Sensex firms News

Among Sensex companies, banks like HDFC Bank, SBI, Axis Bank are expected to lead the earnings growth.

Collectively, the 30 Sensex companies are estimated to have spent about Rs 3,500 crore on CSR initiatives during the 2014-15 fiscal, when they were required to spend nearly Rs 5,000 crore on such activities under the new Companies Act.

The market valuation of RIL slumped Rs 19,347.93 crore to Rs 2,93,797.07 crore, taking the maximum hit among the top-10 companies.

Barring TCS, rest nine companies suffered losses in their market capitalisation (m-cap), including RIL, ITC, ONGC, HDFC Bank, CIL, SBI and HDFC.

The combined market valuation of top seven Sensex companies tanked by a whopping Rs 1 lakh crore in the past week, with TCS, ONGC and RIL taking the steepest hit.

The bullishness in the Indian stock market is likely to continue and the benchmark Sensex will reach 32,500 by December 2015, Global brokerage firm Morgan Stanley said.

TCS, HDFC Bank, CIL, ICICI Bank and HDFC also made gains in their market capitalisation (m-cap) for the week ended Friday (November 28).

According to the Bank of America Merrill Lynch report, strong inflows from the FIIs over the last five years have resulted in all-time high foreign ownership for the Indian markets.

The mortgage financier has also become the first listed Indian company among 30 Sensex firms to have over 75 percent shareholding by foreign institutional investors (FIIs).