The market capitalization (M-cap) of the top-10 firms in India witnessed a significant surge, with eight out of the ten companies adding a staggering Rs 1.69 lakh crore to their cumulative valuation. Bajaj Finance emerged as the leader of the rally, with its M-cap soaring by Rs 34,423.92 crore to reach Rs 4,51,941.92 crore.
The other major gainers included HDFC Bank, whose M-cap rose by Rs 29,483.85 crore to Rs 9,32,921.85 crore, and ICICI Bank, which saw its valuation increase by Rs 23,144.55 crore to Rs 6,43,419.11 crore. The country’s largest lender, State Bank of India (SBI), also witnessed a substantial gain of Rs 22,439.45 crore, taking its M-cap to Rs 5,31,869.58 crore.
Reliance Industries, the oil-to-retail conglomerate, added Rs 21,493.55 crore to its M-cap, which now stands at Rs 17,29,919.11 crore. The information technology giant, Tata Consultancy Services (TCS), also saw its valuation rise by Rs 16,971.42 crore to Rs 12,34,108.85 crore. Infosys and Bharti Airtel were the other two firms that witnessed a notable increase in their M-cap, with gains of Rs 11,451.42 crore and Rs 8,439.85 crore, respectively.
On the other hand, Life Insurance Corporation (LIC) of India and Hindustan Unilever (HUL) were the only two companies among the top-10 to witness a decline in their M-cap. LIC’s valuation fell by Rs 1,641.87 crore to Rs 4,17,667.34 crore, while HUL’s M-cap dipped by Rs 1,407.9 crore to Rs 5,58,472.84 crore. The surge in the M-cap of these top-10 firms can be attributed to the overall positive sentiment in the market, driven by a combination of factors including favorable economic data, stable inflation, and a robust growth outlook.
However, it is essential to note that market trends can be volatile and subject to change. The valuations of these companies may fluctuate based on various market and economic factors, including global events, policy decisions, and industry-specific developments. As of now, the rally in the M-cap of these top-10 firms indicates a bullish trend in the market, with investors showing confidence in the growth prospects of these companies.