Market rally adds Rs 1.94 lakh crore to valuation of top 8 firms

Eight of India’s top 10 most valued firms collectively added ₹1.94 lakh crore to their market capitalization last week, fueled by bullish momentum in equities. Tata Consultancy Services (TCS) spearheaded the rally, capitalizing on the upbeat market sentiment.

The benchmark Sensex surged 1,293.65 points (1.59%) during the week, driving substantial valuation gains across leading blue-chip stocks. TCS saw its market worth climb by ₹45,678.35 crore to ₹10.95 lakh crore, while Infosys grew by ₹28,125.29 crore to ₹6.29 lakh crore.

HDFC Bank’s valuation rose by ₹25,135.62 crore to ₹15.07 lakh crore, and Bharti Airtel’s market cap jumped ₹25,089.27 crore to ₹11.05 lakh crore. Bajaj Finance registered a ₹21,187.56 crore increase, reaching ₹6.36 lakh crore.

State Bank of India (SBI) and ICICI Bank also posted notable gains—SBI’s valuation expanded ₹12,645.94 crore to ₹8.12 lakh crore, while ICICI Bank added ₹11,251.62 crore, hitting ₹9.86 lakh crore. In contrast, Hindustan Unilever and Life Insurance Corporation of India (LIC) saw declines, with LIC’s market cap dropping ₹4,648.88 crore to ₹5.67 lakh crore and HUL shedding ₹3,571.37 crore to ₹5.94 lakh crore.

HDFC Bank retained its position as India’s most valued firm, followed by Bharti Airtel, TCS, ICICI Bank, SBI, Bajaj Finance, Infosys, HUL, and LIC.

Market analysts noted the Nifty index’s formation of a cup and handle pattern on weekly charts, suggesting a decisive breakout above key resistance levels could signal sustained upward momentum. “Immediate resistance lies at 25,500, followed by 25,600 and 25,850. Support levels are placed at 25,150 and 25,000, with a breach below 24,900 potentially triggering further declines,” they observed.

(With inputs from IANS)