Market cap of top 10 firms zooms over ₹5.13 lakh crore; banks steal the show
Reflecting the optimistic broader market sentiment, the top 10 valued domestic companies together added a whopping ₹5,13,532.5 crore to their market valuation last week, with banking stocks stealing the limelight.
In a remarkable trading week, the BSE benchmark sensex rallied 4,445.86 points or 9.60 per cent. On Friday, the 30-share BSE benchmark briefly crossed the 51,000-level during the day.
HDFC Bank was the biggest gainer from the pack as its market valuation jumped ₹1,13,516.92 crore to ₹8,79,735.51 crore.
The valuation of State Bank of India zoomed ₹99,063.86 crore to reach ₹3,50,781.86 crore.
Shares of State Bank of India continued to rally on Friday, jumping over 11 per cent after the company's asset quality improved substantially in December quarter.
HDFC added ₹61,836.61 crore to take its valuation to ₹4,89,877.33 crore and the market capitalisation of ICICI Bank gained ₹53,606.61 crore to ₹4,24,379.96 crore.
The valuation of Kotak Mahindra Bank jumped ₹53,395.91 crore to ₹3,92,741.04 crore and that of Reliance Industries Limited by ₹51,254.37 crore to ₹12,19,708.39 crore.
Bajaj Finance added ₹48,375.71 crore taking its market valuation to ₹3,33,758.06 crore and Tata Consultancy Services witnessed a gain of ₹16,942.01 crore to ₹11,85,021.85 crore.
"This week witnessed the market riding the Budget wave while finding volatility by the end of the week. The rally was led by PSU banks in hopes of privatisation, NPA restructuring and strong quarterly results," according to Vinod Nair, Head of Research at Geojit Financial Services.
The market capitalisation of Infosys jumped ₹13,907.56 crore to ₹5,41,947.58 crore and that of Hindustan Unilever Limited gained ₹1,632.94 crore to ₹5,33,431.50 crore.
Reliance Industries Limited was leading the chart of the top-10 valued domestic companies followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Kotak Mahindra Bank, State Bank of India and Bajaj Finance Limited.