Bharti Airtel Leads Rs 2.15 Lakh Crore Rally in Top Indian Firms

India's 10 most valued companies added Rs 2.15 lakh crore in combined market capitalisation last week. Bharti Airtel recorded the biggest gain, rising Rs 51,969 crore.

Reliance Industries added Rs 47,673 crore. HDFC Bank gained Rs 32,575 crore. ICICI Bank rose Rs 31,351 crore. Infosys added Rs 21,813 crore, while TCS gained Rs 12,654 crore. State Bank of India rose Rs 10,554 crore. Hindustan Unilever added Rs 4,726 crore. ITC gained Rs 1,908 crore. Bajaj Finance added Rs 1,145 crore.

The BSE Sensex climbed 1.6% during the week, recovering from earlier losses. Traders said the move came as geopolitical tensions eased and short-covering lifted beaten-down stocks.

Bharti Airtel's outperformance followed a tariff hike by the telecom company. It raised prepaid plan prices by 10-21% in select circles, a move analysts said would lift average revenue per user in coming quarters.

Reliance Industries gained on broad index support. Buying interest returned to its energy and retail arms after weeks of underperformance, traders said.

HDFC Bank and ICICI Bank tracked the broader financial rally. Both lenders drew institutional inflows after recent corrections, traders said.

ITC and Hindustan Unilever posted more modest gains. The second half of the week saw a defensive rotation, which limited upside for consumer staples, traders said. Bajaj Finance's small gain suggested valuation concerns remained priced in.

The combined market capitalisation of the top 10 firms now stands at roughly Rs 172 lakh crore. Reliance Industries remains the most valuable Indian company, followed by TCS and HDFC Bank.

The rally now faces a series of tests. March quarter GDP data is scheduled for release on May 31. The Reserve Bank of India's monetary policy decision later in June will shape bank stock trajectories. A rate hold would support net interest margins; a cut would pressure deposit franchise costs.

For Reliance, the next leg depends on execution in its retail and new energy businesses. The stock trades at 28 times trailing earnings, leaving little room for error, analysts said.

Airtel's tariff action gives the telecom sector a near-term catalyst. The next check will be whether Reliance Jio follows with further price increases and how subscriber churn metrics look in June quarter results.

The composition of last week's gains shows telecom and financials leading the market, with consumer staples trailing. That ordering could shift if crude oil prices rise or monsoon disruptions hurt rural demand.