Top-10 Firms Add ₹88,678 Crore In Market Value, ICICI Bank Leads Gains with ₹29,589 Crore Jump Despite Losses In Four Companies
Six of India's 10 most valuable companies added a combined Rs 88,678 crore in market value during the holiday-shortened week. ICICI Bank emerged as the biggest gainer, while Bharti Airtel recorded the largest decline. The stock market ended the week with modest gains amid positive global and domestic cues.
Six top companies end the week with higher valuations. |
Mumbai: Six of India's 10 most valuable listed companies together added Rs 88,678.1 crore to their market value during the holiday-shortened trading week. Strong buying in select banking and financial stocks helped push their valuations higher even as four companies saw losses.
The benchmark BSE Sensex gained 297.57 points (0.38 per cent) during the week, while the NSE Nifty rose 42.9 points (0.17 per cent).
Positive market mood supported gains
Market experts said investor sentiment remained positive throughout most of the week.
According to Ajit Mishra, Senior Vice President of Research at Religare Broking, lower crude oil prices, improving geopolitical conditions in West Asia and selective buying by foreign institutional investors (FIIs) supported the market.
These factors helped banking and financial stocks outperform the broader market.
ICICI Bank records the biggest increase
Among the top-10 companies, ICICI Bank emerged as the biggest winner.
Its market capitalisation increased by Rs 29,588.75 crore, taking its total valuation close to Rs 9.96 lakh crore.
HDFC Bank followed with an increase of Rs 24,718.3 crore, lifting its market value to Rs 12.26 lakh crore.
Reliance Industries added Rs 12,043.96 crore, while Bajaj Finance gained Rs 11,580.28 crore.
State Bank of India saw its valuation rise by Rs 9,322.93 crore, and Larsen & Toubro added Rs 1,423.88 crore during the week.
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Four companies lose market value
Not all companies ended the week on a positive note.
Bharti Airtel suffered the biggest fall among the top-10 firms, losing Rs 35,615.21 crore in market value.
Life Insurance Corporation of India (LIC) lost Rs 21,188.74 crore, while Tata Consultancy Services (TCS) saw its valuation decline by Rs 11,143.71 crore.
Hindustan Unilever also witnessed a fall of Rs 5,321.83 crore in its market capitalisation.
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Reliance remains India's most valuable company
Despite the weekly changes, Reliance Industries retained its position as India's most valuable listed company.
It was followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC, and Hindustan Unilever in the list of the country's top-10 most valued companies.
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