Mcap of 7 of top 10 most valued firms rise ₹1 lakh cr; RIL, TCS top gainers

The combined market valuation of seven of the 10 most valued firms climbed 1,01,043.69 crore last week, PTI reported.

Last week, RIL’s market cap jumped by 37,581.61 crore to stand at 16,46,182.66 crore as of October 7, while the Tata Group-backed TCS’ market cap rose by 22,082.37 crore — taking the total to 11,21,480.95 crore.

The billionaire Mukesh Ambani-backed RIL has maintained its leadership position of being the most valued company in terms of market share. TCS holds the second spot currently.

Further, the market cap of Infosys climbed by 16,263.25 crore last week to 6,10,871.36 crore, while ICICI Bank followed with a rise of 13,433.27 crore to 6,14,589.87 crore valuation as of October 7. Moreover, the HDFC twins as well recorded an upside in their valuation with NBFC-giant HDFC recording an upside of 6,733.19 crore in market cap to 4,22,810.22 crore and the largest private banker HDFC Bank’s market cap surging by 4,623.07 crore to stand at 7,96,894.04 crore.

Lastly, the market cap of Bajaj Finance also advanced by 326.93 crore to come to 4,44,563.66 crore.

On the other hand, among companies whose market cap declined, FMCG-giant Hindustan Unilever (HUL) was the top loser. HUL’s market cap plummeted by 23,025.99 crore to 6,10,623.53 crore.

Meanwhile, the valuation of Bharti Airtel and State Bank of India (SBI) dipped by 3,532.65 crore and 624.73 crore to stand at 4,41,386.80 crore and 4,73,316.78 crore respectively.

In the top 10 most valued companies list, RIL takes the top spot followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, SBI, Bajaj Finance, Bharti Airtel, and HDFC.

Together, the market cap of these top 10 companies is 71,82,719.87 as of October 7.

Investors’ wealth rose by nearly 3,76,944.94 crore last week as the market cap of overall BSE-listed firms jumped to 2,75,61,546.77 crore as of October 7, compared to the market cap of 2,71,84,601.83 crore as of September 30, 2022.

On Friday, Sensex ended at 58,191.29 down by 30.81 points or 0.05%. Nifty 50 closed at 17,314.65 lower by 17.15 points or 0.1%.

Between October 3 to 7, markets had only four trading days. Markets were closed on October 5 due to the Dussehra festival.

On the past week’s market performance, Shrikant Chouhan, Head of equity research (Retail), at Kotak Securities said, “all major sectors were positive compared to the last week, with metals, realty, and capital goods being the major gainers. Within the Nifty Index, ONGC (+5%), Coal India (+7.6%), and JSW Steel (+4.9%) gained the most, while Eicher Motors (-5%), Adani Enterprises (-5.8%) and Hindustan Unilever (-3.5%) lost the most. On the economy front, (1) GST collections for August (collected in September) stood at Rs1,477 billion (July: Rs1,436 billion) (2) September exports contracted by 3.5% yoy, and (3) September imports increased by 5.4% yoy. FPIs were net sellers in the past five trading sessions, while DIIs were net buyers in the same period.”

Also, Vinod Nair, Head of Research at Geojit Financial Services said, “Prior to the release of the US jobs data, the domestic market traded with cuts in line with its global counterparts. Stronger-than-anticipated job data may lead to a market decline as it could give the Fed more reasons to focus on inflation. Following OPEC+’s announcement of supply reductions, crude prices have continued to rise, while the rupee has dropped to a fresh low as a result of hawkish remarks from Fed officials.”

Markets are expected to be volatile going forward while tracking macroeconomic conditions and investors preparing for the second quarterly earnings season.

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