Nine of top 10 firms add Rs 56,112 crore in m-cap; ONGC, Reliance Industries shine
The combined market valuation of nine of the top 10 most valued companies surged by Rs 56,112 crore last week, as the benchmark indices recorded their best gains since September 2, with ONGC and Reliance Industries Ltd (RIL) emerging as the biggest gainers.
Barring Tata Consultancy Services (TCS), which saw a market cap erosion of Rs 5,999.87 crore to Rs 4,32,197.39 crore, the remaining nine companies saw rise in their market valuations for the week ended December 9, totalling Rs 56,112.71 crore.
The market valuation of ONGC advanced by Rs 13,389.36 crore to Rs 2,62,568.3 crore, becoming the top gainer in the chart.
RIL's market valuation zoomed by Rs 10,087.57 crore, to Rs 3,32,922.08 crore, while m-cap of State Bank of India (SBI) soared by Rs 9,004.85 crore to Rs 2,06,490.48 crore.
ITC added Rs 8,968.35 crore to its market capitalisation to Rs 2,85,775.45 crore, while, market valuation of Infosys rose by Rs 5,340.38 crore to Rs 2,26,788.37 crore and HDFC added Rs 4,311.96 crore to its market worth, which then increased to Rs 2,00,822.68 crore.
The market valuation of Hindustan Unilever Ltd (HUL) rose by Rs 2,553.87 crore to Rs 1,82,840.06 crore and Coal India Ltd (CIL) added Rs 694.8 crore to its m-cap during last week, following which it stood at Rs 1,94,038.58 crore.
HDFC bank's market valuation stood at Rs 3,05,874.93 crore, registering a rise of Rs Rs 1,761.57 crore.
In terms of ranking of the top 10 firms, TCS retained its numero uno status followed by RIL, HDFC Bank, ITC, ONGC, Infosys, SBI, HDFC, CIL and HUL.
On a weekly basis, both key indices -- the Sensex and the Nifty -- recorded their best gains since September 2 by rising 516.52 points, or 1.96%, and 174.95 points, or 2.16%, respectively.
"It is a significant evidence that the market is trying to reverse its medium-term downtrend. If bulls prove their strength with sustained buying, we expect the Nifty to find momentum and test the level of 8,400," Rohit Gadia, Founder and CEO, CapitalVia Global Research said in a research note.