Business · India Bureau
Indian blue-chips gain ₹3.65 trillion as markets rally on tech strength
Nine of India's ten most valued companies saw their combined market capitalisation surge by ₹3.65 lakh crore last week, as equity benchmarks posted their strongest performance in six months on the back of robust technology sector earnings.
LSN India ·
India's major stock indices recorded their strongest weekly performance in approximately half a year, with the BSE Sensex climbing 2,256.94 points or 3.11 per cent and the NSE Nifty 50 advancing 625.7 points or 2.77 per cent during the week.
Among the top ten most valued firms, nine saw their market valuations expand substantially, with Tata Consultancy Services (TCS), Bharti Airtel and Infosys emerging as the primary beneficiaries of the bullish momentum.
The equity rally was predominantly driven by a sharp recovery in information technology stocks, which gained traction following encouraging results for the September quarter. The rebound reflected renewed investor appetite for heavyweight stocks across the sector, according to market analysts.
"Indian equity markets extended their recovery during the week, with the Nifty-50 and Sensex recording their strongest weekly performance in approximately six months," said Ponmudi R, CEO of Enrich Money, an online trading and wealth technology platform. "The rally was primarily driven by a sharp rebound in information technology stocks following encouraging September quarter earnings, supported by renewed buying interest in several heavyweight stocks."