Market valuation of 7 Indian firms skyrocketed by ₹59,404 crore
In a week shortened by the Eid-Ul-Fitr holiday, seven of India's ten most valued firms witnessed a combined market valuation surge of ₹59,404.85 crore. Bharti Airtel and ICICI Bank led this significant increase despite the markets being closed on Thursday for the holiday. This rise follows a slight drop in Sensex by 3.32 points following a record-breaking rally the previous week.
Bharti Airtel and ICICI Bank lead m-cap rise
Bharti Airtel's market valuation saw a significant leap of ₹19,029.37 crore, reaching a total of ₹6,92,861.27 crore. ICICI Bank also experienced substantial growth with its valuation increasing by ₹15,363.23 crore to hit ₹7,75,447.63 crore. These two firms led the charge in the overall surge in market valuation among India's top companies during the holiday-shortened week.
Other top firms that witnessed the increase
Several other firms also experienced an increase in their market valuation. Reliance Industries' valuation rose by ₹10,250.02 crore to reach ₹19,85,797.70 crore, while TCS's increased by ₹7,507.53 crore to hit ₹14,47,343.55 crore. ITC and Infosys also saw their m-cap rise significantly during the week. ITC's mcap surged by ₹2,809.06 crore to reach ₹5,36,967.87 crore while Infosys climbed by ₹2,303.73 crore to stand at ₹6,16,424.57 crore. Meanwhile, State Bank of India (SBI) saw an increase of ₹2,141.91 crore, reaching ₹6,84,294.62 crore.
Not all firms experienced growth
Despite the overall surge, not all firms experienced a rise in their market valuation. HDFC Bank's m-cap dropped by ₹23,170.58 crore to ₹11,53,894.76 crore, and the valuation of Life Insurance Corporation of India (LIC) fell by ₹13,440.62 crore to ₹6,14,252.15 crore. Hindustan Unilever also saw a decrease in its mcap by ₹8,153.08 crore to reach ₹5,24,663.73 crore during the week.