Eight of India’s top-10 most valued firms saw their market capitalizations (Mcap) surge by a combined Rs 1,83,290.36 crore last week, buoyed by a rally in equities led by IT giants Tata Consultancy Services (TCS) and Infosys.
The BSE benchmark index jumped 963.87 points, or 1.21%, during the week.
TCS, the largest gainer among the top-10 firms, saw its market valuation rise by Rs 38,894.44 crore to reach Rs 14,51,739.53 crore. Infosys followed closely, adding Rs 33,320.03 crore to its mcap, which stood at Rs 6,83,922.13 crore by the end of the week.
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Outcry over unchecked antisemitic content and commentary on social media site X, some of it endorsed by the platform’s owner Elon Musk, reached a tipping point on Friday, with large advertisers such as Apple Inc. pulling ads and the White House chastising the billionaire.
Musk, who regularly engages with antisemitic users on X, agreed with a post that said Jewish people hold a “dialectical hatred” of white people. “You have said the actual truth,” Musk responded.
Read More: Elon Musk Replies to Antisemitic Post on X, Labeling It ‘The Actual Truth’
The White House called Musk’s reply an “unacceptable” act that endangers Jewish communities. Meanwhile, several Tesla Inc. shareholders also spoke out against Musk, who is the chief executive officer of the electric car maker, with some saying he should be suspended from his post.
Americans have “an obligation to speak out against anyone who attacks the dignity …
Motilal Oswal’s latest report on the capital market highlights a notable surge in demat account registrations during February. According to estimates, approximately 43 lakh new demat accounts were added, pushing the overall tally to 14.80 crore accounts. This uptick contrasts with the average monthly additions of 21 lakh accounts witnessed in FY23.
The report underscores the continued dominance of Central Depository Services (India) Limited (CDSL) in the market, as it gained both total and incremental market share in February 2024.
Conversely, the National Securities Depository Limited (NSDL) experienced a decline in market share on a year-on-year basis, losing significant ground in both total and incremental demat accounts during the month.
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By Mr. Ajit Mishra
Markets have been maintaining a positive tone and inching gradually towards their record high. The majority of the sectors are witnessing rotational buying, which is not only keeping the participants busy but also capping the downside in the index amid consolidation. Besides, the broader indices are also attracting noticeable interest and trading at their record-high levels.
This week is a holiday-shortened one and we expect volatility to remain high due to the scheduled expiry of November month derivatives contracts. Apart from domestic factors, we are closely eyeing the performance of the US markets for cues and indications are in favor of the prevailing up move to continue. We are expecting the Dow Jones Industrial Average (DJIA) to inch toward the previous swing high i.e. 35,679 and the 34,800-35,000 zone would restrict the decline in case of any profit taking.
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