Market Cap of Top 10 Companies Jumps ₹3.28 Lakh Crore; TCS, HUL, RIL Lead the Pack

Market Cap of Top 10 Companies Jumps ₹3.28 Lakh Crore; TCS, HUL, RIL Lead the Pack

Mumbai: August 11, 2023: The market capitalization (Mcap) of the top 10 companies listed on the Bombay Stock Exchange (BSE) witnessed a significant jump of ₹3.28 lakh crore, or 1.7%, on Thursday.

Key Factors:

Positive global cues, led by strong earnings reports from US tech giants, boosted investor sentiment.
Expectations of a healthy monsoon and sustained economic recovery supported domestic stocks.
The Reserve Bank of India’s decision to maintain the repo rate at 4% also contributed to the optimistic outlook.

Company Performance:

Tata Consultancy Services (TCS) led the gainers, adding ₹1.07 lakh crore to its Mcap, followed by Hindustan Unilever Limited (HUL) with a gain of ₹62,522 crore and Reliance Industries Limited (RIL) with an increase of ₹59,430 crore.

Other companies in the top 10 that contributed to the Mcap surge include:

Infosys: ₹24,509 crore
HDFC Bank: ₹22,955 crore
ICICI Bank: ₹16,928 crore
HDFC: ₹16,393 crore
State Bank of India: ₹6,090 crore
Kotak Mahindra Bank: ₹5,879 crore
Axis Bank: ₹5,104 crore

Sectoral Trend:

The gains were broad-based across sectors, with IT, FMCG, and banking stocks leading the rally.

Outlook:

Analysts believe the positive momentum is likely to continue in the short to medium term, supported by favorable global and domestic factors. However, investors are advised to exercise caution and diversify their portfolios to mitigate risks.