India's top 9 firms add ₹3.65L crore in market cap
What's the story
The combined market capitalization of nine out of the top 10 most valued companies in India jumped by ₹3.65 lakh crore last week. Tata Consultancy Services (TCS), Bharti Airtel, and Infosys were the biggest gainers amid a bullish equity market. The rally was mainly driven by a strong rebound in IT stocks after positive September quarter earnings and renewed buying interest in heavyweight stocks.
Market dynamics
Nifty, Sensex post best weekly performance in nearly 6 months
Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said Indian equity markets continued their recovery last week.
He noted that the Nifty-50 and Sensex posted their best weekly performance in nearly six months.
The Nifty-50 rose by about 2.8% while the Sensex gained around 3.1%.
Market leaders
TCS, Bharti Airtel, Infosys lead gains among top firms
Among the top 10 firms, TCS's market valuation surged the most by ₹1,08,542.63 crore to ₹8,91,134.96 crore.
Bharti Airtel's valuation also jumped by ₹61,406.53 crore to ₹11,88,815.45 crore, while Infosys's market cap increased by ₹55,893.05 crore to ₹4,71,409.41 crore.
Reliance Industries saw a jump of ₹53,047.56 crore in its valuation which now stands at ₹16,37,437.19 crore.
Banking sector
HDFC Bank, ICICI Bank also witnessed significant gains
The market capitalization of HDFC Bank and ICICI Bank also witnessed significant gains.
HDFC Bank's valuation jumped by ₹32,379.05 crore to ₹11,22,628.07 crore while ICICI Bank's soared by ₹30,769.95 crore to ₹10,02,871.44 crore.
Bajaj Finance and LIC also saw their valuations rise by ₹14,786.65 crore and ₹4,933.5 crore respectively, during this period.
Market dip
Larsen & Toubro sees decline in market valuation
Despite the overall surge in market valuations, Larsen & Toubro was the only company to witness a decline.
Its market capitalization fell by ₹9,232.26 crore to ₹4,99,725.06 crore during this period.
The decline came as a surprise considering other major players such as Reliance Industries and HDFC Bank saw significant gains in their respective valuations last week.