Top 10 Companies' Market Valuation Soars by Over 3 Lakh Crore, HDFC Bank Leads

Synopsis

Last week, the market capitalisation of the top 10 companies rose by Rs 3.84 lakh crore, driven by strong equity performance, with HDFC Bank and Bharti Airtel leading the surge. The bullish trend was supported by favorable economic indicators and foreign investments.

Key Takeaways

Total market cap of top 10 companies increased by Rs 3.84 lakh crore.
HDFC Bank emerged as the biggest gainer with Rs 76,483.95 crore increase.
Bharti Airtel's market valuation rose by Rs 75,210.77 crore.
The stock market surged over 4 percent despite a two-day holiday.
Foreign investors purchased over $1 billion in Indian equities.

Mumbai, April 20 (NationPress) The total market capitalisation of the leading 10 companies skyrocketed by Rs 3.84 lakh crore last week, fueled by a positive trend in equity markets. HDFC Bank and Bharti Airtel stood out as the top gainers.

Despite a two-day market closure, stocks soared by over 4 percent last week. The Nifty index climbed by 1,023 points or 4.48 percent, closing at 23,851, while the Sensex increased by 3,395 points or 4.52 percent, finishing at 78,553.

The market capitalisation of HDFC Bank jumped by Rs 76,483.95 crore, reaching Rs 14,58,934.32 crore.

Bharti Airtel also saw its market valuation rise by Rs 75,210.77 crore, bringing its total market cap to Rs 10,77,241.74 crore.

ICICI Bank gained Rs 67,597 crore, elevating its valuation to Rs 10,01,948.86 crore, while State Bank of India added Rs 38,420.49 crore, reaching Rs 7,11,381.46 crore.

Tata Consultancy Services (TCS) experienced an increase of Rs 24,114.55 crore, bringing its market value to Rs 11,93,588.98 crore.

The market cap of Bajaj Finance rose by Rs 14,712.85 crore, totaling Rs 5,68,061.13 crore.

ITC saw its market cap grow by Rs 6,820.2 crore, reaching Rs 5,34,665.77 crore.

The valuation of Infosys increased by Rs 3,987.14 crore, totaling Rs 5,89,846.48 crore.

Hindustan Unilever enjoyed a valuation boost of Rs 1,891.42 crore, bringing its total to Rs 5,57,945.69 crore.

The recent announcement of a temporary halt on tariffs by the US, along with the anticipation of ongoing negotiations with other nations, has contributed to this market rally. Additionally, the RBI's 25 bps rate cut on April 9, reducing the repo rate to 6 percent, and shifting its stance from 'neutral' to 'accommodative', has injected new energy into the equity markets as investors expect further monetary easing.

In the past three trading sessions, foreign portfolio investors have acquired over $1 billion worth of Indian equities following a significant selling period.