Last week the stock market functioned only for four days. Generally the market remains sluggish on short trading days, but this time the story was completely different. Six out of the country’s 10 largest companies have given excellent returns to their investors. A spectacular increase of Rs 88,678 crore has been recorded in the total market value (market capitalization) of these six big companies. This huge amount has increased the wealth of investors who invested money in the shares of these companies. In this entire boom, the banking sector remained at the forefront, where ICICI Bank earned the highest profit. However, in this market, investors of some companies like Airtel, LIC and TCS also felt disappointed.
Banking shares soared to their highest level
In this short trading week, investors expressed maximum confidence in banks. ICICI Bank got the biggest benefit from this. There was a huge jump of Rs 29,588.75 crore in the market value of the bank, due to which its total market cap increased to the level of Rs 9,95,610.74 crore. This is the biggest growth in the list of top 10 companies. Right behind it was HDFC Bank, the country’s largest private bank. Its valuation increased by Rs 24,718.30 crore. At the same time, public sector giant State Bank of India (SBI) also did not disappoint the investors. SBI’s market cap increased by Rs 9,322.93 crore to Rs 9,64,738 crore.
Reliance’s dominance continues in the market
Mukesh Ambani led Reliance Industries continues to dominate the stock market. The company’s market cap increased by Rs 12,043.96 crore during the week. Now the total market cap of Reliance has reached Rs 17,83,926.92 crore, with which it is firmly sitting on the chair of the most valuable company in the country. Apart from this, Bajaj Finance gained a handsome Rs 11,580.28 crore, while the valuation of infrastructure giant Larsen & Toubro (L&T) also increased by Rs 1,423.88 crore.
Losses from telecom to IT sector
While on one side there was celebration in the stock market, on the other side some big names fell flat. There was a big decline in the valuation of a total of four companies. Telecom giant Bharti Airtel had to suffer the heaviest loss. There was a direct dent in Airtel’s market cap by Rs 35,615.21 crore. The value of government insurance company LIC also decreased by Rs 21,188.74 crore. Along with this, the country’s largest IT company TCS suffered a loss of Rs 11,143.71 crore and the big FMCG company Hindustan Unilever (HUL) suffered a loss of Rs 5,321.83 crore.
Foreign investors changed the market trend
In this four-day trading session, major indices also closed firmly in the green. BSE’s Sensex closed with a jump of 297.57 points (0.38 percent), while NSE’s Nifty also managed to gain 42.90 points (0.17 percent). Market experts believe that the decline in international crude oil prices has given great relief to the Indian market. Along with this, the improving conditions in West Asia and selective buying by foreign institutional investors (FIIs) provided important support to this rise.
Disclaimer: This article is for information only and should not be considered as investment advice in any way. TV9 Bharatvarsha advises its readers and viewers to consult their financial advisors before taking any money-related decisions.
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