ICICI Bank and Tata Consultancy Services (TCS) topped the chart of the biggest six of the top 10 companies in India by cumulatively adding Rs 91,629.38 crore in market valuation last week. Market on was on a bull run last week despite Monday being the Gurpurab holiday. The BSE Sensex stock market index rallied 929.83 points in the past week, surging around 2.10 per cent.
The biggest companies in terms of market valuation, including Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), Hindustan Unilever Ltd (HUL), Infosys, ICICI Bank and Bharti Airtel, recorded gains in their m-caps.
The laggard companies, which witnessed decline in total market capitalisation, were HDFC Bank, HDFC, Kotak Mahindra Bank and Bajaj Finance. Among the gainers, ICICI Bank's m-cap surged by Rs 20,272.71 crore, taking its overall valuation to Rs 3,46,497.75 crore. TCS m-cap zoomed by Rs 17,579.92 crore to Rs 10,22,900.07 crore; Bharti Airtel's m-cap surged Rs 16,694.01 crore to Rs 2,69,449.98 crore.
Other companies that saw a surge in m-cap were Infosys (Rs 14,524.89 crore) and HUL (Rs 11,970.99 crore). Mukesh Ambani-led Reliance Industries saw its valuation going up by Rs 10,586.86 crore to Rs 12,34,003.83 crore.
Among the laggards, HDFC Bank's m-cap declined by Rs 30,589.19 crore to Rs 7,62,747.36 crore. HDFC's valuation dipped by Rs 1,803.38 crore to reach Rs 4,04,192.73 crore and that of Bajaj Finance declined by Rs 1,708.34 crore to Rs 2,93,758.31 crore.
The Reserve Bank of India (RBI) last week asked HDFC Bank's board to examine lapses and fix accountability over frequent outages in its digital payment services. The central bank has also forbidden India's largest private lender from adding new credit card customers or going ahead with its digital innovations. This influenced a drop in its stock price.
The market capitalisation of Kotak Mahindra Bank tanked Rs 11,037.31 crore to Rs 3,65,448.53 crore. In the ranking of top-10 firms, RIL continued to sit at the top position followed by TCS, HDFC Bank, HUL, Infosys, HDFC, Kotak Mahindra Bank, ICICI Bank, Bajaj Finance and Bharti Airtel.
With PTI inputs