Top eight cos add Rs 92,925 cr in m-cap, ONGC, RIL shine
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Driven by smart uptick in the value of ONGC and RIL, the combined market capitalisation of top eight Sensex companies shot-up by Rs 92,925 crore last week.
Barring Coal India and HDFC Bank, rest of the eight companies among the top 10 saw rise in their value, including RIL, ONGC, TCS and ITC, in an overall bullish stock market where the BSE 30-stock index, Sensex, ended above the 20,000- mark on Friday for the first time in two years.
ONGC's m-cap surged Rs 38,927 crore to Rs 2,88,747 crore. Its stock jumped 7.31 per cent, adding Rs 19,677 crore to its market value on Friday on the back of partial deregulation in diesel prices.
In bold reforms, the government on Thursday moved towards deregulating diesel when it raised prices by 50 paise per litre and planned similar monthly hikes in future to cut record subsidies.
Market leader RIL was the second biggest gainer in the domestic market cap chart. Its value climbed Rs 19,317 crore to Rs 2,90,858 crore.
"Hike in diesel prices and partial deregulated approach towards future price changes led to massive buying in oil and gas stocks," said Nagji K Rita, Chairman & MD, Inventure Growth & Securities.
ITC m-cap moved up by Rs 10,675 crore at Rs 2,26,145 crore, while NTPC added Rs 9,647 crore to its value which was at Rs 1,35,349 crore.
TCS' market cap soared Rs 8,768 crore, to Rs 2,64,449 crore, while rival Infosys saw its value swell by Rs 4,433 crore to Rs 1,60,200 crore.
The market valuation of ICICI Bank jumped Rs 1,142 crore to Rs 1,35,539 crore, while SBI's m-cap rose by Rs 16 crore to Rs 1,67,170 crore.
In contrast, CIL lost Rs 3,632 crore to Rs 2,24,104 crore, while HDFC Bank's value declined by Rs 2,367 crore to Rs 1,55,953 crore.
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