Eight of India's 10 most-valued companies witnessed a combined increase of Rs 1.90 lakh crore in their market capitalisation last week, with ICICI Bank emerging as the top gainer as equities rallied, according to a report by PTI.
The gains came during a strong week for the markets. The BSE Sensex rose by 1,284.61 points, or 1.73%, while the NSE Nifty advanced 256.2 points, or 1%.
Ajit Mishra, Senior Vice President of Research at Religare Broking Ltd, said, "Indian equity markets ended a volatile week on a strong note, snapping a two-week losing streak amid improving global sentiment and supportive measures from the Reserve Bank of India aimed at attracting foreign currency inflows."
He added that investor sentiment was also boosted by hopes of a potential US-Iran peace deal, which raised expectations of easing geopolitical tensions and stabilising energy markets.
Among the top-10 firms, Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Bajaj Finance, Larsen & Toubro, and Hindustan Unilever posted gains. In contrast, Tata Consultancy Services and Life Insurance Corporation of India saw declines in market valuation.
ICICI Bank recorded the biggest increase, adding Rs 56,223 crore to take its market capitalisation to Rs 9,61,297.77 crore. HDFC Bank's valuation rose by Rs 38,571.11 crore to Rs 11,89,314.42 crore, while State Bank of India gained Rs 36,137.87 crore, taking its valuation to Rs 9,38,661.50 crore.
Bajaj Finance added Rs 18,366.57 crore to reach Rs 5,71,947.54 crore, and Bharti Airtel's market value increased by Rs 14,380.14 crore to Rs 11,10,530.63 crore. The valuation of Larsen & Toubro climbed Rs 13,241.39 crore to Rs 5,57,197.83 crore, while Hindustan Unilever added Rs 10,984.34 crore to reach Rs 5,09,285.65 crore. Reliance Industries also saw its valuation rise by Rs 2,097.54 crore to Rs 17,49,418.94 crore.
On the other hand, TCS lost Rs 13,296.47 crore in market value, taking its valuation to Rs 7,82,049.62 crore. LIC's market capitalisation declined by Rs 822.25 crore to Rs 5,05,051.07 crore.
Reliance Industries retained its position as India's most-valued company, followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever, and LIC.
