The combined market value of nine out of India’s top ten companies dropped by Rs 3.12 lakh crore last week due to various economic factors. The Sensex fell by 2,090.2 points, and the Nifty by 532.65 points, reflecting the broader market sentiment. Bharti Airtel was the only gainer among the top firms, adding Rs 42,470.13 crore to its valuation.
State Bank of India’s worth decreased by Rs 52,245.3 crore, while Tata Consultancy Services and Bajaj Finance also saw declines. HDFC Bank’s value slipped by Rs 20,630.01 crore, and ICICI Bank lost Rs 14,290 crore. Larsen & Toubro and Hindustan Unilever also experienced drops in market capitalization. Life Insurance Corporation of India saw a decline as well.
Despite the downturn, HDFC Bank remained one of the most valued companies in India. Analysts noted that the Nifty faces resistance levels at 24,000 and 24,250, with support at 23,250 and 23,000. Any breach below 23,000 could lead to further selling pressure.
