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

Mumbai, Oct 12 (IANS) The combined market valuation of eight of the top 10 most valued companies in India rose by Rs 1,94,148.73 crore last week, supported by a strong rally in the stock market.

Tata Consultancy Services (TCS) emerged as the biggest gainer among them, in line with the positive momentum on Dalal Street.

The benchmark Sensex jumped 1,293.65 points or 1.59 per cent during the week, helping several blue-chip companies register sharp gains in their market capitalisation.

Among the top gainers, TCS added Rs 45,678.35 crore to its market valuation, which rose to Rs 10,95,701.62 crore.

Infosys followed with a jump of Rs 28,125.29 crore, taking its valuation to Rs 6,29,080.22 crore.

HDFC Bank’s market capitalisation increased by Rs 25,135.62 crore to reach Rs 15,07,025.19 crore, while Bharti Airtel’s valuation surged by Rs 25,089.27 crore to Rs 11,05,980.35 crore.

Bajaj Finance also witnessed a strong week, with its market capitalisation climbing Rs 21,187.56 crore to Rs 6,36,995.74 crore.

The State Bank of India (SBI) added Rs 12,645.94 crore, taking its valuation to Rs 8,12,986.64 crore, while ICICI Bank’s market worth went up by Rs 11,251.62 crore to Rs 9,86,367.47 crore.

On the other hand, Hindustan Unilever and Life Insurance Corporation of India (LIC) saw their valuations decline.

The market capitalisation of LIC fell by Rs 4,648.88 crore to Rs 5,67,858.29 crore, while Hindustan Unilever’s valuation dropped by Rs 3,571.37 crore to Rs 5,94,235.13 crore.

At the end of the week, HDFC Bank remained among the most valued company among the top pack, followed by Bharti Airtel, TCS, ICICI Bank, State Bank of India, Bajaj Finance, Infosys, Hindustan Unilever, and LIC.

Meanwhile, commenting on the Nifty outlook, experts said that on the weekly chart, the index has formed a cup and handle pattern, and a decisive breakout of this formation, supported by increasing volumes, would signal the potential for further sustained upside.

“On the upside, immediate resistance levels are seen at 25,500, followed by 25,600 and 25,850. On the downside, support is placed at 25,150 and then at 25,000, with a deeper breakdown below 24,900 likely to trigger additional downside pressure,” they added.

--IANS

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