The market capitalisation of Tata Consultancy Services (TCS) on Wednesday breached the Rs 13.5-lakh-crore mark (Rs 13.5 trillion) — the second company after Reliance Industries Ltd to achieve the feat.
At the close of trade, the market valuation of TCS stood at Rs 13,53,667.85 crore on the BSE. The company had touched the Rs 13-lakh-crore valuation level on August 17, when its market capitalisation (m-cap) stood at Rs 13,14,051.01 crore.
On Wednesday, the TCS scrip opened at Rs 3,612.8 on the BSE and zoomed nearly 2.35 per cent to its 52-week high of
Rs 3,697. It ended at Rs 3,659.5, up 1.31 per cent over the previous close. It was also the biggest gainer in the Sensex-30 pack on Wednesday.
On the NSE, the scrip opened on a positive note at Rs 3,610 and climbed to its 52-week high of Rs 3,697.75. It finished at Rs 3,665, 1.43 per cent above the previous close.
On Tuesday, Infosys had become the fourth Indian company to touch a market valuation of $100 billion (Rs 7.4 lakh crore), after TCS, Reliance and HDFC Bank.
In the broader markets, the Sensex closed modestly lower, while the Nifty inched up to a fresh closing high on Wednesday as bulls took a breather amid a subdued trend overseas.
After touching its all-time high of 56198.13 in early trade, the 30-share BSE Sensex ended 14.77 points, or 0.03 per cent, lower at 55944.21.
The broader NSE Nifty, however, ended 10.05 points, or 0.06 per cent, higher at its new closing record of 16634.65.
The benchmark indices have flirted with record highs in recent months, but analysts have warned that the domestic market’s rally may not sustain.
A Reuters poll of analysts has shown that the stock market rally is expected to cool next year as global and domestic monetary policy starts to tighten.
The poll has predicted the Sensex index would gain 2.4 per cent to 56875 by the end of 2021 from Monday’s close of 55555.79. This year’s estimated gain of just over 19 per cent would be the highest since 2017. The index is predicted to rise only 4.6 per cent next year, the weakest annual performance in six years.