The combined market valuation of four of India’s top-10 most valued companies surged by INR 2.20 lakh crore in a holiday-shortened week.
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MUMBAI — The combined market valuation of four of India’s top-10 most valued companies surged by INR 2.20 lakh crore in a holiday-shortened week, driven largely by a sharp rally in heavy-weight stocks.
The benchmark Sensex ended the week on a modestly positive note, gaining 249.29 points or 0.32 per cent.
Among the top gainers, telecom major Bharti Airtel posted strong gains, with its valuation rising by INR 43,503.51 crore to INR 11,49,222.13 crore.
IT giant Tata Consultancy Services (TCS) saw its market cap jump by INR 27,569.83 crore to INR 8,94,933.95 crore, while Bajaj Finance added INR 9,432.32 crore, taking its valuation to INR 5,83,123.13 crore.
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On the flip side, banking and financial stocks witnessed notable selling pressure. ICICI Bank recorded the steepest decline among losers, with its market capitalisation eroding by INR 45,364.62 crore to INR 9,04,980.78 crore.
State Bank of India followed, losing INR 30,922.57 crore to settle at INR 9,85,829.96 crore.
The country’s largest private lender, HDFC Bank, saw its valuation fall by INR 20,951.31 crore to INR 11,87,274.17 crore.
FMCG major Hindustan Unilever also witnessed a decline of INR 18,420.79 crore, bringing its market cap down to INR 5,28,799.01 crore.
Meanwhile, Life Insurance Corporation of India (LIC) lost INR 8,222.49 crore in valuation to INR 5,04,798.07 crore, and infrastructure major Larsen & Toubro saw a marginal dip of Rs 178.83 crore to INR 5,51,993.05 crore.
Despite the mixed trend, Reliance Industries continued to lead the pack of India’s most valued firms, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever and LIC.
Meanwhile, commenting on Nifty weekly outlook, experts said that the immediate resistance is placed in the 24,300–24,400 range, which remains a strong supply zone.
“A sustained move above this band is required to revive momentum toward 24,600–24,800 levels,” an analyst stated.
“On the downside, 23,800 remains a key support zone, with a break below this level potentially opening the path towards 23,600–23,400, which is likely to act as a demand area,” as per a market expert.