Combined market valuation of seven of the 10 most valuable firms climbed 1,01,043.69 crore last week, PTI reported.
RIL’s market cap increased last week 37,581.61 crore to stand at 16,46,182.66 crore as on 7 October, while Tata Group-backed TCS’ Market hat rose 22,082.37 crore – Overall 11,21,480.95 crores.
Billionaire Mukesh Ambani-backed RIL has maintained its leadership position of being the most valuable company in terms of market share. TCS Currently holds second place.
Besides this, the market cap of Infosys climbed 16,263.25 crore last week 6,10,871.36 crore, while ICICI Bank followed with an increase of Rs. 13,433.27 Cr to 6,14,589.87 crore valuation as on 7 October. Besides, HDFC twins also registered a jump in their valuations with NBFC-giant HDFC. 6,733.19 crore in market cap 4,22,810.22 crore and the market cap of the largest private banker HDFC Bank is increasing 4,623.07 crore to stop at 7,96,894.04 crores.
Lastly, Bajaj Finance’s market cap also increased 326.93 cr to come 4,44,563.66 crores.
On the other hand, FMCG-giant Hindustan Unilever (HUL) was the top laggard among companies whose market cap declined. HUL’s market cap fell 23,025.99 crore 6,10,623.53 crores.
Meanwhile, valuations of Bharti Airtel and State Bank of India (SBI) declined. 3,532.65 crore and To stand at 624.73 crores 4,41,386.80 crore and 4,73,316.78 crores respectively.
In the list of top 10 most valuable companies, RIL has topped the list, followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, SBI, Bajaj Finance, Bharti Airtel and HDFC.
Overall the market cap of these top 10 companies is 71,82,719.87 as of 7 October
Investors’ wealth increased by almost 3,76,944.94 crore last week, as the market capitalization of the total firms listed on BSE jumped 2,75,61,546.77 crore as on 7 October as compared to a market cap of Rs. 2,71,84,601.83 crore as on 30th September, 2022.
On Friday, the Sensex closed at 58,191.29, down 30.81 points or 0.05%. The Nifty 50 closed at 17,314.65, down 17.15 points or 0.1%.
The markets had only four trading days between October 3 and 7. Markets remained closed on October 5 due to Dussehra festival.
Commenting on last week’s market performance, Shrikant Chauhan, Head, Equity Research (Retail), Kotak Securities, said, “All key sectors turned positive over the last week, with metals, realty and capital goods being the major gainers. Nifty Index, ONGC (+ 5%), Coal India (+7.6%), and JSW Steel (+4.9%) were the top gainers, while Eicher Motors (-5%), Adani Enterprises (-5.8%) and Hindustan Unilever (-3.5%). ) On the economy front, (1) GST collection for August (collected in September) was Rs 1,477 billion (July: Rs 1,436 billion) (2) September exports contracted 3.5% year-on-year, and (3) September imports grew 5.4% year-on-year. FPIs were net sellers in the last five trading sessions, while DIIs were net buyers in the same period.”
Further, Vinod Nair, Head of Research, Geojit Financial Services, said, “Ahead of the release of US jobs data, the domestic market traded with cuts in line with their global counterparts. Higher than anticipated job figures are headed towards the market. decline because it could give the Fed more reason to focus on inflation. Following the OPEC+ supply cut announcement, crude oil prices have continued to rise, despite scathing comments from Fed officials. As a result the rupee has hit a new low.”
Markets are expected to remain volatile while keeping an eye on macroeconomic conditions and investors preparing for Q2 earnings season.
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