Major Companies Contribute ₹2.34 Lakh Crore in Market Capitalization, With Reliance Jumping Ahead as the Resulting Frontrunner
Mumbai's Equity Market on a High: The past week witnessed a significant surge in Mumbai's equity market, propelling the combined market capitalization of the top 9 Indian firms by an impressive Rs 2,34,565.53 crore. This boost resulted from the BSE benchmark Sensex gaining 1,650.73 points or 2 percent over the week, thanks to broad-based buying interest.
Biggest Gainer: Reliance Industries: Leading the charge was Reliance Industries, which added an impressive Rs 69,556.91 crore to its market cap, making it the biggest contributor to the market cap gains. With this increase, its current valuation stands at a towering Rs 20,51,590.51 crore, retaining its top spot among India's most valuable companies.
Close Contenders: Bharti Airtel and HDFC Bank: Telecom giant Bharti Airtel and HDFC Bank followed suit, with Bharti Airtel witnessing an increase of Rs 51,860.65 crore in its market cap, reaching Rs 11,56,329.94 crore. HDFC Bank added Rs 37,342.73 crore, boosting its market valuation to a robust Rs 15,44,624.52 crore.
Strong Performers: Among other key financial players, Bajaj Finance jumped by an impressive Rs 26,037.88 crore, setting its valuation at Rs 5,88,213.55 crore. ICICI Bank experienced a rise of Rs 24,649.73 crore, increasing its market cap to Rs 10,43,037.49 crore. Life Insurance Corporation of India (LIC) saw a notable gain of Rs 13,250.87 crore, raising its mcap to Rs 6,05,523.65 crore.
Market Mood: The share market outlook remains positive, as investors keep a watchful eye on inflation, FII moves, and global trends that shape the market's mood. State Bank of India, TCS, and HUL posted modest gains, while Infosys was the lone loser among the elite club, experiencing a decline in its market cap.
Updated Pecking Order: The updated ranking by valuation, from the top: Reliance Industries, HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance, and Hindustan Unilever.
(With PTI Inputs)
- The finance sector in India has seen substantial growth, with Reliance Industries leading the charge and significantly increasing its business valuation in the stock-market, amplifying its position as India's most valuable company.
- With impressive gains, Bharti Airtel and HDFC Bank have climbed the ranks among India's top-valued businesses, closely following the strong performance of Reliance Industries.
- Investors continue to closely monitor market trends, as positive market sentiment remains, with Bajaj Finance, ICICI Bank, LIC, State Bank of India, and Hindustan Unilever also registering notable gains in the Indian equity market.
