Top 10 Most-Valued Firms Gain Over Rs 53,000 Crore In Market Cap, Led By HDFC Bank, SBI
On a remarkable trading day, India's benchmark stock indices witnessed their best performance since September 20, largely fueled by the upward movement of bank stocks. This surge saw the top 10 most-valued firms in India collectively gaining over Rs 53,448 crore in market capitalization.
Leading the charge were HDFC Bank and the State Bank of India (SBI), which emerged as the top contributors to this significant increase in market valuation. HDFC Bank alone added Rs 30,056 crore to its market cap, reaching Rs 13.4 lakh crore, while SBI contributed an additional Rs 16,064 crore, bringing its market cap to Rs 7.56 lakh crore.
Other notable firms that experienced impressive growth included ICICI Bank, which gained Rs 10,145 crore to achieve a market cap of Rs 9.1 lakh crore. Reliance Industries Ltd. also made its mark by adding approximately Rs 7,239 crore to its market cap, totaling Rs 17.7 lakh crore.
However, not all firms fared well during this session. ITC Ltd. and Infosys Ltd. were among the biggest losers, with declines of nearly Rs 4,565 crore and Rs 4,422 crore, respectively. Other firms such as Bharti Airtel, Larsen & Toubro, and Hindustan Unilever also recorded losses.
Despite the losses of some firms, Reliance Industries continued to hold the title of the most-valuable firm in India, followed closely by Tata Consultancy Services, HDFC Bank, Airtel, ICICI Bank, Infosys, SBI, Hindustan Unilever, ITC, and HCL Technologies.
The rise in banking stocks played a crucial role in uplifting India's benchmark indices towards the end of the trading session. The NSE Nifty 50 finished 0.91% higher, gaining 217.95 points and closing at 24,213.30. Meanwhile, the BSE Sensex ended up 0.88%, increasing by 694.39 points to reach 79,476.63. Intraday fluctuations saw both indices dip by as much as 0.6%, highlighting a day of volatility.
Looking ahead, market participants are focused on the outcome of the upcoming US elections, with experts suggesting that results favorable to the Republicans may influence US yields and investment dynamics.
Market, Valuation, Banking