Eight of the ten most valuable companies saw a rise in their combined market worth of ₹1,21,270.83 crore last week. In keeping with the remarkable surge in benchmark equity indices, Reliance Industries emerged as the largest gainer. The BSE benchmark increased by 1,027.54 points, or 1.21 percent, last week. On Friday, the 30-share BSE Sensex reached 85,978.25, its previous record high.
On the list of the most valuable companies, Reliance Industries Ltd. (RIL) remained at the top, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC, and LIC. The mcap of RIL, helmed by Mukesh Ambani, increased to ₹20,65,197.60 crore from ₹53,652.92 crore.
Top ten most valuable Indian firms’ market capitalization
At ₹7,16,333.98 crore, the State Bank of India increased its worth by ₹18,518.57 crore. The market value of Bharti Airtel surged by ₹13,094.52 crore to ₹9,87,904.63 crore, while ITC’s valuation increased by ₹9,927.3 crore to ₹6,53,834.72 crore. Tata Consultancy Services (TCS) market capitalization (mcap) increased by ₹8,592.96 crore to ₹15,59,052 crore.
The valuation of Life Insurance Corporation of India (LIC) surged to ₹6,47,616.51 crore from ₹8,443.87 crore, while that of HDFC Bank increased to ₹8,581.64 crore to ₹13,37,186.93 crore. Infosys’ market capitalization increased by ₹459.05 crore to ₹7,91,897.44 crore. ICICI Bank’s market value, however, dropped from ₹23,706.16 crore to ₹9,20,520.72 crore. Hindustan Unilever’s market capitalization decreased by ₹3,195.44 crore to ₹6,96,888.77 crore.
Review of the stock market: Sensex and Nifty performance last week
The Indian stock market ended September on an unusually high note, having rallied in an unstoppable bullish manner, mainly due to strong global cues. The US Federal Reserve’s supersized 50 basis point (bps) rate decrease, which indicated no serious concerns about the US economy or China’s monetary stimulus, propelled the market’s positive bounce.
Investors will be keenly watching major market triggers as the new month gets underway, including statistics on auto sales, domestic and global macroeconomic conditions, corporate reports for the second quarter, the board meeting of the market watchdog, main market action, foreign fund inflows, crude oil prices, and global signals. The first week of October will see a lot of activity for investors in the corporate and domestic markets.
The benchmarks for domestic equity, the Sensex and Nifty 50, set new records for six straight sessions and recorded a third straight weekly rise. The noteworthy outcome was driven by a strong surge in financial equities and metals, which have witnessed substantial buying demand in improved local and international indications.
During the first few sessions, the benchmark indices moved in a constrained range following a strong start. The indices were able to restart their upward trajectory on Thursday, though, thanks to a strong rise. The upbeat mood was aided by China’s recently announced stimulus measures and the US markets’ ongoing confidence.
The Nifty 50 index increased by 0.23 percent, setting a new record high of 26,277 in Friday’s trading before closing at 26,199, down 0.14 percent. Notably, the NSE index closed above the critical psychological threshold of 26,000 for the third consecutive day.
Comparably, the S&P BSE Sensex increased 0.16 percent to reach a new high of 85,978. It closed the session at 85,615, down 0.30 percent from the previous close, although it closed the third straight session over the 85,000 barrier. The 30-share BSE benchmark increased by 1,027.54 points, or 1.21 percent, every week, while the Nifty gained by 388 points, or 1.50 percent.
On the final day, the Nifty stabilized following a week-long rally above 25,000. We anticipate that frontline stocks will continue to fuel the market’s favorable momentum. On the sectoral front, however, as businesses announce their pre-quarterly updates next week, attention may turn to the IT and banking sectors. Next week, when OEMs release their monthly sales statistics, the auto sector will also be under the spotlight, according to Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
