Mumbai, April 12 (IANS) Indian equity markets witnessed a sharp rally last week, lifting the combined market valuation of eight out of the top-10 most valued companies by a massive Rs 4,13,003.23 crore.

The gain was led by strong gains in banking heavyweights HDFC Bank and ICICI Bank.

The upbeat sentiment in the market was reflected in benchmark indices, with the Sensex surging 4,230.7 points or 5.77 per cent, while the Nifty climbed 1,337.5 points or 5.88 per cent during the week.

According to Ajit Mishra of Religare Broking Limited, market sentiment remained buoyant amid optimism over a temporary US-Iran ceasefire.

However, lingering geopolitical uncertainties capped the pace of gains toward the latter part of the week.

He also noted that a sharp drop in crude oil prices below the $100 mark eased domestic concerns and supported a broad-based rebound in equities.

Among the top performers, HDFC Bank emerged as the biggest gainer, adding Rs 91,282.67 crore to take its market capitalisation to Rs 12,47,478.57 crore.

ICICI Bank followed closely, with its valuation jumping Rs 76,036.36 crore to Rs 9,46,741.85 crore.

Financial services major Bajaj Finance saw its market value surge by Rs 60,980.35 crore to Rs 5,75,206.47 crore, while engineering giant Larsen & Toubro added Rs 47,624.97 crore, taking its valuation to Rs 5,44,736.59 crore.

Telecom major Bharti Airtel gained Rs 45,873.43 crore to reach a market capitalisation of Rs 10,66,293.69 crore.

Public sector lender State Bank of India also witnessed a strong rally, with its valuation rising Rs 43,614.67 crore to Rs 9,84,629.98 crore.

In the IT space, Tata Consultancy Services added Rs 26,303.49 crore to its market cap, which stood at Rs 9,13,331.92 crore.

FMCG major Hindustan Unilever also posted gains, with its valuation climbing Rs 21,287.29 crore to Rs 5,06,477.89 crore.

However, not all companies shared in the rally. IT giant Infosys saw its market capitalisation decline by Rs 3,285.03 crore to Rs 5,24,124.40 crore.

Similarly, Reliance Industries experienced a marginal erosion of Rs 947.28 crore, taking its valuation to Rs 18,27,086.79 crore.

Despite the dip, Reliance Industries retained its position as India’s most valued company, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank and Tata Consultancy Services.

–IANS

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