India's Top Firms Face Market Cap Losses Amid Volatile Market: SBI Leads the Fall
Amid volatile but range-bound market movement, four of India’s top-10 most valued companies saw their combined market valuation fall by more than Rs 1 lakh crore last week. The biggest loser was State Bank of India (SBI), which recorded the steepest fall among the top companies. Despite these losses, benchmark stock indices managed to close the week in positive territory.
The BSE Sensex gained 414.69 points, or 0.53 per cent, while the NSE Nifty rose 178.6 points, or 0.74 per cent.
SBI Emerges as Biggest Loser
State Bank of India witnessed the largest decline in market value during the week. Its market capitalisation dropped by Rs 44,722.34 crore to Rs 9,41,107.62 crore. Bharti Airtel also saw a major decline, with its valuation falling by Rs 31,167.1 crore to Rs 11,18,055.03 crore. Tata Consultancy Services (TCS) lost Rs 28,456.26 crore in market value, taking its total valuation to Rs 8,66,477.69 crore. Engineering major Larsen & Toubro (L&T) also recorded a fall of Rs 5,371.84 crore, bringing its market capitalisation down to Rs 5,46,621.21 crore.
HDFC Bank and Others Post Gains
While some companies saw losses, others managed to add value. HDFC Bank added Rs 15,425.09 crore to its market capitalisation, taking it to Rs 12,02,699.26 crore. Bajaj Finance also posted strong gains, adding Rs 11,486.89 crore to reach Rs 5,94,610.02 crore. Hindustan Unilever gained Rs 8,763.97 crore, pushing its valuation to Rs 5,37,562.98 crore. Life Insurance Corporation of India (LIC) added Rs 2,751.37 crore, while ICICI Bank gained Rs 1,694.61 crore during the week.
Ranking of Top Firms
HDFC Bank remained the second most valued company during the week. It was followed by Bharti Airtel, SBI, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever, and LIC.
Nifty Technical Outlook
Market experts said Nifty faces resistance at 24,500 and 24,600 levels. On the downside, support is seen at 24,000 and 23,800. Analysts warned that if Nifty falls below 23,800, selling pressure could increase sharply in the coming sessions.
