Mumbai: The combined market capitalisation of the top 10 most-valued companies surged by Rs 3.84 lakh crore last week, driven by a bullish trend in equities. HDFC Bank and Bharti Airtel emerged as the top performers. Despite the two-day holiday, the stock market surged over 4 per cent last week. Nifty rose 1,023 points or 4.48 per cent to close at 23,851 and Sensex rose 3,395 points or 4.52 per cent to close at 78,553.
HDFC Bank’s market capitalisation surged by Rs 76,483.95 crore to Rs 14,58,934.32 crore. Bharti Airtel’s market valuation grew by Rs 75,210.77 crore, taking the company’s market cap to Rs 10,77,241.74 crore.
ICICI Bank gained Rs 67,597 crore, pushing 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) saw 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 to Rs 5,68,061.13 crore. The market cap of ITC grew by Rs 6,820.2 crore to Rs 5,34,665.77 crore.
The market capitalisation of Infosys rose by Rs 3,987.14 crore to Rs 5,89,846.48 crore. Hindustan Unilever’s valuation climbed Rs 1,891.42 crore to Rs 5,57,945.69 crore.
The announcement of a temporary pause on tariffs by the US and prospects of negotiations with other countries have also contributed to this relief rally. Furthermore, the RBI’s 25 bps rate cut on April 9, which brought the repo rate down to 6 per cent, along with a shift in its stance from “neutral” to “accommodative”, added fresh momentum to the equity markets as investors priced in further monetary easing.
Over the last three trading sessions, foreign portfolio investors have purchased over $1 billion worth of Indian equities after a prolonged selling streak.