Did Eight of India's Leading Firms Gain Over Rs 2 Lakh Crore Last Week?
Synopsis
Key Takeaways
- India's equity markets rebounded significantly this week.
- Eight out of the top ten firms gained a combined Rs 2,05,185.08 crore.
- Bharti Airtel and Reliance Industries were leading contributors.
- Investor sentiment improved due to strong global cues and institutional buying.
- Telecom and energy sectors were pivotal in wealth creation.
Mumbai, Nov 16 (NationPress) The equity markets in India made a robust recovery this week, resulting in a remarkable increase of Rs 2,05,185.08 crore in the combined market capitalisation of eight out of the top ten most valuable companies in the country.
Despite two prominent firms closing lower, this rebound was fueled by a general boost in investor sentiment, supported by strong global cues, renewed institutional buying, and a decline in volatility.
The heightened risk appetite was evident in the benchmark indices.
The recent correction phase concluded positively, with the week finishing strongly as the NSE Nifty climbed 417.75 points (1.64 percent), and the BSE Sensex rose by 1,346.50 points (1.62 percent). The sectors leading the wealth creation included telecom and energy.
Leading the charge was Bharti Airtel, which saw its market value surge by Rs 55,652.54 crore, elevating it to Rs 11,96,700.84 crore. Following closely was Reliance Industries, whose market capitalisation increased by Rs 54,941.84 crore to reach Rs 20,55,379.61 crore.
Additionally, students from banking and IT sectors participated in this upward momentum. Infosys gained Rs 10,448.32 crore, achieving a valuation of Rs 6,24,198.80 crore, while Tata Consultancy Services added Rs 40,757.75 crore, boosting its market cap to Rs 11,23,416.17 crore.
Among financial institutions, State Bank of India (SBI) increased by Rs 10,522.9 crore to hit Rs 8,92,923.79 crore, HDFC Bank rose by Rs 9,149.13 crore to Rs 15,20,524.34 crore, and ICICI Bank saw an increase of Rs 20,834.35 crore, reaching Rs 9,80,374.43 crore.
Hindustan Unilever, one of the standout performers, experienced a slight rise of Rs 2,878.25 crore, raising its market capitalisation to Rs 5,70,187.06 crore.
However, not all was positive, as two companies in the top ten faced value loss. Bajaj Finance decreased by Rs 30,147.94 crore, dropping to Rs 6,33,573.38 crore, and Life Insurance Corporation of India lost Rs 9,266.12 crore, leading to a decline in its valuation to Rs 5,75,100.42 crore.
Reliance, HDFC Bank, and Bharti Airtel maintain their positions at the top of India's valuation hierarchy, and the overall weekly gains emphasize that blue-chip stocks remain crucial to the market's recovery, despite some mixed performance from the lower end of the list.