8 of top 10 most valued firms add Rs 1.72 lakh crore in market cap

Mumbai, Aug 24 (IANS) The combined market valuation of eight of the country’s top-10 most valued companies rose by Rs 1,72,148.89 crore last week, helped by a strong trend in domestic equities.

The BSE benchmark index gained 709.19 points, or 0.87 per cent, during the same period.

Among the gainers were Tata Consultancy Services (TCS), Bharti Airtel, ICICI Bank, Infosys, Hindustan Unilever Limited, Life Insurance Corporation of India (LIC) and Bajaj Finance.

Their market values saw sharp increases, boosting overall investor wealth. Hindustan Unilever’s valuation jumped by Rs 34,280.54 crore to Rs 6,17,672.30 crore.

Bharti Airtel added Rs 33,899.02 crore, taking its market cap to Rs 11,02,159.94 crore, while Bajaj Finance’s valuation rose by Rs 20,413.95 crore to Rs 5,55,961.39 crore.

Infosys gained Rs 16,693.93 crore, pushing its market cap to Rs 6,18,004.12 crore. TCS advanced by Rs 11,487.42 crore to reach Rs 11,04,837.29 crore.

ICICI Bank added Rs 6,443.84 crore, taking its valuation to Rs 10,25,426.19 crore. LIC’s market cap inched up by Rs 822.25 crore to Rs 5,62,703.42 crore.

On the other hand, HDFC Bank and State Bank of India saw their valuations decline.

HDFC Bank’s market cap fell by Rs 20,040.7 crore to Rs 15,08,346.39 crore, while SBI lost Rs 9,784.46 crore to settle at Rs 7,53,310.70 crore.

In terms of overall ranking, HDFC Bank remained the second most valued firm, followed by TCS, Bharti Airtel, ICICI Bank, SBI, Infosys, Hindustan Unilever, LIC and Bajaj Finance.

Meanwhile, market analysts said that from a technical standpoint, Nifty is currently hovering around its short-term support at 24,840, which coincides with the 50-day EMA.

“A decisive breakdown below this level could open the way for further declines toward 24,650, where a recent gap is placed, and subsequently to 24,500, which serves as a broader support zone,” analyst noted.

“On the upside, the index faces resistance in the 25,150–25,350 band. A strong close above this zone could shift market momentum in favour of the bulls and trigger a fresh rally,” analyst added.

--IANS

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