ICICI Bank, HDFC Bank gain most among Top 10 firms, IT stocks fare worst- The Week

Blue-chip banking stocks like ICICI Bank and HDFC Bank gained the most in terms of valuation last week following the rate cut by the US Federal Reserve.

The trend was reflected in the 30-stock BSE benchmark, Sensex, which surged around 2 per cent last week. Six of the top 10 most valued companies saw their combined market capital soaring by Rs 1,97,734.77 crore.

The top gainer, ICICI Bank, leaped Rs 63,359.79 crore to record Rs 9,44,226.88 crore in market cap while the country’s largest private lender, HDFC Bank, climbed Rs 58,569.52 crore to report a valuation of Rs 13,28,605.29 crore.

Telecom major Bharti Airtel saw its mcap jumping by Rs 44,319.91 crore to Rs 9,74,810.11 crore while the bellwether stock, Reliance Industries, zoomed Rs 19,384.07 crore to Rs 20,11,544.68 crore.

FMCG stocks in the Top 10 pack also increased their market capitalisation, with Hindustan Unilever rising Rs 10,725.88 crore to Rs 7,00,084.21 crore and ITC bouncing by Rs 1,375.6 crore to Rs 6,43,907.42 crore.

However, IT giants saw a selloff last week, with Tata Consultancy Services (TCS) tumbling Rs 85,730.59 crore to Rs 15,50,459.04 crore and Infosys plunging Rs 15,861.16 crore to Rs 7,91,438.39 crore.

Life Insurance Corporation of India (LIC) also plummeted Rs 14,832.12 crore to settle at Rs 6,39,172.64 crore while the country’s largest public lender, State Bank of India, dropped by Rs 7,719.79 crore to Rs 6,97,815.41 crore.

The top valued firm in the country is Mukesh Ambani-owned Reliance Industries. It is followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, Hindustan Unilever, State Bank of India, ITC and LIC.

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