The combined 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.
Insights and Trends
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 capitalisation surged by Rs 76,483.95 crore to Rs 14,58,934.32 crore.
Bharti Airtel’s valuation increased by Rs 75,210.77 crore, bringing the company’s capitalisation 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 value to Rs 11,93,588.98 crore.
The cap of Bajaj Finance rose by Rs 14,712.85 crore to Rs 5,68,061.13 crore.
The cap of ITC grew by Rs 6,820.2 crore to Rs 5,34,665.77 crore.
The 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, along with prospects of negotiations with other countries, has 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 more than $1 billion worth of Indian equities after a prolonged period of selling.
–IANS
