Market mood was buoyant after the Bharatiya Janata Party (BJP) won over 300 seats on its own out of 542 seats in the Lok Sabha elections.
Seven of the 10 most valued Indian firms together added Rs 1.42 lakh crore in market valuation last week, propelled by a broad rally in the equity markets amid the ruling BJP’s emphatic victory in the general elections. The 30-share BSE Sensex touched its lifetime (intra-day) high of 40,124.96 on Thursday, the day election results were announced.
Market mood was buoyant after the Bharatiya Janata Party (BJP) won over 300 seats on its own out of 542 seats in the Lok Sabha elections. Boosted by the upbeat trading sentiment, the cumulative market valuation of seven of the top-10 companies advanced by Rs 1,42,468.1 crore.
Reliance Industries Ltd (RIL), the country’s most valued firm, emerged as the best performer among the top-10 entities. Its market valuation zoomed by Rs 45,069.66 crore to Rs 8,47,385.77 crore for the week ended Friday. SBI was the second best performer, adding Rs 31,816.24 to its market capitalisation (m-cap) to reach Rs 3,16,466.72 crore.
The m-cap of ICICI Bank climbed Rs 26,586.43 crore to Rs 2,78,269.34 crore and that of HDFC advanced Rs 23,024.22 crore to Rs 3,66,235.80 crore. Kotak Mahindra Bank gained Rs 10,157.84 crore to reach Rs 2,88,981.46 crore.
The market cap of Hindustan Unilever Ltd (HUL) rose by Rs 2,911.52 crore to Rs 3,78,650.09 crore and that of HDFC Bank went up by Rs 2,902.17 crore to Rs 6,46,462.22 crore. In contrast, the valuation of Tata Consultancy Services (TCS) dropped by Rs 17,523.6 crore to Rs 7,69,107.53 crore and that of ITC slipped Rs 13,791 crore to Rs 3,55,684.20 crore.
The m-cap of Infosys fell by Rs 6,269.42 crore to Rs 3,09,953.84 crore. In the ranking of top-10 firms, RIL was placed at the number one position, followed by TCS, HDFC Bank, HUL, HDFC, ITC, State Bank of India (SBI), Infosys, Kotak Mahindra Bank and ICICI Bank.