The combined market capitalization of eight of India’s top-10 most valuable companies grew by Rs 1,72,148.89 crore last week, supported by a robust performance in domestic equities.
During the same period, the BSE benchmark index climbed 709.19 points, or 0.87 per cent.
The major contributors to the advances were Tata Consultancy Services (TCS), Bharti Airtel, ICICI Bank, Infosys, Hindustan Unilever Limited (HUL), Life Insurance Corporation of India (LIC), and Bajaj Finance, whose valuations registered sizeable increases, adding to investor wealth.
Hindustan Unilever's market capitalisation jumped by Rs 34,280.54 crore to Rs 6,17,672.30 crore. Bharti Airtel's valuation went up by Rs 33,899.02 crore to Rs 11,02,159.94 crore, and Bajaj Finance experienced a rise of Rs 20,413.95 crore in its market cap to Rs 5,55,961.39 crore.
Infosys contributed Rs 16,693.93 crore, taking its market capital to Rs 6,18,004.12 crore. TCS's market cap rose by Rs 11,487.42 crore to Rs 11,04,837.29 crore. ICICI Bank's valuation edged up Rs 6,443.84 crore to Rs 10,25,426.19 crore, while LIC edged up by Rs 822.25 crore to Rs 5,62,703.42 crore.
On the other hand, HDFC Bank and State Bank of India (SBI) saw their market caps declining. HDFC Bank lost Rs 20,040.7 crore to Rs 15,08,346.39 crore, and SBI lost Rs 9,784.46 crore to Rs 7,53,310.70 crore.
Rank-wise, HDFC Bank remained at the second position of most valuable company, followed by TCS, Bharti Airtel, ICICI Bank, SBI, Infosys, Hindustan Unilever, LIC, and Bajaj Finance.
Market analysts pointed out that the Nifty index is now close to short-term support at 24,840, which coincides with the 50-day EMA.
"One sharp breakdown below this level may set the stage for more losses toward 24,650, where there's a recent gap, and further down to 24,500, which is a wider support area," analysts said.
On the positive side, the resistance is in the 25,150–25,350 level. A good close above this band can change market direction in favor of the bulls and may initiate a new rally," they said.
