Dalal Street’s weekly closing values were higher than the previous week’s close due to positive impact from solid GST collections and easing global rate expectations.
Six of India’s ten most valued companies together added more than Rs 1 lakh crore in market capitalisation last week, as the BSE Sensex rose 663.44 points (0.86%) and the Nifty gained 214.85 points (0.89%). According to Ajit Mishra, SVP of Research at Religare Broking, the rally was supported by solid domestic macroeconomic indicators, robust GST collections, and improving industrial activity, with softer-than-expected US labour data further boosting sentiment around a more accommodative global monetary policy.
Biggest Gainers
The leading gainer overall was Bharti Airtel, which gained ₹36,529.21 crore, to have a total market capitalisation of ₹11,63,877.30 crore. Next, Bajaj Finance gained ₹33,059.83 crore to reach total market capitalisation of ₹6,43,141.36 crore. ICICI Bank added ₹16,084.29 crore to reach a total market capitalisation of ₹10,11,695.03 crore, LIC gained ₹8,601.99 crore to rate its total market capitalisation = ₹5,44,139.55 crore, HDFC Bank gained ₹7,664.89 crore, Hindustan Unilever gained ₹6,461.38 crore.
Where the Losses Came From
Among the top 10 companies, Larsen & Toubro experienced the largest loss; it lost ₹26,572.2 crore to have a total market capitalisation of ₹5,53,978.63 crore. Reliance Industries saw a loss of ₹18,945.56 crore resulting in a total market capitalisation of ₹17,64,981.36 crore, while State Bank of India and Tata Consultancy Services also recorded losses for the week.
Rankings Hold Steady
Despite declining market values during the week, Reliance Industries remained the most valuable company in India, along with other companies that have the same ranking based on market cap including HDFC Bank, Bharti Airtel, ICICI Bank, SBI, TCS, Bajaj Finance, Larsen & Toubro, and Hindustan Unilever.
