June 9th 2024.
Last week, the Indian stock market saw a significant increase in the market valuation of the top 10 domestic companies. A total of Rs 3.28 lakh crore was added to their market capitalisation, with blue-chip companies like Tata Consultancy Services, Hindustan Unilever, and Reliance Industries emerging as the biggest winners.
The week was filled with exciting events, and the benchmark index of Bombay Stock Exchange (BSE) witnessed a jump of 2,732.05 points or 3.69 per cent. The 30-share BSE Sensex also hit a record high of 76,795.31 in intra-day trade on Friday, with a jump of 1,720.8 points or 2.29 per cent. The index finally closed at a record high of 76,693.36, with a gain of 1,618.85 points or 2.16 per cent.
Out of the top 10 companies, Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, Hindustan Unilever, and ITC were the gainers, collectively adding Rs 3,28,116.58 crore to their market valuations. However, State Bank of India and Life Insurance Corporation of India were the laggards from this pack.
Amongst all the companies, TCS witnessed the highest jump in market valuation, adding Rs 80,828.08 crore to its market capitalisation, bringing it to Rs 14,08,485.29 crore. Hindustan Unilever also saw a significant increase of Rs 58,258.11 crore, taking its market valuation to Rs 6,05,407.43 crore. Reliance Industries, Infosys, HDFC Bank, Bharti Airtel, ITC, and ICICI Bank also witnessed a jump in their market capitalisation, adding a total of Rs 170,282.39 crore.
However, the market valuation of Life Insurance Corporation of India declined by Rs 12,080.75 crore to Rs 6,28,451.77 crore, and State Bank of India also saw a decrease of Rs 178.5 crore, bringing its market capitalisation to Rs 7,40,653.54 crore.
In terms of ranking, Reliance Industries maintained its position as the number one company with the highest market valuation, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Hindustan Unilever, and ITC. This shows the dominance of these top companies in the Indian stock market.
Overall, it was a successful week for the Indian stock market, with the top 10 companies contributing significantly to the increase in market valuation. It will be interesting to see how these companies perform in the coming weeks and how it impacts the overall stock market.
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