The market value of Larsen & Toubro decreased by Rs 45,629.03 crore this week, leading to a total market capitalization of Rs 5,43,208.36 crore. Overall, eight of the top-10 most valued companies in India collectively lost Rs 2,81,581.53 crore in market value during the week. This decline was in line with a general weak trend in the stock market, where the BSE Sensex fell by 2,368.29 points, or 2.91 percent.
Ajit Mishra, Senior Vice President of Research at Religare Broking Ltd, attributed the market’s steep losses at the end of the holiday-shortened week to escalating geopolitical tensions in West Asia and a significant increase in crude oil prices, negatively impacting investor sentiment. Notably, State Bank of India witnessed the largest drop in market value, losing Rs 53,952.96 crore to reach Rs 10,55,567.27 crore.
The market value of ICICI Bank also saw a substantial decline, decreasing by Rs 46,936.82 crore to Rs 9,40,049.82 crore. Similarly, HDFC Bank’s market value dropped by Rs 46,552.3 crore, totaling Rs 13,19,107.08 crore. Other major companies like Bajaj Finance, Tata Consultancy Services, Hindustan Unilever, and Bharti Airtel also experienced declines in their market capitalization during the week.
Despite the overall negative trend, two companies from the top-10 list managed to register gains. Reliance Industries’ market value increased by Rs 14,750.39 crore to Rs 19,01,583.05 crore, while Infosys added Rs 3,459.99 crore, reaching Rs 5,30,546.54 crore. Analysts highlighted that the immediate resistance levels for Nifty are at 24,700, followed by 25,000 and 25,150, with key supports at 24,300 and 24,000, and a potential further downside below 23,800.
