Five of India's top-10 most valued firms add ₹1.54 lakh crore in market cap; TCS biggest winner
- Five of India's top-10 most valued firms added ₹1.54 lakh crore in market cap this week.
- TCS emerged as the biggest winner, with its market value rising by ₹72,000 crore.
- The Sensex and Nifty are eyeing key breakout levels of 79,200 and 24,500 respectively.
Market rally lifts top firms
Five of India's ten most valued companies saw their combined market capitalisation jump by ₹1.54 lakh crore this week. The surge was led by Tata Consultancy Services (TCS), which added a whopping ₹72,000 crore to its valuation.
Investors cheered positive global cues and strong domestic macros. The broader market also rallied, with the BSE Sensex and NSE Nifty eyeing breakout levels of 79,200 and 24,500 respectively.
TCS leads the pack
TCS was the clear standout among the top-10. The IT heavyweight's market cap crossed ₹15 lakh crore for the first time. Analysts attributed the rally to strong quarterly earnings and a favourable demand outlook for IT services.
The stock rose nearly 5% during the week, making it the top gainer among the blue-chip firms. Other major gainers included HDFC Bank, Reliance Industries, and Infosys, each adding thousands of crores to their market value.
Other top-10 firms see mixed fortunes
While five firms gained, the other five in the top-10 list saw their valuations decline. The combined loss for these companies was relatively modest, indicating a selective rally in the market.
ICICI Bank, SBI, and Hindustan Unilever were among the losers. Their market caps dipped by a few thousand crores each, but the overall sentiment remained bullish.
Sectoral performance and outlook
IT stocks led the charge, followed by banking and energy. The BSE IT index rose over 3% during the week, while the Nifty Bank index gained 1.5%. Reliance Industries added ₹35,000 crore to its market cap, driven by a rebound in its retail and telecom segments.
Market breadth remained positive, with more stocks advancing than declining. Foreign institutional investors (FIIs) were net buyers, pumping in nearly ₹4,000 crore over the week.
What to watch
Investors will now focus on the upcoming monetary policy meeting and corporate earnings for the June quarter. The Reserve Bank of India's stance on interest rates could set the tone for the next leg of the rally.
Technical analysts say the Nifty's ability to close above 24,500 will be crucial. A decisive breakout could push the index towards 25,000 in the coming weeks.