Mumbai, March 29 : The combined market valuation of seven of Indiaâ??s top-10 most valued companies fell sharply by Rs 1.75 lakh crore last week amid global uncertainties and geopolitical tensions. The decline came in a holiday-shortened week when benchmark indices ended lower. The Sensex dropped 949.74 points, or 1.27 per cent, while the Nifty fell 294.9 points, also down 1.27 per cent.

Commenting on Nifty technical outlook, experts said that a decisive breakdown below the 22,700â??22,500 range can accelerate selling pressure, potentially dragging the index towards the 22,000â??21,744 zone, which aligns with the 52-week low region.

â??On the upside, 23,000â??23,100 now acts as immediate resistance, followed by a stronger supply zone in the 23,300â??23,500 range,â?? an analyst mentioned.

Market experts said the week was marked by high volatility due to fluctuating global cues and rising tensions in West Asia.

According to Ajit Mishra of Religare Broking, early losses were driven by concerns over energy supply disruptions, a weakening rupee that touched a record low, and rising market volatility.

â??Although there was a brief recovery in the middle of the week on hopes of easing tensions between the US and Iran, fresh selling pressure on Friday wiped out gains and pulled the indices lower,â?? he stated.

Among the biggest losers, Reliance Industries saw its market valuation drop the most, declining by Rs 89,720.3 crore to Rs 18.24 lakh crore.

HDFC Bank also witnessed a sharp fall, with its valuation slipping by Rs 37,248.59 crore.

Other major companies that faced losses included State Bank of India, which lost Rs 35,399.42 crore in market value, and ICICI Bank, whose valuation declined by Rs 8,121.76 crore.

Bharti Airtel, Hindustan Unilever, and Tata Consultancy Services also saw their market capitalisations fall during the week.

However, not all companies were hit. Larsen & Toubro emerged as the biggest gainer, adding Rs 18,051.68 crore to its valuation.

Bajaj Finance and Infosys also registered gains in their market capitalisation.

Despite the decline, Reliance Industries continued to remain the most valued company in India, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank and Tata Consultancy Services.

/IANS