July 14th 2024.
Last week, the stock market saw a significant rise in the total value of the top-10 most valuable companies, with a whopping increase of Rs 1,72,225.62 crore. The star performer of the week was none other than the IT giant Tata Consultancy Services, which stole the show with its impressive growth. This surge in the market can be attributed to the overall positive trend in the equities sector.
The BSE benchmark also witnessed a jump of 522.74 points or 0.65 per cent. The 30-share BSE Sensex, in particular, had a remarkable week, gaining 622 points or 0.78 per cent and closing at a record high of 80,519.34 on Friday. In fact, during the trading hours, it even touched a new all-time high of 80,893.51, recording a surge of 996.17 points or 1.24 per cent.
Tata Consultancy Services, being the market leader in the IT services sector, saw a massive increase in its market capitalisation, rising by Rs 62,393.92 crore to reach a total value of Rs 15,14,133.45 crore. This was largely due to the company's impressive financial results, where it reported a growth of 8.7 per cent in its net profit for the June quarter, amounting to Rs 12,040 crore.
Other top companies also saw a significant rise in their market value. ITC, for instance, added Rs 31,858.83 crore to its market capitalisation, bringing it up to Rs 5,73,258.78 crore. Similarly, Infosys recorded a jump of Rs 26,905.14 crore, taking its market value to Rs 7,10,827.27 crore. Life Insurance Corporation of India also saw a significant increase of Rs 22,422.12 crore, making its total market capitalisation reach Rs 6,64,947.01 crore.
Hindustan Unilever, another major player in the market, had a good week as well, with its market valuation surging by Rs 17,668.92 crore and reaching a total of Rs 6,16,156.81 crore. Reliance Industries, which is known for its diverse business interests, also saw a rise of Rs 9,066.19 crore in its market capitalisation, bringing it up to Rs 21,60,628.75 crore.
However, not all companies experienced a positive trend. HDFC Bank's market value saw a decline of Rs 18,069.29 crore, leading to a total valuation of Rs 12,35,825.35 crore. Similarly, State Bank of India and ICICI Bank also saw a decrease in their market capitalisation by Rs 356.99 crore and Rs 210.5 crore respectively.
At the end of the week, Reliance Industries remained the most valued company, followed by Tata Consultancy Services, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, Life Insurance Corporation of India, Hindustan Unilever, and ITC. This was a clear indicator of the strong performance of the IT sector in the market, as well as the overall bullish trend in the equities market.
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