Mumbai, May 3: Four of India’s top ten companies have witnessed a remarkable increase in their market capitalization, rising by ₹2.20 lakh crore last week. This surge is attributed to the bullish trend in the Indian stock market.
During the trading sessions from April 27 to April 30 (the market was closed on May 1 for Maharashtra Day), the Indian stock market closed in the green. The Sensex rose by 249.29 points, or 0.33%, ending at 76,913.50, while the Nifty gained 99.60 points, or 0.42%, closing at 23,997.55.
Among the companies, Bharti Airtel saw its market cap increase by ₹43,503.51 crore, reaching ₹11,49,222.13 crore. Tata Consultancy Services (TCS) experienced a rise of ₹27,569.83 crore, bringing its market cap to ₹8,94,933.95 crore. Bajaj Finance also reported an increase of ₹9,432.32 crore, with its market capitalization now at ₹5,83,123.13 crore.
Conversely, ICICI Bank’s market cap fell by ₹45,364.62 crore, reducing it to ₹9,04,980.78 crore. State Bank of India’s market capitalization decreased by ₹30,922.57 crore, now standing at ₹9,85,829.96 crore. HDFC Bank’s market cap dropped by ₹20,951.31 crore to ₹11,87,274.17 crore, while Hindustan Unilever saw a decline of ₹18,420.79 crore, bringing its market cap to ₹5,28,799.01 crore.
Life Insurance Corporation of India (LIC) also faced a decrease, with its market cap falling by ₹8,222.49 crore to ₹5,04,798.07 crore. L&T’s market cap decreased by ₹178.83 crore, now at ₹5,51,993.05 crore.
Despite mixed trends, Reliance Industries remains the most valuable company in India, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever, and LIC.
Additionally, commenting on the weekly outlook for the Nifty, experts noted that the resistance level remains around 24,300-24,400, which is a strong supply zone. On the other hand, 23,800 serves as a support level. If this level breaks, a drop to 23,600-23,400 could be anticipated.
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