Stock market extends rally, rises over 1 pc with Nifty hitting 23,700
At close, the Sensex was up 1,078.87 points or 1.4% at 77,984.38, and the Nifty was up 307.95 points or 1.32% at 23,658.35.
The combined market valuation of seven of the top 10 most valued firms eroded by Rs 1,22,107.11 crore last week.
Tata Consultancy Services (TCS) and Reliance Industries emerged as the biggest laggards, in line with weak trend in equities.
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TCS’s market valuation tumbled Rs 35,638.16 crore to Rs 15,01,723.41 crore while the valuation of Reliance Industries slumped Rs 21,351.71 crore to Rs 18,55,366.53 crore.
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Reliance Industries remained the most-valued domestic firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC and LIC.
Hindustan Unilever Ltd’s mcap was down Rs 16,047.71 crore to Rs 6,53,315.60 crore while the ITC’s valuation dropped Rs 18,761.4 crore to Rs 6,10,933.66 crore.
Mcap of Life Insurance Corporation of India (LIC) tanked Rs 13,946.62 crore to Rs 6,00,179.03 crore and that of ICICI Bank eroded Rs 11,363.35 crore to Rs 8,61,696.24 crore.
HDFC Bank’s mcap declined Rs 4,998.16 crore to Rs 12,59,269.19 crore.
The mcap of India’s largest public sector lender, State Bank of India was up Rs 3,034.36 crore to Rs 7,13,968.95 crore.
Bharti Airtel added Rs 26,330.84 crore, taking its market valuation to Rs 9,60,435.16 crore while Infosys climbed Rs 6,913.33 crore to Rs 8,03,440.41 crore.
Sensex was down 230.05 points or 0.28 per cent at 81,381.36, and the Nifty was down 34.20 points or 0.14per cent at 24,964.30.
Among the sectors, auto, bank, power, realty indices were down 0.5per cent each, while IT, metal, oil & gas, pharma, media were up 0.5-1 per cent. BSE midcap and smallcap indices rose 0.4 per cent each.
Last week, the BSE benchmark fell 307.09 points, or 0.37per cent, to 81,381.36.
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