The combined market capitalization of eight of India’s 10 most valuable companies rose by Rs 1.90 lakh crore last week, with ICICI Bank emerging as the biggest gainer as shares rose, news agency PTI reported.The gains came during a strong week for markets, with the BSE Sensex rising 1,284.61 points, or 1.73%, while the NSE Nifty advanced 256.2 points, or 1%.“Indian equity markets ended a volatile week on a strong note, snapping a two-week losing streak amid improving global sentiment and supportive measures from the Reserve Bank of India (RBI) aimed at attracting foreign exchange inflows,” said Ajit Mishra, Senior Vice President, Research, Religare Broking Ltd.He added that investor sentiment was also boosted by hopes for a potential peace agreement between the United States and Iran, raising expectations for an easing of geopolitical tensions and stabilization of energy markets.Among the top 10 companies, Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Bajaj Finance, Larsen & Toubro and Hindustan Unilever recorded gains, while Tata Consultancy Services (TCS) and Life Insurance Corporation of India (LIC) saw declines in market cap.
ICICI Bank registered the largest increase, adding Rs 56,223 crore to take its market capitalization to Rs 9,61,297.77 crore.HDFC Bank’s valuation rose by Rs 38,571.11 crore to Rs 11,89,314.42 crore, while State Bank of India gained Rs 36,137.87 crore, taking its valuation to Rs 9,38,661.50 crore.Bajaj Finance added Rs 18,366.57 crore to Rs 5,71,947.54 crore, while Bharti Airtel’s market capitalization rose by Rs 14,380.14 crore to Rs 11,10,530.63 crore.Larsen & Toubro’s valuation rose by Rs 13,241.39 crore to Rs 5,57,197.83 crore, while Hindustan Unilever added Rs 10,984.34 crore to Rs 5,09,285.65 crore.Reliance Industries also saw its valuation rise by Rs 2,097.54 crore to Rs 17,49,418.94 crore.TCS, on the other hand, lost Rs 13,296.47 crore in market cap, taking its valuation to Rs 7,82,049.62 crore. LIC’s market cap fell by Rs 822.25 crore to Rs 5,05,051.07 crore.Reliance Industries retained its position as India’s most valuable company, followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever and LIC.