Indian stock market opens flat after US Fed rate cut
Sensex was trading at 79,522.39 after slipping 19.40 points or 0.02 per cent. At the same time, Nifty was trading at 24,179.85 after slipping 19.50 points or 0.08 per cent.
Seven of the top 10 valued firms spiked Rs 1,40,863.66 crore last week in terms of combined valuation.
IT giants, Tata Consultancy Services and Infosys, emerged as the biggest gainers in line with an optimistic trend.
The market capitalisation (Mcap) of Tata Consultancy Services surged by Rs 67,477.33 crore to Rs 15,97,946.44 crore while Infosys jumped Rs 36,746.21 crore to Rs 7,72,023.49 crore.
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The rank-wise performance last week was: Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, LIC, Hindustan Unilever and ITC.
The valuation of ITC soared Rs 8,569.73 crore to Rs 6,28,399.10 crore and that of Reliance Industries by Rs 5,311.4 crore to Rs 20,00,076.41 crore.
Hindustan Unilever added Rs 117.48 crore to take its valuation to Rs 6,45,926.13 crore and Bharti Airtel rallied Rs 11,727.55 crore to Rs 8,45,123.87.
ICICI Bank rose by Rs 10,913.96 crore to Rs 8,36,115.19 crore while the Life Insurance Corporation of India (LICI) slumped Rs 47,943.48 crore to Rs 6,69,058.26 crore.
The valuation of HDFC Bank tanked Rs 13,064 crore to Rs 12,43,441.53 crore and that of State Bank of India declined by Rs 10,486.42 crore to Rs 7,25,080.10 crore.
Last week, Nifty 50 and the Sensex ended the holiday-truncated week on a high note. Investors rejoiced easing fears of a US recession after a wave of US data this week going from inflation to jobless claims and retail sales.
On Firday, at close, the Sensex was up 1,330.96 points or 1.68% at 80,436.84, and the Nifty was up 397.40 points or 1.65% at 24,541.20.
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