Mumbai , Aug 23 (SocialNews.XYZ) Four of the top-10 most valued companies in India collectively saw their market capitalisation erode by Rs 87,960.29 crore last week.
The Sensex declined 468.42 points, or 0.60 per cent, during the week, while the Nifty fell 114 points, or 0.46 per cent.
Commenting on Nifty technical outlook, experts said that for the coming week, 24,000-23,900 will remain the crucial support zone, while 24,500-24,600 is the immediate resistance area.
"Sustaining above 24,000 and the lower triangle trendline would indicate continued buying interest on declines and help preserve the current technical structure," an analyst stated.
"On the upside, a decisive move above 24,600 could strengthen recovery momentum and attract fresh buying, while a break below 23,900 may increase selling pressure and weaken the near-term setup," a market expert noted.
Bharti Airtel's market valuation declined by Rs 28,052.96 crore to Rs 12,14,963.15 crore, marking the steepest erosion among the country's top-10 most valued firms.
Tata Consultancy Services (TCS) also witnessed a significant decline in valuation, with its market capitalisation falling by Rs 22,070.34 crore to Rs 8,31,436.51 crore.
The market valuation of State Bank of India declined by Rs 20,861.20 crore to Rs 9,64,968.76 crore, while Hindustan Unilever's mcap fell by Rs 16,975.79 crore to Rs 4,73,912.56 crore.
On the other hand, six companies among the top 10 recorded gains in their market valuation during the week.
Life Insurance Corporation of India (LIC) added Rs 12,650 crore to its market capitalisation, taking it to Rs 5,35,980.31 crore. Reliance Industries gained Rs 8,119.53 crore, with its valuation rising to Rs 17,78,175.59 crore.
Larsen & Toubro's market capitalisation increased by Rs 3,487.83 crore to Rs 5,62,460.94 crore, while Bajaj Finance added Rs 3,424.28 crore to reach Rs 6,80,621.62 crore.
ICICI Bank's valuation edged up by Rs 752.47 crore to Rs 10,18,330.45 crore, while HDFC Bank gained Rs 356.95 crore, taking its market capitalisation to Rs 11,21,159.05 crore.
Reliance Industries retained its position as the country's most valued firm by market capitalisation, followed by Bharti Airtel, HDFC Bank, ICICI Bank and State Bank of India.
TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever completed the top-10 list.
Source: IANS
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