ONGC, Reliance Industries, 7 Other Firms Add Rs 56,112 Crore To Market Value
New Delhi: The combined market valuation of nine of the top 10 most valued companies surged by Rs 56,112 crore during the week ended December 9, as the benchmark indices recorded their best gains since September 2, with Oil and Natural Gas Corp (ONGC) and Reliance Industries Ltd (RIL) emerging as the biggest gainers.
Barring Tata Consultancy Services (TCS), which saw a market cap erosion of Rs 5,999.87 crore to Rs 4,32,197.39 crore, the remaining nine companies saw a rise in their market valuations for the week, totalling Rs 56,112.71 crore.
The market valuation of ONGC advanced by Rs 13,389.36 crore to Rs 2,62,568.3 crore.
RIL's market valuation zoomed by Rs 10,087.57 crore to Rs 3,32,922.08 crore.
The market capitalisation or M-Cap of SBI soared by Rs 9,004.85 crore to Rs 2,06,490.48 crore, while that of ITC went up by Rs 8,968.35 crore to Rs 2,85,775.45 crore.
The market valuation of Infosys rose by Rs 5,340.38 crore to Rs 2,26,788.37 crore while that of HDFC rose by Rs 4,311.96 crore to Rs 2,00,822.68 crore.
The market valuation of HUL rose by Rs 2,553.87 crore to Rs 1,82,840.06 crore.
Coal India Limited (CIL) added Rs 694.8 crore to its M-Cap, taking its market valuation to Rs 1,94,038.58 crore.
HDFC Bank's market valuation stood at Rs 3,05,874.93 crore, registering a rise of Rs Rs 1,761.57 crore.
In terms of ranking of the top 10 firms, TCS retained its top position, followed by RIL, HDFC Bank, ITC, ONGC, Infosys, SBI, HDFC, CIL and HUL.
On a weekly basis, both key indices - the Sensex and the Nifty - recorded their best gains since September 2 by rising 516.52 points, or 1.96 per cent, and 174.95 points, or 2.16 per cent, respectively.
"It is a significant evidence that the market is trying to reverse its medium-term downtrend. If bulls prove their strength with sustained buying, we expect the Nifty to find momentum and test the level of 8,400," Rohit Gadia, founder and CEO of CapitalVia Global Research Ltd, said in a research note.
