Thirty-seven listed banks with total market capitalisation (m-cap) of Rs 239,760 crore (Rs 2397.60 billion) grabbed the second position in market swipstake, disloging refinery sector from the second spot. The 37 banks have added Rs 4,233 crore (Rs 42.33 billion) while refineries added Rs 1,410 crore (Rs 14.1 billion) worth market cap on Tuesday.
Information technology tops the chart with a combined market cap of Rs 279,753 crore (Rs 2797.53 billion). The refinery sector, which lead the market cap ranking in 2003 and till September 2004 was outplaced by IT sector in September 2004.
Diversified sector, headed by Reliance Industries ranked fourth with m-cap of Rs 145,817 crore (Rs 1458.17 billion) while Power sector rank fifth with market cap of Rs 128,645 crore (Rs 1286.45 billion).
The total m-cap of banking stocks increased by 38 per cent since May 2, 2005 when the current rally began its northword journey. The 37 banks added Rs 66,378 crore (Rs 663.78 billion) in m-cap from Rs 173,382 crore (Rs 1733.82 billion) on May 2, 2005 to Rs 239,760 crore (Rs 2397.6 billion) on Tuesday.
While m-cap to ten refinery firms increased by 13 per cent or by Rs 28,217 crore (Rs 282.17 billion) from Rs 211,123 crore (Rs 2111.23 billion) to Rs 239,340 crore (Rs 2393.4 billion). However, the m-cap of IT sector jumped 31 per cent to Rs 279,753 crore (Rs 2797.53 billion) from Rs 213,645 crore (Rs 2136.45 billion).
Banking giants ICICI Bank and SBI are the major drivers for the banking sector. ICICI Bank, the biggest private sector bank in the country increased its m-cap by Rs 17,079 crore (Rs 170.79 billion) to Rs 56,366 crore (Rs 563.66 billion).
The public sector giant, State Bank India gained 50 per cent since May 2 adding market cap of Rs 15,389 crore (Rs 153.89 billion) to Rs 46,401 crore (Rs 464.01 billion). HDFC Bank gained Rs 4,625 crore (Rs 46.25 billion), Bank of Baroda Rs 2,735 crore (Rs 27.35 billion), Canara Bank Rs 2,708 crore (Rs 27.08 billion), Kotak Mahindra Bank Rs 2,695 crore (Rs 26.95 billion) and Punjab National Bank Rs 2,683 crore (Rs 26.83 billion).
In the same period m-cap of Indian Oil Corporation declined by Rs 677 crore (Rs 6.77 billion) from Rs 52,467 crore (Rs 524.67 billion) to Rs 51,790 crore (Rs 517.9 billion). HPCL's m-cap declined Rs 397 crore (Rs 3.97 billion) to Rs 10,349 crore (Rs 103.49 billion), IBP m-cap down Rs 154 crore (Rs 1.54 billion) to Rs 1,027 crore (Rs 10.27 billion) and Bongaigaon Refinery m-cap fell by Rs 176 crore (Rs 1.76 billion) to Rs 1,635 crore (Rs 16.35 billion).
However, the m-cap of Oil and Natural Gas Corporation increased by Rs 25,517 crore (Rs 255.17 billion) to Rs 1,43,163 crore (Rs 1431.63 billion) and MRPL by Rs 1,858 crore (Rs 18.58 billion) to Rs 9,823 crore (Rs 98.23 billion).
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