As per PTI, the combined market valuation of the top 10 most valued firms jumped ₹1.88 lakh crore last week.
Becoming the best performer last week, HDFC Bank’s market value jumped by ₹32,600.19 crore — totaling around ₹9,51,584.36 crore.
HDFC Bank has successfully merged HDFC under its ambit with effect from July 1, 2023. Further, as part of the merger, HDFC Bank will issue and allot to eligible shareholders 42 new equity shares of the face value of Re 1/- each, credited as fully paid-up, for every 25 equity shares of the face value of ₹2 each fully paid-up held by such shareholder in HDFC as on the Record Date i.e., July 13, 2023.
Going ahead, TCS’ market cap soared by ₹30,388.43 crore, totaling ₹12,07,669.91 crore by the end of June 30, 2023. Also, its peer Infosys witnessed an upside of ₹28,862.38 crore in market value to ₹5,54,091.27 crore.
Mukesh Ambani’s Reliance Industries also recorded a significant surge of ₹23,984.28 crore, taking its market value to ₹17,25,704.60 crore. Heavyweight RIL continues to be the largest firm in India in terms of market share.
Just like HDFC Bank, due to the merger updates, HDFC’s market cap also advanced by ₹19,050.56 crore to ₹5,22,368.64 crore. Further, leading public sector lender, State Bank of India (SBI) followed with market cap soaring by ₹16,153.55 crore to ₹16,153.55 crore.
Also, Bharti Airtel’s market cap zoomed by ₹12,353.29 crore to ₹4,90,063.76 crore, while ITC’s market value rose by ₹8,699.61 crore to ₹5,61,311.42 crore.
FMCG giant Hindustan Unilever’s market cap jumped by ₹8,517.26 crore to ₹6,29,314.52 crore, and that of ICICI Bank grew by ₹7,441.27 crore totaling to ₹6,53,704.04 crore.
Last week, on Friday, Sensex ended at 64,718.56, higher by 803.14 points or 1.26%, while Nifty 50 surged by 216.95 points or 1.14% to end at 19,189.05.
In the week from June 26th to 30th, Sensex rallied by 1,658.59 points or 2.63%, and Nifty 50 zoomed by 511.60 points or 2.74%. Further, both Sensex and Nifty 50 hit a new lifetime high of 64,768.58 and 19,201.70 respectively.
Talking about the market’s performance, Ajit Mishra, SVP – Technical Research, at Religare Broking said, “Markets finally made a decisive move and reclaimed their record high after seven months. The tone was positive from the beginning, which further strengthened as the week progressed. Consequently, both benchmark indices, Nifty and Sensex, crossed the new milestone- 19,000 and 64,000 respectively and settled around the week’s high as well.”
In sync with the benchmark, Mishra added, “All sectors ended in the green and posted strong gains wherein pharma, auto, IT, and financials were among the top performers. The broader indices also inched higher and rose in the range of 2%-3%.”
Overall, in terms of market share, rank-wise, RIL is the most valued firm followed by TCS and HDFC Bank at the second and third spot. The three are followed by ICICI Bank, Hindustan Unilever, ITC, Infosys, HDFC, SBI, and Bharti Airtel.
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Updated: 02 Jul 2023, 06:38 PM IST