Did 7 of India's Top 10 Firms Add Rs 1.55 Lakh Crore in Market Value?
Synopsis
Key Takeaways
- Market Valuation Surge: Seven of India's top firms added Rs 1.55 lakh crore.
- Major Gainers: TCS and Bharti Airtel led the increases.
- Sensex Performance: Gained 259.69 points, hitting a 52-week high.
- Market Outlook: Analysts predict a strong bullish trend.
- Resistance Levels: Key resistance at 25,950 and above.
Mumbai, Oct 26 (NationPress) The aggregate market capitalization of seven of India's top ten most valuable companies surged by Rs 1,55,710.74 crore during the abbreviated trading week, buoyed by a favorable trend in domestic equities.
Tata Consultancy Services (TCS) and Bharti Airtel emerged as the leaders in terms of gains, as per the official data.
Throughout the week, the benchmark Sensex appreciated by 259.69 points, equivalent to 0.30 percent. On Thursday, the 30-share index achieved a 52-week peak at 85,290.06.
Among the top ten companies, Bharti Airtel, TCS, State Bank of India (SBI), Bajaj Finance, Infosys, and Life Insurance Corporation of India (LIC) experienced growth in their market valuations, while HDFC Bank, ICICI Bank, and Hindustan Unilever Limited (HUL) saw declines.
The market valuation of TCS soared by Rs 36,126.6 crore to reach Rs 11,08,021.21 crore, whereas Infosys added Rs 34,938.51 crore, elevating its valuation to Rs 6,33,712.38 crore.
SBI's market capitalization climbed by Rs 13,892.07 crore to hit Rs 8,34,817.05 crore, and Bajaj Finance's valuation increased by Rs 11,947.17 crore to Rs 6,77,846.36 crore.
Bharti Airtel saw its market cap rise by Rs 9,779.11 crore to Rs 11,57,014.19 crore, while LIC's valuation increased by Rs 2,340.25 crore to Rs 5,62,513.67 crore.
Conversely, ICICI Bank experienced a decline in its market value by Rs 43,744.59 crore to Rs 9,82,746.76 crore.
HUL's valuation fell by Rs 20,523.68 crore to Rs 5,91,486.10 crore, and HDFC Bank's market cap decreased by Rs 11,983.68 crore to Rs 15,28,227.10 crore.
Notably, Bharti Airtel continues to rank among the most valuable firms, followed closely by HDFC Bank, TCS, ICICI Bank, SBI, Bajaj Finance, Infosys, Hindustan Unilever, and LIC.
Analysts have expressed optimism about the market outlook, noting that the Nifty is currently trading above its 20-day, 50-day, and 200-day EMAs, underscoring a robust underlying bullish structure and sustained trend strength.
“On the weekly timeframe, the RSI stands at 61.60 and is moving sideways, indicating a neutral-to-positive bias with potential for renewed momentum once consolidation concludes,” experts commented.
“If a decisive breakdown occurs below 25,670, it could lead to further weakness towards 25,500 and potentially 25,400,” they added.
Market analysts see immediate resistance levels at 25,950, followed by 26,000 and 26,100.
“A sustained move above these thresholds would affirm the continuation of the bullish trend, while failure to surpass them may keep the short-term trend within a range,” experts concluded.