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April 28, 2024

Market Cap of Top Firms Surges by Rs 1.30 Trillion; SBI and ICICI Bank Lead Gains

Last week witnessed a significant surge in the combined market valuation of the top six firms in India, with State Bank of India (SBI) and ICICI Bank leading the pack. The total market capitalization of these six firms soared by Rs 1,30,734.57 crore, reflecting an overall positive trend in the equity market.

The BSE benchmark rose by 641.83 points or 0.87 percent during the same period, contributing to the upswing in market valuations. Notably, the market valuation of State Bank of India witnessed a robust rally, surging by Rs 45,158.54 crore to reach Rs 7,15,218.40 crore. Meanwhile, ICICI Bank’s market capitalization rose by Rs 28,726.33 crore, reaching Rs 7,77,750.22 crore.

Bharti Airtel and ITC also experienced significant gains, with their market valuations increasing by Rs 20,747.99 crore and Rs 18,914.35 crore, respectively. Bharti Airtel’s market cap reached Rs 7,51,406.35 crore, while ITC’s valuation stood at Rs 5,49,265.32 crore.

Life Insurance Corporation of India (LIC) and Infosys also saw upward movements in their market capitalization, with LIC advancing by Rs 9,487.5 crore to Rs 6,24,941.40 crore, and Infosys going up by Rs 7,699.86 crore to Rs 5,93,636.31 crore.

However, Reliance Industries experienced a decline in its market capitalization by Rs 26,115.56 crore, reaching Rs 19,64,079.96 crore. HDFC Bank also witnessed a dip, with its market cap falling by Rs 16,371.34 crore to Rs 11,46,943.59 crore.

Tata Consultancy Services (TCS) and Hindustan Unilever Limited (HUL) also registered decreases in their market valuations. TCS’s market cap went down by Rs 5,282.41 crore to Rs 13,79,522.50 crore, while HUL’s valuation diminished by Rs 2,525.81 crore to Rs 5,21,961.70 crore.

Reliance Industries retained its position as the most valued firm among the top 10, followed by Tata Consultancy Services, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, LIC, Infosys, ITC, and Hindustan Unilever Limited.

The overall positive trend in equity markets, coupled with strong performances by leading firms, indicates a robust investor sentiment and economic outlook in the country.

Jhumpa Lahiri

Jhumpa Lahiri

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