Mumbai: India’s equity markets staged a forceful comeback this week, lifting the cumulative market capitalisation of eight of the country’s ten most-valued companies by Rs 2,05,185.08 crore.
Even though two major players ended the day on a lower note, the rebound was driven by a general increase in investor sentiment, which was aided by firm global cues, renewed institutional buying, and easing volatility.
The enhanced risk appetite was reflected in the benchmark indices.
The recent corrective phase came to an end, and the week concluded on a solid note as the NSE Nifty rose 417.75 points (1.64 per cent) and the BSE Sensex advanced 1,346.50 points (1.62 per cent). Meanwhile, the two industries that contributed most to the creation of wealth were telecom and energy.
With a dramatic increase of Rs 55,652.54 crore, Bharti Airtel spearheaded the rally and increased its valuation to Rs 11,96,700.84 crore. The next most valuable company in the nation was Reliance Industries, whose market capitalisation increased by Rs 54,941.84 crore to Rs 20,55,379.61 crore.
Students majoring in banking and IT also took part in the uprising. While Infosys gained Rs 10,448.32 crore to reach Rs 6,24,198.80 crore, Tata Consultancy Services added Rs 40,757.75 crore, increasing its valuation to Rs 11,23,416.17 crore.
Among lenders, the State Bank of India (SBI) added Rs 10,522.9 crore to reach Rs 8,92,923.79 crore, HDFC Bank increased by Rs 9,149.13 crore to Rs 15,20,524.34 crore, and ICICI Bank increased by Rs 20,834.35 crore to Rs 9,80,374.43 crore.
Hindustan Unilever, one of the top performers, saw a slight increase of Rs 2,878.25 crore, bringing its market capitalisation to Rs 5,70,187.06 crore.
But the week wasn’t entirely good as the two companies from the top 10 experienced erosion. Bajaj Finance, which lost Rs 30,147.94 crore, fell to Rs 6,33,573.38 crore, and Life Insurance Corporation of India, which lost Rs 9,266.12 crore, caused its valuation to fall to Rs 5,75,100.42 crore.
Reliance, HDFC Bank, and Bharti Airtel continue to lead India’s valuation hierarchy, and the overall weekly gain highlights that blue-chip counters continue to anchor the market’s recovery despite the mixed performance at the bottom of the list.
IANS
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