4 top-valued firms add Rs 1.43 lakh crore in market cap last week
Mumbai, Aug 9 (IANS) The combined market valuation of four of India’s 10 most valued companies jumped by nearly Rs 1.43 lakh crore last week, led by State Bank of India (SBI), even as six other firms in the top-10 pack witnessed a combined erosion of around Rs 1.23 lakh crore in market capitalisation.
The gains came as the benchmark indices ended the week higher despite heightened volatility. The Sensex rose 404.53 points, or 0.51 per cent, while the Nifty gained 187.05 points, or 0.76 per cent during the week.
Experts said that markets ended the week with modest gains despite heightened volatility, as investors navigated the roll-out of the new Closing Auction Session (CAS) framework for F&O stocks, the Reserve Bank of India’s monetary policy decision, and lingering geopolitical uncertainties.
Among the top-10 most valued firms, State Bank of India emerged as the biggest gainer, with its market capitalisation increasing by Rs 63,922.03 crore to Rs 10,11,721.84 crore. The strong increase pushed SBI further up the ranking of India’s most valuable companies.
Reliance Industries added Rs 32,816.4 crore to its valuation, taking its market capitalisation to Rs 18,01,925.19 crore.
Tata Consultancy Services (TCS) saw its valuation rise by Rs 31,875.35 crore to Rs 8,87,770.13 crore.
The market capitalisation of Larsen & Toubro also increased by Rs 14,637.76 crore to Rs 5,56,482.45 crore.
On the other hand, Life Insurance Corporation of India (LIC) recorded the biggest decline among the laggards, with its market valuation falling by Rs 40,543.23 crore to Rs 4,96,891.82 crore.
Bajaj Finance saw its market capitalisation decline by Rs 37,168.96 crore to Rs 6,73,648.55 crore, while HDFC Bank lost Rs 24,183.16 crore from its valuation, which stood at Rs 11,27,967.47 crore.
The market capitalisation of ICICI Bank declined by Rs 9,507.67 crore to Rs 10,20,370.63 crore, while Bharti Airtel witnessed an erosion of Rs 7,581.65 crore, taking its valuation to Rs 12,22,423.98 crore.
Hindustan Unilever was another laggard, with its market capitalisation declining by Rs 4,793.16 crore to Rs 4,88,808.97 crore.
–IANS
pk