Did the Top 3 Firms Boost Their Market Valuation by Rs 75,855 Crore Last Week?
Synopsis
Key Takeaways
- Top firms gained Rs 75,855.43 crore in market valuation.
- SBI and Infosys were the biggest gainers.
- Overall market showed a sluggish trend.
- Technical levels for Nifty indicate possible resistance and support.
- Cautious investment strategies are recommended amid volatility.
Mumbai, Jan 18 (NationPress) The collective market valuation of three leading firms in India surged by Rs 75,855.43 crore last week, despite the broader stock market displaying a sluggish performance during the shortened holiday week.
State Bank of India (SBI) and Infosys emerged as the primary gainers among these top firms. While the Sensex experienced a decline of 5.89 points, the Nifty managed a slight increase of 11.05 points throughout the week.
An expert weighing in on the Nifty's technical outlook remarked that, “immediate resistance is positioned at 25,875, followed by 26,000 and 26,100 levels. Conversely, support is anticipated at 25,600 and 25,450.
“A fall below 25,300 could heighten downside pressure and prompt corrective measures. Given the current volatility, a cautious stance with strict stop-loss measures is recommended,” the analyst stated.
Among the leading companies, ICICI Bank, SBI, and Infosys recorded gains, while HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, Bajaj Finance, Hindustan Unilever, and Larsen & Toubro collectively faced a market valuation reduction of Rs 75,549.89 crore.
Notably, the total losses from these seven companies were marginally less than the market capitalization increase of the three gainers.
SBI emerged as the top gainer, with its market valuation increasing by Rs 39,045.51 crore, bringing it to Rs 9,62,107.27 crore.
Infosys also experienced a significant rise, with its market capitalization climbing by Rs 31,014.59 crore to Rs 7,01,889.59 crore.
ICICI Bank witnessed an addition of Rs 5,795.33 crore, elevating its market value to Rs 10,09,470.28 crore.
Conversely, Larsen & Toubro saw a decline in market valuation of Rs 23,501.8 crore, bringing it down to Rs 5,30,410.23 crore, while HDFC Bank experienced a decrease of Rs 11,615.35 crore, resulting in a valuation of Rs 14,32,534.91 crore.
Bharti Airtel faced a reduction of Rs 6,443.38 crore, lowering its market capitalization to Rs 11,49,544.43 crore, while Bajaj Finance dipped by Rs 6,253.59 crore to Rs 5,91,447.16 crore. Furthermore, Hindustan Unilever lost Rs 3,312.93 crore to now stand at Rs 5,54,421.30 crore, and TCS's valuation slid by Rs 470.36 crore to Rs 11,60,212.12 crore.
Following these shifts, HDFC Bank retained its position as the second most valued domestic company, followed by TCS, Bharti Airtel, ICICI Bank, SBI, Infosys, Bajaj Finance, Hindustan Unilever, and Larsen & Toubro.