9 Of 10 Most Valued Firms Add Rs 2,89,699.42 Cr On BSE From June 24-28; Reliance, TCS, ICICI Bank Top Winners

M-cap of nine out of the ten most valued firms on BSE contributed a whopping Rs 2,89,699.42 crore during the trading session from June 24-28. The largest contributor is India's largest firm Reliance Industries whose m-cap surged by Rs 1,52,264.63 crore.

Among the top gainers of last week were Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, Hindustan Unilever and ITC, while India's largest life insurer LIC India emerged as a top bear, as per PTI report.

Last week, Reliance shares skyrocketed by nearly 9% with market cap crossing Rs 21 lakh crore to Rs 21,18,951.20 crore.

Tailing Reliance, Tata Group's flagship company, Tata Consultancy Services (TCS) added Rs 34,733.64 crore. TCS' total market capitalisation stood at Rs 14,12,845.09 crore.

Further, ICICI Bank's market cap by Rs 30,286.99 crore to Rs 8,44,201.88 crore. ICICI Bank also toppled UBS to become the 18th largest bank in the world.

Meanwhile, Bharti Airtel's market cap increased by Rs 18,267.7 crore to Rs 8,22,530.35 crore despite tariff hikes in prepaid and postpaid recharge plans.

Also, the second largest IT firm, Infosys saw a Rs 14,656.3 crore surge in its m-cap to Rs 6,50,602.10 crore, and not too far away was the largest bank, HDFC Bank whose m-cap climbed by Rs 13,808.74 crore to Rs 12,80,865.43 crore.

India's largest PSU, State Bank of India (SBI) also witnessed a significant surge in m-cap by Rs 11,111.14 crore to Rs 7,57,565.68 crore. Additionally, FMCG giant Hindustan Unilever (HUL) recorded Rs 7,953.37 crore in m-cap to Rs 5,81,570.83 crore, and its peer ITC's m-cap jumped by Rs 6,616.91 crore totalling Rs 5,30,475.82 crore.

On the other hand, LIC's market cap dipped by Rs 22,042.61 crore to Rs 6,25,573.90 crore.

On BSE, the top 10 most valued firms are Reliance, TCS, HDFC Bank, ICICI Bank, Bharti Airtel, SBI, Infosys, LIC India, HUL, and ITC.

The BSE-backed 30-scrip benchmark Sensex surged by 2,046.08 points or 2.66% last week to end at 79,032.73 on June 28. Last week, Sensex also touched a new lifetime high of 79,671.58.

Market Weekly Outlook:

Vinod Nair, Head of Research, Geojit Financial Services:

Indian benchmark indices recorded gains this week despite mixed signals from the global market, particularly regarding inflation concerns. Investor attention was predominantly on large-cap stocks, resulting in underperformance of mid and small-cap segments. The IT sector especially showed notable recovery along with private banks which outperformed public sector banks in the banking segment.

The cement and telecom sectors were in the limelight during this week, and the news flow of Ultratech's acquisition of a non-controlling stake in India cement led to an expectation of further consolidation in the sector. On the other hand, telecom players are set to increase their tariff rates, which could boost their average revenue per user and profitability.

On the global front, the rise in US jobless claims and weak housing data have raised expectations of a rate cut in September. For the week ahead, the focus will be on the release of US & Indian manufacturing PMI data and the FED Chair's speech. The undercurrent is positive, with no major risk visible for the domestic market in the short term. All eyes will be on the union budget proposals which will dictate the market in the medium term.