Daijiworld Media Network - New Delhi
New Delhi, Aug 31: A sharp downturn in market sentiment led to heavy losses for India’s biggest companies this week, with eight of the top 10 most-valued firms on the BSE losing a combined Rs 2.24 lakh crore in market capitalisation. HDFC Bank topped the list of losers, shedding Rs 47,482.49 crore to end the week with a valuation of Rs 14.60 lakh crore.
ICICI Bank and Bharti Airtel followed, losing Rs 27,135.23 crore and Rs 24,946.71 crore respectively, while LIC’s market value fell by Rs 23,655.49 crore. SBI also took a hit, declining by Rs 12,692.1 crore, and Bajaj Finance and Infosys lost Rs 10,471.08 crore and Rs 7,540.18 crore respectively.
The slide coincided with a 1.84% drop in the benchmark Sensex, which fell 1,497.2 points over the week.
Reliance Industries was also among the heavyweights facing pressure as investors grew cautious. In contrast, only Tata Consultancy Services (TCS) and Hindustan Unilever (HUL) managed gains — with TCS adding Rs 11,125.62 crore and HUL Rs 7,318.98 crore to their valuations.
Despite the pullback, analysts say critical support zones remain intact and suggest a possible recovery.
Amruta Shinde, Technical and Derivative Analyst at Choice Broking, noted that Nifty briefly reclaimed the 24,500 mark, showing resilience despite the volatility. “The index is hovering near crucial support at 24,337–24,267. A rebound from this zone could push Nifty toward 24,700–24,850, where significant resistance lies,” she said.
The Relative Strength Index (RSI) slipped to 39.14, indicating weakening momentum but also suggesting a potential for recovery if buyers return. On the derivatives side, support around 24,400 is expected to prevent further sharp declines.
Bank Nifty, meanwhile, ended the week at 53,655, struggling to break past the 54,000 resistance level. Analysts say it is currently oversold, with the RSI at a low 27.45, indicating a possible technical bounce-back — especially if the 200-day EMA support near 53,570 holds firm.
“Any sustained move above 54,000 could open the door to 54,450 and even 54,900,” Shinde added.