The combined market valuation of four of the top-10 most-valued firms climbed Rs 65,671.35 crore last week, with Reliance Industries emerging as the biggest gainer. Last week, the BSE benchmark climbed 175.31 points, or 0.26 per cent. While Reliance Industries, HDFC Bank, ICICI Bank, and Bharti Airtel were the gainers, Tata Consultancy Services (TCS), Infosys, Hindustan Unilever, ITC, State Bank of India, and Bajaj Finance faced erosion in valuation.
The market valuation of Reliance Industries jumped Rs 26,014.36 crore to reach Rs 16,19,907.39 crore. HDFC Bank added Rs 20,490.9 crore, taking its valuation to Rs 11,62,706.71 crore. The market valuation of Bharti Airtel rose Rs 14,135.21 crore to Rs 5,46,720.84 crore , while that of ICICI Bank gained Rs 5,030.88 crore to Rs 6,51,285.29 crore.
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However, the market capitalisation (mcap) of TCS eroded by Rs 16,484.03 crore to Rs 12,65,153.60 crore. The valuation of Bajaj Finance declined Rs 12,202.87 crore to Rs 4,33,966.53 crore. The mcap of Hindustan Unilever fell Rs 3,406.91 crore to Rs 5,90,910.45 crore and that of State Bank of India declined Rs 2,543.51 crore to Rs 5,00,046.01 crore.
Nine of top 10 valued firms add Rs 95,522 cr to market valuation; Reliance, TCS lead gainers P&G Health posts June quarter profit at Rs 16.78 crore, revenue drops by 5.7% YoY; final dividend announced Foreign investors pull out over Rs 13,400 crore from Indian equities in first week of August ITC Q1 profit rises marginally at Rs 5176.99 crore, revenue rises by 3% led by robust rural demand; How did biz verticals perform?
The market valuation of ITC was down Rs 1,808.36 crore to Rs 5,46,000.07 crore, while that of Infosys dipped Rs 290.53 crore to Rs 5,96,391.22 crore. Reliance Industries continued to hold the title of the most-valued firm followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Bharti Airtel, ITC, State Bank of India, and Bajaj Finance.
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Consecutive days of upcloses brought cheer to Bank Nifty traders, an event that has occurred for the first time since hitting record peak in September. Yet, we are yet to clear the congestion resistances of the last fortnight. This along with the 50DMA at 44,760 presents a very formidable hurdle for bank nifty. This forces us to continue with a cautious approach, rather than embarking on an outright recovery play. But, given the three day ascent seen in MACD forest, and the oversold territory from which the index is coming off, there is still a reasonable window to pick upswings, but prospects appear limited as long as the 50DMA stays above.
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