How Did the Market Rally Boost Valuation of India's Top Firms?

Synopsis
Key Takeaways
- TCS leads the gainers with a valuation increase of Rs 45,678.35 crore.
- The combined market valuation of the top eight companies rose by Rs 1,94,148.73 crore.
- The Sensex saw a significant rise of 1,293.65 points.
- Future projections suggest potential for further growth in the Nifty index.
- Hindustan Unilever and LIC saw declines in their valuations.
Mumbai, Oct 12 (NationPress) The collective market valuation of eight of the top 10 most esteemed companies in India surged by Rs 1,94,148.73 crore last week, driven by a robust rally in the stock market.
Tata Consultancy Services (TCS) emerged as the leading gainer, riding the positive wave on Dalal Street.
The benchmark Sensex soared 1,293.65 points or 1.59 percent during the week, assisting numerous blue-chip companies in achieving significant gains in their market capitalisation.
Among the top performers, TCS added Rs 45,678.35 crore to its market valuation, elevating it to Rs 10,95,701.62 crore.
Infosys followed closely with a remarkable increase of Rs 28,125.29 crore, bringing its valuation to Rs 6,29,080.22 crore.
HDFC Bank saw its market capitalisation rise by Rs 25,135.62 crore to reach Rs 15,07,025.19 crore, while Bharti Airtel experienced a valuation spike of Rs 25,089.27 crore to Rs 11,05,980.35 crore.
Bajaj Finance also had a stellar week, with its market capitalisation climbing Rs 21,187.56 crore to Rs 6,36,995.74 crore.
The State Bank of India (SBI) contributed Rs 12,645.94 crore to its valuation, reaching Rs 8,12,986.64 crore, while ICICI Bank's market worth increased by Rs 11,251.62 crore to Rs 9,86,367.47 crore.
However, Hindustan Unilever and Life Insurance Corporation of India (LIC) observed declines in their valuations.
The market capitalisation of LIC decreased by Rs 4,648.88 crore to Rs 5,67,858.29 crore, whereas Hindustan Unilever's valuation fell by Rs 3,571.37 crore to Rs 5,94,235.13 crore.
At the conclusion of the week, HDFC Bank maintained its position as the most valued company among the leading group, followed by Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever, and LIC.
Meanwhile, experts analyzing the Nifty outlook indicated that the index has established a cup and handle pattern on the weekly chart, suggesting that a decisive breakout from this formation, backed by increasing volumes, could indicate the potential for sustained upside.
“On the upside, immediate resistance levels are noted at 25,500, followed by 25,600 and 25,850. On the downside, support is identified at 25,150 and then at 25,000, with a significant breakdown below 24,900 likely triggering additional downside pressure,” they remarked.