It seems the top 10 Indian companies based on market capitalisation had early Diwali at the Dalaal street as eight of the firms added Rs 1.69 trillion in market capitalisation last week. The rally was led by India's most valued firm Tata Consultancy Services (TCS) and State bank of India.
Last Friday was comparatively better for the Sensex as it surged close to 5 per cent or 1,662.34 points to reach 35,011.65. The rally was attributed to a strong broader market that drove the market capitalization (m-cap) of the eight blue-chip Indian companies, including ICICI Bank, HDFC and RIL, higher by Rs 1,69,865.11 crore.
The valuation of the Mumbai-based TCS reported a jump in the market valuation by Rs 41,351.28 crore to Rs 7,16,630.43 crore. Similarly, the market cap of government-owned State Bank of India (SBI) soared Rs 33,333.33 crore to Rs 2,54,752.35 crore.
India's biggest private bank, ICICI Bank, performed well last week where its valuation took an upside of Rs 25,271.12 crore to close at Rs 2,28,030.59 crore on Friday. Furthermore, the HDFC Bank also witnessed a sharp increase in its valuation by Rs 20,763.9 crore to Rs 3,12,970.02 crore.
Additionally, the numbers looked exciting for the other blues chips as well; the m-cap of Mukesh Ambani led Reliance Industries Ltd (RIL) went up Rs18,730.2 crore to Rs 6,80,910.61 crore. Hindustan Unilever Ltd (HUL) also joined the rally with its m-cap going up by Rs 15,834.4 crore to Rs 3,53,617.05 crore.
One of the leading Indian IT giants, Infosys added Infosys added Rs 12,471.8 crore to its m-cap to reach Rs 2,89,209.72 crore and ITC leaped Rs 2,109.1 crore ahead to stand at Rs 3,45,701.22 crore. In contrast, the Kotak Mahindra Bank's m-cap tanked Rs 4,910.8 crore to Rs 2,16,133.97 crore.
TCS holds the number one spot in term of m-cap on the Dalaal street followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank. It is to be noted that the rise in oil prices and trade war initiated by the Trump administration has sent ripples across the stock markets, globally.