Indian equity markets saw a significant rise last week, boosting the combined market value of eight of the top-10 most valued companies by a massive Rs 4,13,003.23 crore. This surge was primarily driven by strong performances from banking giants HDFC Bank and ICICI Bank. The market sentiment was positive, leading to substantial gains in benchmark indices, with the Sensex climbing 4,230.7 points and the Nifty rising by 1,337.5 points during the week.
The optimism in the market was fueled by a temporary US-Iran ceasefire, as mentioned by Ajit Mishra of Religare Broking Limited. However, uncertainties related to geopolitical issues limited the pace of gains towards the end of the week. The drop in crude oil prices below $100 also played a role in easing domestic concerns and supporting a broad-based recovery in equities.
HDFC Bank emerged as the top gainer, adding Rs 91,282.67 crore to its market capitalization, reaching Rs 12,47,478.57 crore. Following closely, ICICI Bank’s valuation surged by Rs 76,036.36 crore to Rs 9,46,741.85 crore. Bajaj Finance, Larsen & Toubro, Bharti Airtel, and State Bank of India also experienced significant increases in their market values.
In contrast, Infosys witnessed a decline in its market capitalization, while Reliance Industries saw a marginal erosion. Despite this, Reliance Industries maintained its position as India’s most valued company, with HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, and Tata Consultancy Services following suit.
