Six of the Top 10 Firms Add Rs 1.18 Lakh Crore in Market Value: HDFC Bank Leads

Mumbai: The Indian stock market witnessed strong bullish momentum last week as six of the top 10 most valuable companies collectively added Rs 1,18,151.75 crore to their market capitalization.

The surge was largely driven by positive investor sentiment, steady buying in banking and telecom stocks, and favorable global cues.

HDFC Bank and Bharti Airtel Lead Market Gains

HDFC Bank emerged as the biggest gainer, with its market capitalization soaring by Rs 32,639.98 crore, reaching an impressive Rs 13,25,090.58 crore. Bharti Airtel followed closely, adding Rs 31,003.44 crore to take its total valuation to Rs 9,56,205.34 crore.

These gains highlight the continued investor confidence in banking and telecom sectors, which have shown strong business performance and growth prospects.

Bajaj Finance also saw a significant boost, with its market value increasing by Rs 29,032.08 crore, bringing its total valuation to Rs 5,24,312.82 crore. IT major Infosys recorded gains of Rs 21,114.32 crore, pushing its market capitalization to Rs 7,90,074.08 crore.

Meanwhile, ICICI Bank saw a moderate increase of Rs 1,384.81 crore, reaching Rs 8,87,632.56 crore.

Sensex and Nifty Maintain Upward Momentum

During the last trading week, the benchmark Sensex rose by 354.23 points (0.45%), while the Nifty index climbed by 77.8 points (0.33%). The rally was fueled by encouraging domestic economic indicators, positive corporate earnings, and strong buying activity in key sectors.

Market Losers: ITC, Hindustan Unilever, TCS, and SBI See Declines

While six of the top 10 companies recorded gains, four firms faced a downturn in their market capitalization.

• ITC witnessed the steepest decline, shedding Rs 39,474.45 crore, bringing its total valuation down to Rs 5,39,129.60 crore.
• Hindustan Unilever (HUL) also suffered losses, dropping Rs 33,704.89 crore to Rs 5,55,361.14 crore.
• Tata Consultancy Services (TCS), India’s largest IT services firm, saw a decline of Rs 16,064.31 crore, with its market cap slipping to Rs 14,57,854.09 crore.
• State Bank of India (SBI) reported a loss of Rs 25,926.02 crore in market capitalization, reducing its total valuation to Rs 6,57,789.12 crore.

Key Market Trends and Outlook

The upcoming week is expected to be crucial for global and Indian markets as investors closely monitor macroeconomic data releases and corporate earnings reports. According to analysts, the direction of the stock market will be influenced by key factors such as inflation data, industrial output figures, and global economic developments.

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Puneet Singhania, Director at Master Trust Group, stated, “The Nifty index has decisively closed above its 21-day EMA and a three-week consolidation range, confirming a shift from a negative to a positive trajectory. As long as Bank Nifty sustains above 49,700, it is likely to move towards 50,700. However, a breakdown below this level could lead to a decline towards 49,200.”