SBI, ICICI Bank emerge as top performers in market capitalization
What's the story
Last week, a significant increase was observed in the combined market capitalization of six out of the ten most valued companies, which rose by ₹1,30,734.57 crore. The State Bank of India (SBI) and ICICI Bank emerged as the top performers. This surge indicates a positive trend in the equity market. The BSE benchmark also showed encouraging growth, advancing by 641.83 points or 0.87%.
Top performers
Market value of SBI and ICICI Bank
SBI's market value experienced a significant increase, soaring by ₹45,158.54 crore to reach a total of ₹7,15,218.40 crore. ICICI Bank also witnessed an impressive rise in its market valuation, which escalated by ₹28,726.33 crore to stand at ₹7,77,750.22 crore. These substantial increases underscore the banks' strong performance in the equity market last week.
Additional gains
Other companies witnessing their market capitalization rise
Bharti Airtel's valuation climbed by ₹20,747.99 crore to reach ₹7,51,406.35 crore, while ITC's valuation leaped by ₹18,914.35 crore to stand at ₹5,49,265.32 crore. The market capitalization of Life Insurance Corporation of India (LIC) also advanced significantly last week—it increased by ₹9,487.5 crore to reach a total of ₹6,24,941.40 crore. Infosys too saw its market cap rise by ₹7,699.86 crore, to hit a new high of ₹5,93,636.31 crore.
Market dip
Reliance Industries, HDFC Bank, TCS, HUL saw a decrease
Despite the overall positive trend, not all companies enjoyed an increase in their market capitalization last week. The market cap of Reliance Industries fell by ₹26,115.56 crore to stand at ₹19,64,079.96 crore. However, it remained the most valued firm. HDFC Bank's valuation also dipped by ₹16,371.34 crore to reach a total of ₹11,46,943.59 crore. Tata Consultancy Services (TCS) and Hindustan Unilever Limited also experienced a decrease in their market cap, which dropped by ₹5,282.41 crore and ₹2,525.81 crore, respectively.