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Mcap of top 10 companies surge by Rs 5 lakh crore; banks steal the show

HDFC Bank was the biggest gainer from the pack as its market valuation jumped Rs 1,13,516.92 crore to Rs 8,79,735.51 crore

twitter-logoPTI | February 7, 2021 | Updated 11:13 IST
Mcap of top 10 companies surge by Rs 5 lakh crore; banks steal the show
On Friday, the 30-share BSE benchmark briefly crossed the 51,000-level during the day

Reflecting the optimistic broader market sentiment, the top 10 valued domestic companies together added a whopping Rs 5,13,532.5 crore to their market valuation last week, with banking stocks stealing the limelight.

In a remarkable trading week, the BSE benchmark sensex rallied 4,445.86 points, or 9.60 per cent. On Friday, the 30-share BSE benchmark briefly crossed the 51,000-level during the day.  

HDFC Bank was the biggest gainer from the pack as its market valuation jumped Rs 1,13,516.92 crore to Rs 8,79,735.51 crore.

The valuation of the State Bank of India (SBI) zoomed Rs 99,063.86 crore to reach Rs 3,50,781.86 crore.

Also Read: Winners of Budget 2021: Five stocks that rose up to 64% since Feb 1

Shares of SBI continued to rally on Friday, jumping over 11 per cent after the company's asset quality improved substantially in the December quarter.

HDFC added Rs 61,836.61 crore to take its valuation to Rs 4,89,877.33 crore and the market capitalisation of ICICI Bank gained Rs 53,606.61 crore to Rs 4,24,379.96 crore.

The valuation of Kotak Mahindra Bank jumped Rs 53,395.91 crore to Rs 3,92,741.04 crore and that of Reliance Industries Limited by Rs 51,254.37 crore to Rs 12,19,708.39 crore.

Bajaj Finance added Rs 48,375.71 crore taking its market valuation to Rs 3,33,758.06 crore and Tata Consultancy Services witnessed a gain of Rs 16,942.01 crore to Rs 11,85,021.85 crore.

Also Read: SBI share rises 25% in 2 days; check new target price post Q3 earnings

"This week witnessed the market riding the Budget wave while finding volatility by the end of the week. The rally was led by PSU banks in hopes of privatisation, NPA restructuring, and strong quarterly results," according to Vinod Nair, Head of Research at Geojit Financial Services.

The market capitalisation of Infosys jumped Rs 13,907.56 crore to Rs 5,41,947.58 crore and that of Hindustan Unilever Limited gained Rs 1,632.94 crore to Rs 5,33,431.50 crore.

Reliance Industries Limited was leading the chart of the top-10 valued domestic companies followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Kotak Mahindra Bank, State Bank of India and Bajaj Finance Limited.

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