Seven of the 10 most valued Indian firms together added ₹1.42 lakh crore in market valuation last week, propelled by a broad rally in the equity markets amid the ruling BJP’s emphatic victory in the general elections.
The 30-share BSE Sensex touched its lifetime (intra-day) high of 40,124.96 on Thursday (May 23), the day election results were announced.
Market mood was buoyant after the Bharatiya Janata Party (BJP) won over 300 seats on its own out of 542 seats in the Lok Sabha elections.
Boosted by the upbeat trading sentiment, the cumulative market valuation of seven of the top-10 companies advanced by ₹1,42,468.1 crore.
Reliance Industries Ltd (RIL), the country’s most valued firm, emerged as the best performer among the top-10 entities. Its market valuation zoomed by ₹45,069.66 crore to ₹8,47,385.77 crore for the week ended Friday.
SBI was the second best performer, adding ₹31,816.24 to its market capitalisation (m-cap) to reach ₹3,16,466.72 crore.
The m-cap of ICICI Bank climbed ₹26,586.43 crore to ₹2,78,269.34 crore and that of HDFC advanced ₹23,024.22 crore to ₹3,66,235.80 crore.
Kotak Mahindra Bank gained ₹10,157.84 crore to reach ₹2,88,981.46 crore. The market cap of Hindustan Unilever Ltd (HUL) rose by ₹2,911.52 crore to ₹3,78,650.09 crore and that of HDFC Bank went up by ₹2,902.17 crore to ₹6,46,462.22 crore.
In contrast, the valuation of Tata Consultancy Services (TCS) dropped by ₹17,523.6 crore to ₹7,69,107.53 crore and that of ITC slipped ₹13,791 crore to ₹3,55,684.20 crore.
The m-cap of Infosys fell by ₹6,269.42 crore to ₹3,09,953.84 crore.
In the ranking of top-10 firms, RIL was placed at the number one position, followed by TCS, HDFC Bank, HUL, HDFC, ITC, State Bank of India (SBI), Infosys, Kotak Mahindra Bank and ICICI Bank.