HDFC Bank and Bharti Airtel emerged as the biggest gainers among India’s 10 most valuable companies
NEW DELHI: Despite a weak week for benchmark indices, four of India’s 10 most valuable companies added nearly Rs 93,000 crore to their combined market capitalization, led by strong gains in HDFC Bank and Bharti Airtel.The combined valuation of Reliance Industries, HDFC Bank, Bharti Airtel and Life Insurance Corporation of India (LIC) rose by Rs 92,995.48 crore during the week, while the remaining six companies in the top 10 group together lost Rs 49,294.13 crore in market cap.
Performance of four winners
- HDFC Bank emerged as the biggest gainer, with its market capitalization increasing by Rs 35,808.09 crore to Rs 12.69 lakh crore.
- Bharti Airtel followed closely behind, adding Rs 34,896.92 crore to take its valuation to Rs 11.99 lakh crore.
- LIC’s market cap rose by Rs 16,065.5 crore to Rs 5.60 lakh crore.
- Reliance Industries added Rs 6,224.97 crore, retaining its position as India’s most valuable listed company with a market capitalization of Rs 17.71 lakh crore.
Laggards
Hindustan Unilever registered the biggest decline among the top 10 companies, with its valuation falling by Rs 12,088.65 lakh crore to Rs 5.05 lakh crore.Larsen & Toubro lost Rs 11,040.23 crore in market capitalization, while Tata Consultancy Services (
TCS
) saw its valuation fall by Rs 8,574.87 crore. Bajaj Finance lost Rs 7,813.58 crore, followed by ICICI Bank, whose market capitalization fell by Rs 6,315.32 crore.
State Bank of India also saw a decline of Rs 3,461.48 crore during the week.Meanwhile, the stock market ended the week in negative territory amid renewed geopolitical concerns and rising crude oil prices. The BSE Sensex fell by 194.52 points, or 0.25%, while the NSE Nifty fell by 63.95 points, or 0.26%.Markets started the week on a firm footing, supported by lower crude oil prices, encouraging Q1 business updates, favorable seasonal advance and widespread buying, said Ajit Mishra, Senior Vice President (Research) at Religare Broking.
However, sentiment weakened mid-week after tensions between the United States and Iran escalated, leading to a sharp sell-off before benchmark indices recovered a significant portion of their losses over the last two trading sessions, he added.