Mumbai, Dec 28: Bajaj Finance was among the major losers last week as the combined market valuation of seven of India’s top-10 most valued companies fell by Rs 35,439.36 crore amid a muted trend in equities during a holiday-shortened week.
The market capitalisation of Bajaj Finance declined by Rs 5,102.43 crore, taking its total valuation to Rs 6,22,124.01 crore, according to official data.
The broader market, however, showed limited gains, with the BSE benchmark index rising marginally by 112.09 points, or 0.13 per cent, during the week.
Several heavyweight stocks from the top-10 list witnessed a drop in their valuations. State Bank of India suffered the biggest loss, with its market value tumbling by Rs 12,692.1 crore to Rs 8,92,046.88 crore.
Other firms that faced erosion included Larsen & Toubro, whose market capitalisation declined by Rs 4,002.94 crore to Rs 5,56,436.22 crore, and ICICI Bank, which saw a drop of Rs 2,571.39 crore to Rs 9,65,669.15 crore.
The valuation of Life Insurance Corporation of India slipped by Rs 1,802.62 crore to Rs 5,37,403.43 crore, while Tata Consultancy Services lost Rs 1,013.07 crore to stand at Rs 11,86,660.34 crore.
In contrast, some companies managed to end the week with gains. HDFC Bank saw its market value rise by Rs 10,126.81 crore to Rs 15,26,765.44 crore.
Infosys gained Rs 6,626.62 crore, taking its valuation to Rs 6,87,818.84 crore, while Bharti Airtel added Rs 5,359.98 crore to reach Rs 12,00,692.32 crore.
Despite the weekly fluctuations, HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro and LIC remained in the list of the top-10 most valued firms.
Meanwhile, commenting on Nifty’s technical outlook, experts said that “as long as the index sustains above the 26,000–25,800 immediate support zone, market sentiment is expected to remain constructive with a positive bias.”
“On the upside, immediate resistance is placed near 26,200, followed by 26,500. On the downside, support is seen at 26,000 and then 25,800; a decisive break below 25,800 could invite short-term selling pressure,” they added.
–IANS
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