Mumbai: The combined market valuation of three of India’s top companies surged by Rs 75,855.43 crore last week, even as the overall stock market showed a sluggish trend during the holiday-shortened week.
State Bank of India (SBI) and Infosys were the biggest gainers among the top firms. While the Sensex slipped 5.89 points, the Nifty inched up by 11.05 points over the week.
Commenting on Nifty technical outlook, an expert said that “immediate resistance is placed at 25,875, followed by 26,000 and 26,100 levels. On the downside, support is seen at 25,600 and 25,450.”
“A breakdown below 25,300 could intensify downside pressure and accelerate corrective moves. Given the prevailing volatility, a cautious approach with strict stop-loss discipline is advised,” an analyst stated.
Among the top companies, ICICI Bank, SBI, and Infosys recorded gains, while HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, Bajaj Finance, Hindustan Unilever, and Larsen & Toubro faced a combined erosion of Rs 75,549.89 crore in their market value.
Interestingly, the total loss of these seven companies was still slightly less than the total m-cap addition of the three gainers.
SBI emerged as the biggest gainer, with its market valuation jumping by Rs 39,045.51 crore to reach Rs 9,62,107.27 crore.
Infosys also saw a strong increase, with its m-cap rising by Rs 31,014.59 crore to Rs 7,01,889.59 crore.
ICICI Bank added Rs 5,795.33 crore, taking its market value to Rs 10,09,470.28 crore.
On the other hand, Larsen & Toubro’s market valuation fell by Rs 23,501.8 crore to Rs 5,30,410.23 crore, while HDFC Bank’s valuation dropped by Rs 11,615.35 crore to Rs 14,32,534.91 crore.
Bharti Airtel’s m-cap declined by Rs 6,443.38 crore to Rs 11,49,544.43 crore, Bajaj Finance saw a dip of Rs 6,253.59 crore to Rs 5,91,447.16 crore, Hindustan Unilever lost Rs 3,312.93 crore to stand at Rs 5,54,421.30 crore, and TCS’s valuation slipped by Rs 470.36 crore to Rs 11,60,212.12 crore.
After these movements, HDFC Bank remained the second most valued domestic company, followed by TCS, Bharti Airtel, ICICI Bank, SBI, Infosys, Bajaj Finance, Hindustan Unilever, and Larsen & Toubro.
(IANS)
