Strong gains in the Indian equity market propelled the market-capitalisation (m-cap) of some of the heavyweights to new heights on August 3.
BSE data shows, the m-cap of as many as 21 stocks are more than Rs 2 lakh crore each now while 12 stocks have an m-cap of more than Rs 3 lakh crore. Seven stocks have an m-cap of more than Rs 4 lakh crore each.
There has been a churn in top stocks in terms of m-cap. ICICI Bank has surpassed HDFC in terms of m-cap to claim the spot of the second-largest financial institution by m-cap after HDFC Bank.
As per BSE data, RIL is the top stock in terms of m-cap of Rs 13.23 lakh crore, followed by TCS (Rs 12.15 lakh crore), HDFC Bank (Rs 7.94 lakh crore), Infosys (Rs 7.04 lakh crore), HUL (Rs 5.62 lakh crore), ICICI Bank (Rs 4.78 lakh crore) and HDFC (Rs 4.61 lakh crore).
The overall market capitalisation of BSE-listed firms jumped to Rs 240 lakh crore from Rs 237.7 lakh crore in the previous session, making investors richer by Rs 2.3 lakh crore in a single day.
The 30-share pack Sensex saw only three stocks - Bajaj Auto (down 0.33 percent), Tata Steel (down 0.20 percent) and NTPC (down 0.17 percent) - ending in the red on August 3.
Titan, HDFC, Nestle, IndusInd Bank and UltraTech Cement ended as the top five gainers of the Sensex kitty.
In terms of index contribution, HDFC, Infosys, Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever (HUL), Reliance Industries (RIL) and HDFC Bank remained at the top, in that order.
Largecaps stole the show today as the Sensex and the Nifty rose nearly 2 percent while the gains of mid and smallcaps were mild.
The Sensex hit its fresh all-time high of 53,887.98, while the Nifty made a fresh peak of 16,146.90 in intraday trade.
The BSE midcap and smallcap indices also scaled record highs of 23,443 and 27,232, respectively.
Eventually, the Sensex closed with a gain of 873 points, or 1.65 percent, at 53,823.36, while the Nifty finished at 16,130.75, up 246 points, or 1.55 percent.
The BSE midcap index closed at 23,374, up 0.19 percent, while the smallcap index settled with a gain of 0.23 percent at 27,134.
Largely in-line quarterly earnings and improving macroeconomic numbers boosted market sentiment. Analysts still believe there are bottom-up opportunities in this market with economic growth picking pace.
"At current valuations, the risk-reward is relatively less lucrative in the near term and demands consistent earnings delivery versus expectations. However, the gradual opening up of the economy and an improved demand backdrop do offer bottom-up opportunities," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
