Mumbai, Aug 30 (SocialNews.XYZ) The combined market capitalisation of seven of India’s 10 most-valued companies declined by around Rs 1.13 lakh crore last week, tracking a weak trend in the broader equity market.
Bharti Airtel and Reliance Industries were the biggest laggards during the period. The benchmark Sensex fell 276.32 points, or 0.35 per cent, last week, while the Nifty declined 76.35 points, or 0.31 per cent.
Commenting on the Sensex technical outlook, experts said that a sustained breakout above 78,000 could strengthen the recovery and pave the way towards 78,500–78,800.
"On the downside, 77,000 remains the crucial psychological support, followed by the 76,700–76,500 region. Holding above 77,000 will be important to preserve the broader recovery structure, while a decisive break below this level could invite renewed selling pressure,” an analyst stated.
Bharti Airtel suffered the steepest erosion among the top 10 companies, with its market valuation declining by Rs 40,500.85 crore to Rs 11,74,462.30 crore.
Reliance Industries followed closely, with its market capitalisation falling Rs 40,056.32 crore to Rs 17,38,119.27 crore.
HDFC Bank also witnessed a significant decline in valuation, losing Rs 11,558.35 crore to end the week at Rs 11,09,600.70 crore. Bajaj Finance's market capitalisation fell by Rs 10,086.05 crore to Rs 6,70,535.57 crore.
The market value of Larsen & Toubro declined Rs 6,473.45 crore to Rs 5,55,987.49 crore, while Life Insurance Corporation of India saw its valuation fall by Rs 3,162.50 crore to Rs 5,32,817.81 crore. Hindustan Unilever's market capitalisation slipped Rs 1,550.73 crore to Rs 4,72,361.83 crore.
In contrast, three companies among the top 10 bucked the weak market trend and added to their market value. Tata Consultancy Services emerged as the biggest gainer, with its valuation rising Rs 16,643.20 crore to Rs 8,48,079.71 crore.
ICICI Bank's market capitalisation increased by Rs 4,475.28 crore to Rs 10,22,805.73 crore, while State Bank of India's valuation edged up Rs 599.99 crore to Rs 9,65,568.75 crore.
Despite the weekly decline, Reliance Industries retained its position as India's most-valued company by market capitalisation.
Bharti Airtel ranked second, followed by HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.
Source: IANS
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