SBI, ICICI Bank drive ₹1 lakh crore market cap surge of six of top-10 most valued companies

The combined market capitalisation of six of the top-10 most-valued companies soared by more than ₹1 lakh crore last week, which saw a special Diwali Muhurat Trading session on November 1. Last week, the benchmark BSE Sensex rose 321.83 points, or 0.40%. 

Despite last week's gains, the Sensex and Nifty 50 are still down 7.5% from their record high levels.

The combined market valuation of six of the top-10 firms in India jumped by ₹1,07,366.05 crore last week, with State Bank of India (SBI) and ICICI Bank being the biggest gainers, PTI reported.

The market capitalisation of Reliance Industries, ICICI Bank, SBI, ITC, Hindustan Unilever (HUL), and Life Insurance Corporation of India (LIC) witnessed a jump, while that of Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, and Infosys faced erosion.

SBI’s market-cap increased ₹36,100.09 crore to ₹7,32,755.93 crore, and ICICI Bank’s m-cap rose ₹25,775.58 crore to ₹9,10,686.85 crore, the PTI report said.

The state-run insurance giant LIC added ₹16,887.74 crore to its valuation to ₹5,88,509.41 crore, while Reliance Industries’ m-cap soared ₹15,393.45 crore to ₹18,12,120.05 crore.

Cigarette-to-hotels conglomerate ITC’s market capitalisation jumped ₹10,671.63 crore to ₹6,13,662.96 crore and the valuation of HUL climbed ₹2,537.56 crore to ₹5,96,408.50 crore.

Market Cap Losers

On the contrary, the mcap of Infosys declined ₹38,054.43 crore to ₹7,31,442.18 crore and that of Bharti Airtel tanked ₹27,299.54 crore to ₹9,20,299.35 crore. TCS eroded market value of ₹26,231.13 crore to ₹14,41,952.60 crore and HDFC Bank’s m-cap declined ₹3,662.78 crore to ₹13,26,076.65 crore.

Reliance Industries remained the most valuable firm of the country followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, ITC, Hindustan Unilever and LIC.

(With inputs from PTI)