The top ten most valued firms saw immense growth due to the recovery of the stock market this week, with Reliance shining the brightest, earning over ₹1.3 lakh crore in the span of just one week.
Mukesh Ambani-led Reliance Industries saw a spike in its share prices, adding ₹1.38 lakh crore to its market capitalisation in the span of five days. This comes as the share price of the company jumped 7.54 percent since last week.
The market capitalisation (mcap) of Reliance Industries jumped ₹1,38,290.85 crore to reach ₹19,72,028.45 crore, retaining its title as the most valued firm in the country. While Reliance was the top gainer last week, TCS was a close second.
The combined market valuation of eight of the top 10 most valued firms in India climbed ₹2.90 lakh crore last week as BSE Sensex jumped 1,384.96 points, rising up 1.95 percent during the week.
From the top-10 pack, Reliance Industries, Tata Consultancy Services, HDFC Bank, ICICI Bank, Infosys, LIC, State Bank of India, and Hindustan Unilever were the gainers, while Bharti Airtel and ITC faced erosion of their valuation.
Now, the combined market capitalisation of the top eight most valued firms in the country stands at ₹2,90,267.98 crore. The second highest gainer on the market was Tata Consultancy Services (TCS), earning ₹57,867.9 crore, taking its valuation to ₹14,51,307.84 crore.
The market valuation of State Bank of India climbed ₹33,467.29 crore to ₹5,80,456.76 crore and that of Life Insurance Corporation of India (LIC) zoomed ₹26,153.87 crore to ₹5,97,490.91 crore.
However, the mcap of ITC fell by ₹18,931.64 crore to ₹5,49,330.64 crore and that of Bharti Airtel declined by ₹5,231.18 crore to ₹6,47,176.65 crore. This comes as bank stocks are rallying on the stock market while IT stocks continue to suffer.
Sensex and Nifty have faced a volatile month in January 2024, seeing its all time high and multiple steep falls in the span of just two weeks. Sensex crossed the 73,000 points mark on January 16 only to fall below 71,000 a few days later.
ICICI Direct in a recent note has said that February-March is the time when markets tend to fall flat in an election year, while NSE Nifty is expected to rise to 23,400 points by June 2024.
(With inputs from PTI)