Last week seven of the top ten companies in Sensex added more than Rs. 31,000 crore in the market cap. The market capitalization of these seven companies has advanced by Rs. 31,319.21 crore in the past week.
ONGC was the best performer and its market value surged to 2, 35,019 crore i.e. a rise of about 10,993.8 crore. The week witnessed a rise of about 5 percent in the shares of ONGC to reach the levels of Rs. 274.70. Government has decided to postpone the 5 Percent stake sale in ONGC; it would have fetched an exchequer of Rs. 12,000 crore.
Reliance Industries one of the major corporate giants stood at 2, 70,926 crore by adding Rs. 770 crore to its market cap.
There were some good rise seen in the technology sector as the software exporters Infosys Technology and TCS together added Rs. 9, 609.77 crore to their combined market valuation. The market valuation of Infosys was Rs. 1, 37,424.24 and that of TCS reached 2, 01,435.02 at the end of the markets on Friday. The IT companies have benefited from the weakness in Rupee as it improved their profit margin to a great extent. TCS and Infosys earned major revenues from US in dollar.
One of the FMCG giants ITC saw its market value swollen to Rs. 1,53,796.92 after it witnessed a increase of 310.55 crore. NTPC’s market value has increased to 1,41,821.91 crore i.e. an acceleration of about Rs. 7, 091.09.As compared to the rise in these companies SBI, Coal India and SBI saw some decrease in their market cap.
Bell The Bull says the performance in the last week signal better move ahead