India's corporate giants have demonstrated remarkable resilience, with seven out of the nation's ten most valuable companies collectively adding a staggering Rs 1,23,724.19 crore to their market capitalisation in a positive week for equities. This surge underscores the underlying strength of key sectors despite global economic headwinds.
Reliance Industries Crowned the Biggest Gainer
Leading the charge was Mukesh Ambani's diversified conglomerate, Reliance Industries Limited (RIL). The company's market valuation soared by Rs 45,266.12 crore, solidifying its position at the pinnacle with a total market cap of Rs 21,54,978.60 crore. Analysts attribute this robust performance to RIL's integrated business model spanning energy, telecommunications (Jio), retail, and digital services, which continues to attract investor confidence.
The engineering and construction behemoth Larsen & Toubro (L&T) made a notable re-entry into the elite top 10 list. L&T witnessed an impressive increase of Rs 16,204.34 crore, pushing its valuation to Rs 5,72,640.56 crore and securing the ninth position.
Banking and Telecom Titans Show Strong Momentum
The banking sector displayed significant vigour. HDFC Bank, holding the second spot, and ICICI Bank at fifth, both registered substantial gains in their market capitalisation. Similarly, Bharti Airtel, India's leading telecommunications provider, reinforced its third-place standing with a healthy valuation increase, reflecting the sustained growth in digital consumption and 5G expansion.
This bullish trend aligns with a report from domestic brokerage firm Motilal Oswal in December 2025, which highlighted India's emergence as a top-ten contributor to the global market capitalisation of $27.4 trillion. The report noted that India's equity market recorded a moderate year-on-year growth of approximately 2.8 per cent in 2025.
TCS and Bajaj Finance Witness Valuation Erosion
However, the week also saw some contraction. IT major Tata Consultancy Services (TCS), while maintaining its fourth rank, experienced a drop in its market valuation by Rs 10,745.72 crore, bringing it down to Rs 11,75,914.62 crore. In the eighth position, Bajaj Finance saw its valuation decrease by Rs 5,693.58 crore to Rs 6,16,430.43 crore.
The ranking of India's most valuable companies by market capitalisation as of January 5, 2026, is as follows:
- Reliance Industries – ₹21.637 Trillion
- HDFC Bank – ₹16.832 Trillion
- Bharti Airtel – ₹12.854 Trillion
- Tata Consultancy Services – ₹11.643 Trillion
- ICICI Bank – ₹9.688 Trillion
- State Bank of India – ₹9.339 Trillion
- Infosys – ₹6.606 Trillion
- Bajaj Finance – ₹6.103 Trillion
- Larsen & Toubro – ₹5.768 Trillion
- Hindustan Unilever – ₹5.576 Trillion
Market capitalisation, calculated by multiplying a company's current share price by its total outstanding shares, remains a primary metric for gauging corporate size and investor perception. The data reveals a dynamic landscape where traditional sectors like banking and infrastructure, alongside new-age digital and consumer giants, are driving India's economic narrative forward on the global stage.
