The country’s top valued companies have benefited greatly from the stormy rise in the Indian stock market last week. The combined market capitalization (market cap) of 9 giants among the top 10 companies recorded a spectacular increase of more than Rs 3.65 lakh crore. During this boom period, Tata Consultancy Services (TCS) emerged as the most profitable company, while there was a big jump in the valuations of Bharti Airtel and Infosys. In contrast, construction giant Larsen & Toubro (L&T) was the only company to see a decline in market capitalisation.
Biggest weekly gain in stock market in six months
During the week under review, BSE’s main index Sensex managed to gain 2,256.94 points or 3.11 percent, while NSE’s Nifty closed with a gain of 625.7 points or 2.77 percent. According to market experts, the better than expected current quarter results of IT sector companies mainly gave impetus to this rise in the stock market. Along with this, heavy buying by investors in major and fundamental stocks helped the market register its strongest weekly performance in six months.
Tremendous increase in market cap of IT, Banking and Reliance
TCS was the biggest gainer in terms of market capitalization, whose valuation increased by Rs 1,08,542.63 crore to reach Rs 8,91,134.96 crore. Bharti Airtel’s market cap increased by Rs 61,406.53 crore, while Infosys’ value increased by Rs 55,893.05 crore. The market capitalization of the country’s most valuable company Reliance Industries increased by Rs 53,047.56 crore to Rs 16,37,437.19 crore. In the banking sector, HDFC Bank got a profit of Rs 32,379.05 crore and ICICI Bank got a profit of Rs 30,769.95 crore. Apart from these, there was also an increase in the valuations of Bajaj Finance, LIC and SBI, while on the other hand the market cap of L&T decreased by Rs 9,232.26 crore.
