The 30-stock Sensex crossed the 80,000-mark for the first time on July 3. The index has gained 3,600 points since June 3 the day when results of exit polls of the Lok Sabha election were announced.
Eight of the top-10 most valued firms added Rs 1,83,290.36 crore in combined market valuation last week, with IT majors Tata Consultancy Services (TCS) and Infosys emerging as the biggest gainers.
The jump followed the renewed bull run in the market ahead of the Union Budget. The Union Budget 2024-25 will be presented on July 23 by Finance Minister Nirmala Sitharaman.
Last week, the BSE benchmark jumped 963.87 points, or 1.21 percent. The 30-stock Sensex crossed the 80,000-mark for the first time on July 3. The index has gained 3,600 points since June 3 the day when results of exit polls of the Lok Sabha election were announced. The Sensex has climbed 212 percent from its Covid-19 lows. The index hit a Covid-19 low of 25,638.90 hit on March 24,2020.
Last week’s rally saw the market valuation of TCS jump by Rs 38,894.44 crore to Rs 14,51,739.53 crore making it the biggest gainer among the top-10 firms.
Another IT bellwether, Infosys, added Rs 33,320.03 crore in m-cap taking its valuation to Rs 6,83,922.13 crore.
The valuation of Reliance Industries (RIL) climbed by Rs 32,611.36 crore to Rs 21,51,562.56 crore, while that of ICICI Bank zoomed Rs 23,676.78 crore to Rs 8,67,878.66 crore.
The market capitalisation of India’s largest life insurer Life Insurance Corporation of India (LIC) rallied by Rs 16,950.99 crore to Rs 6,42,524.89 crore. FMCG major Hindustan Unilever (HUL) gained Rs 16,917.06 crore in m-cap to take its overall valuation to Rs 5,98,487.89 crore.
The cigarette-to-hotels conglomerate ITC saw its m-cap go up by Rs 10,924.13 crore to Rs 5,41,399.95 crore.
The country’s largest public sector lender, State Bank of India, added Rs 9,995.57 crore taking its m-cap to Rs 7,67,561.25 crore.
However, the market valuation of the country’s largest private sector lender HDFC Bank slumped by Rs 26,970.79 crore to Rs 12,53,894.64 crore.
The m-cap of India’s second largest telecom player, Bharti Airtel, also declined by Rs 8,735.49 crore to Rs 8,13,794.86 crore.
According to the overall valuation of last week, Reliance Industries remained the most valued firm followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.