, driven primarily by a surge in Bharti Airtel's valuation. This growth occurred against a backdrop of strong investor confidence in equities, as indicated by the BSE benchmark Sensex's 2.10% rise last week.
Airtel's surge
Airtel leads with ₹54,282 crore increase in valuation
Bharti Airtel emerged as the biggest gainer among the top 10 firms, with its market capitalization soaring by ₹54,282.62 crore to reach ₹9.30 lakh crore. This substantial increase positioned Bharti Airtel as a key contributor to the overall rise in market value of these leading companies.
Other gainers
ICICI Bank and TCS follow with significant gains
Following Bharti Airtel, ICICI Bank and Tata Consultancy Services (TCS) also made substantial gains. The market capitalization of ICICI Bank surged by ₹29,662.44 crore to reach ₹8.80 lakh crore, while TCS added ₹23,427.12 crore to its valuation, taking it up to ₹16.36 lakh crore. These increases further contributed to the overall rise in market value of India's top 10 most valued firms last week.
Additional contributors
HUL, HDFC Bank, and Infosys boost market valuation
The market capitalization of Hindustan Unilever (HUL) went up by ₹22,438.6 crore to reach ₹6.89 lakh crore, while HDFC Bank's valuation rose by ₹22,093.99 crore to hit ₹12.70 lakh crore last week. Additionally, Infosys saw its market value climb by ₹17,480.49 crore to reach a total of ₹8.07 lakh crore.
Market growth
ITC, RIL, and SBI also see rise
ITC's market valuation rallied by ₹15,194.17 crore to reach ₹6.42 lakh crore last week. Reliance Industries (RIL) saw its market capitalization jump by ₹9,878.19 crore to hit a total of ₹19.92 lakh crore, while State Bank of India's (SBI) valuation increased by ₹7,095.07 crore to reach ₹7.05 lakh crore during the same period.
Market dip
LIC experiences a dip in market capitalization
In contrast to the overall trend, Life Insurance Corporation of India (LIC) experienced a decline in its market cap. The company's valuation dipped by ₹3,004.38 crore to settle at ₹6.54 lakh crore. This decrease marked LIC as the only firm among India's top 10 most valued companies, to witness a drop in market value during this period of otherwise strong investor sentiment in equities.