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The most valuable firms in India saw their total market capitalization rise by Rs. 2.15 lakh crore last week, with Bharti Airtel the largest beneficiary, driven by an improved risk outlook and a revival in investor sentiment.
Among the 10 most valuable companies in India, nine saw their market capitalization rise. The leader of the pack was Bharti Airtel, which saw its market capitalization rise by Rs. 57,123.42 crore to Rs. 12.30 lakh crore.
The major gainers’ list is led by Reliance Industries which added Rs. 22,464.02 crore, taking its valuation to Rs. 17.72 lakh crore. Bajaj Finance saw its market capitalization rise by Rs. 26,553.71 crore to Rs. 5.99 lakh crore.
State Bank of India gained Rs. 16,753.57 crore, lifting its valuation to Rs. 9.55 lakh crore, while Larsen & Toubro added Rs. 21,929.12 crore to reach Rs. 5.79 lakh crore.
Hindustan Unilever's market capitalization increased by Rs. 6,661.1 crore to Rs. 5.16 lakh crore. HDFC Bank added Rs. 11,948.72 crore, taking its valuation to Rs. 12.01 lakh crore. ICICI Bank also recorded gains, with its market capitalization rising by Rs. 4,724.22 crore to Rs. 9.66 lakh crore.
Tata Consultancy Services (TCS) was the only company out of the top 10 most valuable companies to see its market capitalization during the week. Tata Consultancy Services saw its valuation fall by Rs. 12,699.49 crore to Rs. 7.69 lakh crore.
Following the recent changes, Reliance Industries remains the most valuable company in India. This was followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.
Although there were gains in the stock markets' market cap week-on-week, equity benchmarks closed on a losing note on Friday, June 19, bringing an end to their five-day winning run. The selloff came on the back of poor performance from information technology shares amid a downgraded sales growth outlook for Accenture.
Sensex slumped by 607 points, a 0.78% decline to 76,802.90, the Nifty 50 Index ended down 154.90 points, or a 0.64% decline, to end at 24,013.10. In the course of trading in the day, the Nifty 50 index declined below 23,950 by more than 200 points, while Sensex declined below 76.
Also Read: TCS Crashes 9% to Rs. 2,229 as AI Fears Trigger IT Stock Selloff
According to Ponmudi R, CEO of Enrich Money, Indian equities benefited from an improving global risk environment, softer crude oil prices and easing geopolitical tensions.
He noted that while discussions are still ongoing and agreements have not been fully implemented, the reduction in geopolitical uncertainty has significantly improved investor sentiment and supported the market's recent recovery.
