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Mumbai5 minutes ago
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The last week has been a great one for the stock market. The BSE Sensex gained nearly 10% in a record five-day gain. Such a huge increase in percentage and marks was last seen in 1992. The Sensex rose by 26% in the budgeted week this year. Then the then Finance Minister of the country, Dr. Manmohan Singh, presented the budget.
Record market growth, top-10 companies increase market cap by 5 lakh crores
The BSE Sensex has gained 4,446 points in a week. Sector wise, banking shares were at the forefront. The BSE Bank Index gained 16%. During this period, the market cap of the 10 largest companies has also increased by Rs 5.13 lakh crore. HDFC Bank’s market cap has increased by Rs 1.13 lakh crore to Rs 8.79 lakh crore. According to NSDL, foreign investors (FIIs) have invested Rs 12,213 crore in 5 business days in February.
Banking stocks rise sharply, SBI share rises 39%
SBI shares have gained the most in the banking sector. For the first time in 30 years, the stock has gained over 39% in a week. The market cap of the bank has also increased by Rs 99 thousand crore to Rs 3.50 lakh crore. HDFC’s market cap has increased by Rs 61.83 thousand crore to Rs 4.89 lakh crore. Similarly, ICICI Bank’s market value has also increased by Rs 53.60 thousand crore to Rs 4.24 lakh crore. Kotak Mahindra Bank’s market cap has also increased by Rs 53.39 thousand crores. The market cap of Reliance Industries has increased by Rs 51.25 thousand crore to Rs 12.19 lakh crore.
Positive budget impact on market, support for good quarterly results also
According to Vinod Nair, head of research, Geojit Financial Services, the stock market recorded a record increase due to the budget. Because it talked about the privatization and non-performing asset (NPA) restructuring of public sector banks. This led to a record rally in banking stocks. Also, the market was supported by strong quarterly results. However, at the end of the week, the market also saw huge fluctuations.
Reliance Industries leads in market cap
In the week, the market cap of IT sector company Infosys has increased by Rs 13 thousand crore to Rs 5.41 lakh crore. Apart from this, the market cap of Hindustan Unilever has also increased by Rs 1,633 thousand crores. However, Reliance Industries leads in market cap. This is followed by TCS, HDFC Bank and Infosys.