InvestorQ : How did the heavyweights on the Nifty perform the last week ended on August 21?
Aditi Sharma made post

How did the heavyweights on the Nifty perform the last week ended on August 21?

user profile image
Dinesh C Nagpal answered.
4 weeks ago

So far the AUGUST settlement has seen consolidation by LARGE CAPS mainly RELIANCE and IT Sector. From last week after 3 weeks of shallow decline BANK NIFTY stocks have started performing. Today also BN stocks are outperforming the over all market. This might continue till it comes to its resistance near 23200/23750. IT Sector might see minor profit taking and remain quiet for the next 1-2 weeks. RELIANCE has support at 2050, if broken then more weakness

user profile image
diksha shah answered.
4 weeks ago

Nifty saw mixed movement in the week but the bottom line was that the market overall ended with positive wealth creation despite Reliance being a value destroyer during the week gone by. Banks did extremely well during the week.

In fact, 7 of top 10 companies on the index saw net market cap accretion to the tune of Rs.67,600 crore for the week ended 21 August. The big gainers were the banks. HDFC Bank added Rs.28,184 crore and ICICI Bank added Rs.21, 839 crore in value during the week.

Among the other gainers, Hindustan Unilever added Rs.6800 crore of market cap during the week while Kotak Bank added Rs.6200 crore of value during the single week. There were other gainers too but the contribution was fairly minimal.

However, the major value destroyer during the week was Big Daddy Reliance Industries which alone lost Rs. 20,507 crore in market value during the week gone by. The other big loser was while Bharti Airtel losing Rs.4900 crore with all the uncertainty around AGR.