Nine out of India's 10 most valuable companies saw a combined increase of INR 2.34 lakh crore in market capitalisation
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MUMBAI — Nine out of India's 10 most valuable companies saw a combined increase of INR 2.34 lakh crore in market capitalisation this week, as strong momentum in the stock market pushed their valuations higher.
The BSE benchmark index also posted a solid gain of 1,650.73 points, or 2 per cent, during the week.
Among the top gainers was Bharti Airtel, whose market value went up by INR 51,860.65 crore to INR 11.56 lakh crore.
HDFC Bank added INR 37,342.73 crore to reach a valuation of INR 15.44 lakh crore. Bajaj Finance saw its market capitalisation rise by INR 26,037.88 crore, taking its total value to INR 5.88 lakh crore.
ICICI Bank's value grew by INR 24,649.73 crore, reaching INR 10.43 lakh crore. LIC also made gains of INR 13,250.87 crore, with its valuation climbing to INR 6.05 lakh crore.
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State Bank of India (SBI) added INR 8,389.15 crore to stand at INR 7.18 lakh crore. TCS saw a modest increase of INR 3,183.91 crore, pushing its valuation to INR 12.45 lakh crore.
Hindustan Unilever registered a small gain of INR 293.7 crore, now valued at INR 5.41 lakh crore.
Infosys was the only company among the top 10 to witness a fall in value. Its market capitalisation dropped by INR 5,494.8 crore, bringing it down to INR 6.68 lakh crore.
In terms of ranking by market capitalisation, the top companies are HDFC Bank, TCS, Bharti Airtel, ICICI Bank, SBI, Infosys, LIC, Bajaj Finance, and Hindustan Unilever.
Meanwhile, in the previous week, the combined market capitalisation of six out of India's ten most valuable companies increased by INR 1.62 lakh crore, driven by strong investor confidence in the equity markets.
This surge in market value during the previous week came alongside a 1.58 per cent rise in the benchmark Sensex, which climbed 1,289.57 points during the same period.