Top 10 firms add ₹4.5L crore in market cap
What's the story
The combined market capitalization of eight out of the top 10 most valued companies in India surged by a whopping ₹4.55 lakh crore last week. The rally was led by Reliance Industries, which saw its market cap increase by ₹1.41 lakh crore during the period. The spike comes in line with a strong performance in the Indian stock market, with the BSE Sensex gaining over 2,800 points or 3.53% last week alone.
Market shifts
TCS, Infosys see decline in market cap
Along with Reliance, other companies that saw their market caps rise include HDFC Bank, Bharti Airtel, ICICI Bank, SBI, Bajaj Finance, LIC, and Hindustan Unilever. However, Tata Consultancy Services (TCS) and Infosys witnessed a decline in their valuations during the same period. The combined market cap of these eight firms jumped by ₹4.55 lakh crore last week alone.
Valuation boost
Major gainers last week
Reliance Industries saw its market cap jump by ₹1.41 lakh crore to ₹19.63 lakh crore last week. LIC's valuation also witnessed a massive jump of ₹64,926.1 crore, taking it to ₹5.70 lakh crore. Bharti Airtel and ICICI Bank also saw their valuations increase by over ₹50,000 crore each during the period under review.
Additional gains
SBI, Bajaj Finance also saw significant jumps
The market capitalization of SBI and Bajaj Finance also saw significant jumps last week. SBI's valuation increased by ₹45,460.79 crore to ₹9.84 lakh crore while Bajaj Finance's market cap climbed by ₹48,659.83 crore to ₹6.10 lakh crore during the period under review. HDFC Bank was another major gainer with its valuation advancing by over ₹30,000 crore, while Hindustan Unilever's valuation increased by ₹17,058.03 crore during this time span.
Valuation drop
IT stocks under pressure
In contrast to the other companies, TCS and Infosys saw their market caps decline last week. TCS's valuation dropped by ₹88,172.8 crore to ₹10.64 lakh crore while Infosys's market cap fell by ₹63,462.66 crore to ₹6.26 lakh crore during the period under review. The decline is attributed to selling pressure on IT stocks amid global trends in tech firms and concerns over rapid advancements in artificial intelligence (AI) technology.