New Delhi, July 19: The combined market valuation of five of the top-10 most valued firms jumped Rs 1.54 lakh crore last week, with IT major TCS emerging as the biggest winner, in line with a positive trend in equities.
Last week, the BSE benchmark Sensex climbed 582.06 points, or 0.75 per cent, and the NSE Nifty went up by 127.4 points, or 0.52 per cent.
“Indian equity markets ended the week on a firm footing, extending their recovery despite heightened geopolitical tensions, elevated crude oil prices, and persistent uncertainty surrounding the global interest-rate outlook.
“Sentiment remained supported by encouraging Q1 FY27 earnings from the IT sector as TCS closed with nearly 10 per cent of weekly gains, renewed buying interest in financial stocks, and resilience in domestic economic fundamentals,” Ajit Mishra,” SVP, Research, Religare Broking Ltd, said.
While Reliance Industries, ICICI Bank, State Bank of India, Tata Consultancy Services (TCS) and Bajaj Finance emerged as the gainers, HDFC Bank, Bharti Airtel, Life Insurance Corporation of India (LIC), Larsen & Toubro and Hindustan Unilever faced erosion from their valuation.
TCS added Rs 72,072.3 crore, taking its market valuation to Rs 8,20,672.70 crore.
The country’s largest IT services company reported a 4.61 per cent increase in its June-quarter net profit to Rs 13,349 crore, and guided towards an improvement in demand, impacted by the West Asia crisis, returning in the ongoing quarter.
ICICI Bank’s valuation surged Rs 29,062.06 crore to Rs 10,34,441.77 crore and that of Reliance Industries jumped Rs 23,884.93 crore to Rs 17,95,091.26 crore. (PTI)
