Mumbai, May 3 (IANS) The combined market valuation of four of India’s top-10 most valued companies surged by Rs 2.20 lakh crore in a holiday-shortened week, driven largely by a sharp rally in heavy-weight stocks.

The benchmark Sensex ended the week on a modestly positive note, gaining 249.29 points or 0.32 per cent.

Among the top gainers, telecom major Bharti Airtel posted strong gains, with its valuation rising by Rs 43,503.51 crore to Rs 11,49,222.13 crore.

IT giant Tata Consultancy Services (TCS) saw its market cap jump by Rs 27,569.83 crore to Rs 8,94,933.95 crore, while Bajaj Finance added Rs 9,432.32 crore, taking its valuation to Rs 5,83,123.13 crore.

On the flip side, banking and financial stocks witnessed notable selling pressure. ICICI Bank recorded the steepest decline among losers, with its market capitalisation eroding by Rs 45,364.62 crore to Rs 9,04,980.78 crore.

State Bank of India followed, losing Rs 30,922.57 crore to settle at Rs 9,85,829.96 crore.

The country’s largest private lender, HDFC Bank, saw its valuation fall by Rs 20,951.31 crore to Rs 11,87,274.17 crore.

FMCG major Hindustan Unilever also witnessed a decline of Rs 18,420.79 crore, bringing its market cap down to Rs 5,28,799.01 crore.

Meanwhile, Life Insurance Corporation of India (LIC) lost Rs 8,222.49 crore in valuation to Rs 5,04,798.07 crore, and infrastructure major Larsen & Toubro saw a marginal dip of Rs 178.83 crore to Rs 5,51,993.05 crore.

Despite the mixed trend, Reliance Industries continued to lead the pack of India’s most valued firms, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever and LIC.

Meanwhile, commenting on Nifty weekly outlook, experts said that the immediate resistance is placed in the 24,300–24,400 range, which remains a strong supply zone.

“A sustained move above this band is required to revive momentum toward 24,600–24,800 levels,” an analyst stated.

“On the downside, 23,800 remains a key support zone, with a break below this level potentially opening the path towards 23,600–23,400, which is likely to act as a demand area,” as per a market expert.

–IANS

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