HDFC Bank loses Rs 47,482 crore in market value this week

New Delhi, Aug 31 (IANS) HDFC Bank’s market valuation fell by Rs 47,482.49 crore this week to Rs 14,60,863.90 crore, making it one of the biggest losers among India’s top 10 most-valued companies.

Reliance Industries also faced a steep decline as overall market sentiment turned bearish.

In total, eight out of the top 10 most-valued firms on the BSE lost a combined Rs 2,24,630.45 crore in market capitalisation during the week when the benchmark Sensex dropped by 1,497.2 points, or 1.84 per cent.

Apart from HDFC Bank, other major losers included ICICI Bank, which fell by Rs 27,135.23 crore to Rs 9,98,290.96 crore and Bharti Airtel, which declined by Rs 24,946.71 crore to Rs 10,77,213.23 crore.

LIC’s market value dropped by Rs 23,655.49 crore, while SBI lost Rs 12,692.1 crore.

Bajaj Finance and Infosys also ended lower, with losses of Rs 10,471.08 crore and Rs 7,540.18 crore respectively.

Tata Consultancy Services (TCS) and Hindustan Unilever bucked the trend. TCS added Rs 11,125.62 crore to its market valuation, while HUL gained Rs 7,318.98 crore.

Market experts said that while the broader tone was cautious, key support levels are holding firm and a reversal cannot be ruled out.

According to Amruta Shinde, Technical and Derivative Analyst at Choice Broking, Nifty briefly reclaimed the 24,500 mark during the week -- indicating resilience despite volatility.

“The index is hovering near important support levels around 24,337–24,267. A rebound from this zone could take Nifty back toward 24,700–24,850, where strong resistance lies,” she said.

Momentum indicators have shown some weakness, with the RSI slipping to 39.14, but analysts believe this also opens room for recovery if buying interest returns. On the derivatives side, support at 24,400 is expected to cushion declines in the near term.

Bank Nifty also saw pressure, ending the week at 53,655 after facing resistance around 54,000.

Analysts noted that the index is oversold on the daily charts, with the RSI at 27.45, suggesting that a technical pullback may be on the cards if the 200-day EMA near 53,570 holds as support.

“On the upside, any move above 54,000 could open the way toward 54,450 and 54,900,” Shinde noted.

--IANS

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