Top-10 firms add Rs 3.65 lakh crore in mcap
A strong week in the stock market added Rs 3.65 lakh crore to the combined market value of nine of India’s top-10 most valued firms. TCS led the gains, followed by Bharti Airtel and Infosys. Larsen & Toubro was the only firm in the group to see its market value fall.The rally saw BSE Sensex gain 2,256.94 points, or 3.11%, over the week, while NSE Nifty rose 625.7 points, or 2.77%.The recovery in the domestic market was particularly strong in information technology stocks, following encouraging September quarter earnings. Renewed buying in several heavyweight stocks also supported the gains, according to Ponmudi R, CEO of online trading and wealth tech firm Enrich Money."The rally was primarily driven by a sharp rebound in information technology stocks following encouraging September quarter earnings, supported by renewed buying interest in several heavyweight stocks," Ponmudi R, CEO - Enrich Money told PTI.TCS emerged as the biggest gainer among the top-10 firms, adding Rs 1,08,542.63 crore to its market capitalisation, which reached Rs 8,91,134.96 crore during the week.
Bharti Airtel's valuation increased by Rs 61,406.53 crore to Rs 11,88,815.45 crore, while Infosys gained Rs 55,893.05 crore to reach Rs 4,71,409.41 crore.Reliance Industries added Rs 53,047.56 crore to its market value, taking it to Rs 16,37,437.19 crore and retaining its position as the country's most valued domestic firm.Among the banks, HDFC Bank's market capitalisation climbed by Rs 32,379.05 crore to Rs 11,22,628.07 crore.
ICICI Bank recorded a rise of Rs 30,769.95 crore, bringing its valuation to Rs 10,02,871.44 crore.Bajaj Finance also saw a substantial increase, with its market value rising by Rs 14,786.65 crore to Rs 6,11,326.72 crore. LIC added Rs 4,933.5 crore to reach Rs 5,02,204.82 crore, while State Bank of India's valuation increased by Rs 3,323.07 crore to Rs 8,87,722.84 crore.Larsen & Toubro was the sole company among the top-10 to register a decline.
Its market capitalisation dropped by Rs 9,232.26 crore to Rs 4,99,725.06 crore.At the end of the week, the ranking of India's most valued domestic companies remained led by Reliance Industries, followed by Bharti Airtel, HDFC Bank, ICICI Bank, TCS, State Bank of India, Bajaj Finance, LIC, Larsen & Toubro and Infosys.