Mumbai, May 31 (IANS) The combined market valuation of seven of India’s 10 most-valued companies declined by Rs 1.54 trillion during the holiday-shortened trading week.
During the week, the Sensex fell 639.61 points, or 0.84 per cent, while the Nifty slipped 171.55 points, or 0.72 per cent, as investors remained cautious amid market volatility.
Commenting on Nifty technical outlook, experts said that on the upside, immediate resistance levels are placed at 23,900 and 24,100. On the downside, support is seen at 23,400 and 23,200.
“A decisive breakdown below the 23,200 zone could invite fresh selling pressure, whereas sustained trade above 24,100 may improve sentiment and support a recovery move,” an analyst stated.
HDFC Bank recorded the biggest decline among the listed firms mentioned, with its market valuation shrinking by Rs 33,333.06 crore to Rs 11.46 trillion. Telecom major Bharti Airtel saw its valuation fall by Rs 25,408.96 crore to Rs 11.14 trillion, while Tata Consultancy Services (TCS) lost Rs 22,920.58 crore, taking its market capitalisation to Rs 8.15 trillion.
Hindustan Unilever’s valuation dropped by Rs 13,169.46 crore to Rs 5.04 trillion. Bajaj Finance also witnessed a decline of Rs 7,253.24 crore, reducing its market worth to Rs 5.63 trillion. ICICI Bank’s market capitalisation fell by Rs 6,311.41 crore to Rs 9 trillion.
Despite the broader market weakness, three companies managed to post gains in their market valuations. Larsen & Toubro emerged as the biggest gainer among the top 10 firms, adding Rs 20,608.43 crore to reach a market capitalisation of Rs 5.61 trillion.
State Bank of India also registered a strong performance, with its valuation increasing by Rs 13,753.62 crore to Rs 8.90 trillion. Life Insurance Corporation of India (LIC) added Rs 6,040.37 crore, taking its market capitalisation to Rs 5.20 trillion.
Among the country’s most-valued companies, HDFC Bank and Bharti Airtel continued to feature prominently, followed by ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.
–IANS
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