7 of top-10 firms add Rs 1.23 lakh crore in market cap last week

Seven of India’s top-10 most-valued firms saw their combined market valuation surge by ₹1.23 lakh crore last week amid bullish momentum in equity markets, with benchmark indices posting significant gains.

Reflecting widespread investor optimism, the Sensex advanced 720.56 points (0.84%) during the week as buying activity spanned multiple sectors.

Among the leading performers in the top-10 list, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Larsen & Toubro, and Hindustan Unilever all closed the week with higher valuations.

State Bank of India recorded one of the most substantial increases, with its market capitalisation jumping ₹30,414.89 crore to reach ₹9,22,461.77 crore.

Engineering major Larsen & Toubro added ₹16,204.34 crore, lifting its valuation to ₹5,72,640.56 crore, while consumer goods giant Hindustan Unilever gained ₹14,626.21 crore to stand at ₹5,51,637.04 crore.

HDFC Bank’s market cap rose by ₹13,538.43 crore to ₹15,40,303.87 crore, and ICICI Bank saw a ₹3,103.99 crore increase, taking its valuation to ₹9,68,773.14 crore.

Bharti Airtel’s market value also edged up marginally by ₹570.21 crore to ₹12,01,262.53 crore.

Contrasting this upward trend, several companies experienced valuation declines despite the broader market rally.

Tata Consultancy Services witnessed the most significant drop, with its market cap declining ₹10,745.72 crore to ₹11,75,914.62 crore.

Infosys saw its valuation decrease by ₹6,183.25 crore to ₹6,81,635.59 crore, while Bajaj Finance lost ₹5,693.58 crore, settling at ₹6,16,430.43 crore.

Technical analysts observed that the Nifty faces immediate resistance at the 26,400 level, followed by 26,500 and 26,600. Support levels are positioned at 26,200 and 26,100.

Bank Nifty maintained bullish momentum throughout the week, hitting a record high of 60,203 before closing at 60,150.95 – a weekly gain of 439 points.

Market observers noted that a decisive break below 59,900 could trigger a corrective movement toward 59,700-59,500, with potential for further declines if selling pressure intensifies.

Immediate upside resistance for Bank Nifty is seen at 60,300, followed by 60,500 and 60,700. The weekly Relative Strength Index (RSI) currently stands at 69.31, maintaining its upward trajectory.

(With inputs from IANS)