The Indian stock market performed brilliantly last week, which directly benefited the country’s biggest companies. Amid a rise of 1,284 points in BSE Sensex and 256 points in NSE Nifty, an increase of Rs 1.90 lakh crore was recorded in the market cap of 8 of the top-10 most valuable companies. During this period, ICICI Bank was the biggest profit making company.
Last week, the market cap of ICICI Bank increased by Rs 56,223 crore to reach Rs 9.61 lakh crore. After this, the market value of HDFC Bank increased by Rs 38,571 crore to Rs 11.89 lakh crore. At the same time, the market cap of State Bank of India (SBI) increased by Rs 36,137 crore and reached Rs 9.38 lakh crore.
These companies also got benefit
Bajaj Finance’s market capitalization increased by Rs 18,366 crore, while Bharti Airtel’s market cap increased by Rs 14,380 crore. The value of Larsen & Toubro (L&T) increased by Rs 13,241 crore and the value of Hindustan Unilever (HUL) increased by Rs 10,984 crore. The market cap of the country’s most valuable company Reliance Industries also recorded an increase of Rs 2,097 crore.
Shock to TCS and LIC
While most companies gained, Tata Consultancy Services (TCS) and Life Insurance Corporation of India (LIC) suffered losses. The market cap of TCS declined by Rs 13,296 crore to Rs 7.82 lakh crore, while the value of LIC declined by Rs 822 crore to Rs 5.05 lakh crore.
Why did investors regain confidence?
According to experts, the steps taken by the Reserve Bank of India (RBI) to promote foreign exchange inflow and expectations of a possible peace agreement between America and Iran strengthened the confidence of investors. This increased the expectation of reduction in geopolitical tension at the global level and stability in the energy market, the positive effect of which was seen on the Indian stock market.
Also read- If there is peace in the world along with Hormuz, then how far can the Indian market reach?
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