Did the Top 6 Firms Gain Rs 75,257 Crore in Market Value?
Synopsis
Key Takeaways
- Top 6 firms gained Rs 75,257 crore in market value last week.
- TCS and Infosys were the major contributors to this increase.
- Sensex fell by 338.3 points or 0.39 percent.
- HDFC Bank faced the largest market value drop.
- Market sentiment remains cautious among investors.
Mumbai, Dec 21 (NationPress) The total market capitalization of six of the top 10 most-valuable companies surged by Rs 75,256.97 crore last week, amid a wider stock market that faced pressure.
Tata Consultancy Services and Infosys were the standout performers during the week.
The benchmark Sensex witnessed a decline of 338.3 points, or 0.39 percent, indicating a cautious sentiment among investors.
Among the major gainers, Tata Consultancy Services experienced a valuation increase of Rs 22,594.96 crore, bringing its market value to Rs 11,87,673.41 crore.
Infosys also saw substantial growth, with its valuation climbing by Rs 16,971.64 crore to Rs 6,81,192.22 crore.
The market capitalization of State Bank of India rose by Rs 15,922.81 crore, reaching Rs 9,04,738.98 crore.
Bharti Airtel added Rs 7,384.23 crore to its valuation, concluding at Rs 11,95,332.34 crore by the week's end.
Larsen & Toubro also ended the week positively, albeit marginally, with an increase of Rs 68.78 crore to Rs 5,60,439.16 crore.
Conversely, several financial stocks experienced declines in their market value.
HDFC Bank faced the most significant drop, with its market capitalization decreasing by Rs 21,920.08 crore to Rs 15,16,638.63 crore.
The valuation of Life Insurance Corporation of India fell by Rs 9,614 crore to Rs 5,39,206.05 crore.
ICICI Bank also saw a decrease in its market value, which dropped by Rs 8,427.61 crore to Rs 9,68,240.54 crore.
In a similar vein, Bajaj Finance experienced a valuation decrease of Rs 5,880.25 crore to Rs 6,27,226.44 crore.
By the end of the week, HDFC Bank remained the most valuable company in the group, followed by Bharti Airtel, Tata Consultancy Services, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro, and LIC.
Experts commenting on the Nifty technical outlook noted that “immediate resistance is located at 26,000, followed by 26,200 and 26,400.”
“On the downside, support levels are expected at 25,900 and 25,800, with a break below 25,700 likely to lead to increased selling pressure,” analysts highlighted.