Nine of the top 10 most valued Indian firms added Rs 2.15 lakh crore in market cap last week, led by Bharti Airtel and HDFC Bank. Reliance was the only loser.
Nine of the ten most valuable Indian companies added a combined Rs 2.15 lakh crore in market capitalisation last week, according to exchange data. Bharti Airtel led the pack with a jump of Rs 81,938 crore, followed by HDFC Bank at Rs 42,843 crore. ICICI Bank, Infosys, and TCS each chipped in gains of Rs 23,438 crore, Rs 18,118 crore, and Rs 13,344 crore respectively.
Airtel’s surge reflects the market’s bet on tariff hikes and steady subscriber additions. The telecom operator has been raising rates across prepaid and postpaid plans, and analysts expect the move to lift average revenue per user through fiscal 2025. HDFC Bank and ICICI Bank benefited from a broader rally in financials. Investors rotated into private lenders after the RBI held rates steady and signalled a neutral stance, which improved the outlook for net interest margins.
The IT pack also joined the upswing. Infosys and TCS recouped some of the losses suffered this year on fears that artificial intelligence would cut demand for traditional outsourcing. The sector’s bounce came despite tepid guidance from US clients. At AlphaScala, both Infosys (Alpha Score 57, Moderate) and Wipro (Alpha Score 46, Mixed) carry neutral-to-cautious signals, reflecting the split between valuation support and demand uncertainty.
Reliance Industries was the sole decliner among the top ten. Its market cap slipped as weakness in oil-to-chemicals margins offset gains in telecom and retail. The company is also facing higher capital spending on its new energy and telecom network expansion, which has weighed on free cash flow.
State Bank of India, LIC, and ITC posted modest gains, each adding between Rs 7,000 crore and Rs 11,000 crore. The rally was broad but concentrated in names that had lagged the broader Nifty 50 through most of April. The index itself rose 2.3% over the week, with the top ten contributors accounting for roughly 40% of the move.
The next test for these stocks comes with April-quarter earnings due in July. For Airtel, the tariff hike effect will show up in the next full quarter. For HDFC Bank, investors want to see whether loan growth can outpace deposit cost pressures. The RBI’s next monetary policy meeting in August will set the tone for financials.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.