A strong week on Dalal Street pushed the combined market valuation of eight of India’s ten most valued companies up by Rs 4,13,003.23 crore. Banks led the move, with HDFC Bank and ICICI Bank posting the biggest gains.
The benchmarks reflected the momentum. The BSE Sensex rose 4,230.7 points, up 5.77 per cent. The NSE Nifty gained 1,337.5 points, a rise of 5.88 per cent.
"Sentiment remained buoyant amid optimism surrounding a temporary US–Iran ceasefire, although lingering geopolitical uncertainties capped the pace of gains as the week progressed," Ajit Mishra, SVP, Research, Religare Broking Ltd, said.
Cooling crude prices supported the rally. Oil dropping below USD 100 reduced pressure on domestic markets and brought in buying across sectors.
HDFC Bank added Rs 91,282.67 crore, taking its valuation to Rs 12,47,478.57 crore. ICICI Bank followed with a rise of Rs 76,036.36 crore to Rs 9,46,741.85 crore.
Among other gainers, Bajaj Finance rose by Rs 60,980.35 crore to Rs 5,75,206.47 crore. Larsen & Toubro added Rs 47,624.97 crore to reach Rs 5,44,736.59 crore, while Bharti Airtel gained Rs 45,873.43 crore to Rs 10,66,293.69 crore.
State Bank of India saw its market capitalisation increase by Rs 43,614.67 crore to Rs 9,84,629.98 crore. Tata Consultancy Services added Rs 26,303.49 crore to Rs 9,13,331.92 crore.
Hindustan Unilever rose by Rs 21,287.29 crore to Rs 5,06,477.89 crore. Two companies moved in the opposite direction. Infosys lost Rs 3,285.03 crore, taking its valuation to Rs 5,24,124.40 crore.
Reliance Industries declined by Rs 947.28 crore to Rs 18,27,086.79 crore. Even after the dip, Reliance Industries remained the most valued company in the country.
It was followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, Tata Consultancy Services, Bajaj Finance, Larsen & Toubro, Infosys and Hindustan Unilever.