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Sensex hits record high, led by HDFC Bank and LIC growth

EditorJake Owen
Published 2023-12-10, 04:58 a/m
Updated 2023-12-10, 04:58 a/m
© Reuters.

MUMBAI - India's stock market closed the week on an upbeat note, with the BSE benchmark Sensex reaching a new record high. On Friday, the Sensex soared to a closing peak of 69,825.60, after hitting an intra-day zenith of 69,893.80. This marked a significant weekly gain of 3.47%, reflecting robust investor confidence in the Indian market.

The rally was led by major financial and IT companies, with HDFC Bank's market capitalization growing by a substantial ₹74,076.15 crore. Life Insurance Corporation (LIC) also contributed to the surge with its market cap increasing by ₹65,558 crore. Not far behind in this impressive ascent were ICICI Bank and Tata Consultancy Services (NS:TCS), both registering valuation gains exceeding ₹40,000 crore each.

Amidst these dynamic shifts in market valuations, Reliance Industries remained at the forefront of India's corporate sector. The conglomerate sustained its position as the market leader with an unmatched market capitalization of over ₹16 lakh crores.

Investors' enthusiasm was palpable as these leading entities propelled the Sensex to unprecedented levels. Financial giants like HDFC Bank and LIC played a pivotal role in this week's performance, showcasing the underlying strength of India's banking and insurance sectors.

The performance of ICICI Bank and TCS further underscored the robustness of India's financial services and technology industries, which continue to be vital contributors to the country's economic growth.

While Reliance Industries held its ground as the top player in India’s corporate hierarchy, its consistent market dominance reflects the diverse nature of its business operations and its significant role in shaping India's economic landscape.

This week's stock market activity signals a positive outlook for India's economic trajectory as key players across various sectors demonstrate strong financial health and growth potential.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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