Top 10 Most-Valued Firms Gain Over Rs 53,000 Crore In Market Cap, Led By HDFC Bank, SBI
India's benchmark stock indices recorded their best session since Sept. 20, supported by rising banking stocks.
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The country's top 10 most-valued firms gained a cumulative Rs 53,448 crore in market valuation on Tuesday, with HDFC Bank Ltd. and State Bank of India emerging as the biggest gainers.
HDFC Bank gained Rs 30,056 crore in market capitalisation to Rs 13.4 lakh crore and SBI added Rs 16,064 crore in market cap to Rs 7.56 lakh crore.
The market capitalisation of ICICI Bank Ltd. gained Rs 10,145 crore to Rs 9.1 lakh crore. Reliance Industries Ltd. also added nearly Rs 7,239 crore in market cap to Rs 17.7 lakh crore.
ITC Ltd. and Infosys Ltd. emerged as top losers in the session, losing nearly Rs 4,565 crore and Rs 4,422 crore respectively. Bharti Airtel Ltd., Larsen & Toubro Ltd. and Hindustan Unilever Ltd. also emerged as losers in the session.
RIL remained the most-valued firm, followed by Tata Consultancy Services Ltd., HDFC Bank, Airtel, ICICI Bank, Infosys, SBI, HUL, ITC and HCL Technologies Ltd.
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India's benchmark stock indices recovered during the last two hours of trade on Tuesday, recording their best session since Sept. 20, supported by rising banking stocks, even as global market participants await the outcome of the US election.
The NSE Nifty 50 ended 0.91%, or 217.95 points, higher at 24,213.30, and the BSE Sensex ended 0.88%, or 694.39 points, up at 79,476.63. Intraday, both Nifty and Sensex fell as much as 0.6% each.
Market participants now look forward to the US election outcome, according to Shrisha Acharya, vice president at Anand Rathi Global Finance. The Trump card, coupled with potential Republican control, could shoot US yields higher due to anticipated increases in deficit spending, inflation risks, and potential tax cuts, Acharya said.
