New Delhi: The combined market valuation of 6 of the top-10 most valued firms diminished by Rs 2.22 lakh crore last week, with Reliance Industries taking the biggest hit, in-line with a bearish trend in equities.
Last week, the BSE benchmark gauge declined by 294.64 points or 0.36 per cent.
“Markets ended lower for the fourth straight week as caution prevailed amid mixed cues. The market’s direction was initially influenced by earnings announcements, with the banking sector showing strength due to positive results from HDFC Bank and ICICI Bank. However, a dip in stocks like Reliance capped the recovery.
“Furthermore, foreign fund outflows and uncertainty over trade deals ahead of the August 1 deadline kept volatility high,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Infosys, Bajaj Finance, Hindustan Unilever and Life Insurance Corporation of India (LIC) suffered a combined erosion of Rs 2,22,193.17 crore from their market valuation.
HDFC Bank, Bharti Airtel, ICICI Bank and State Bank of India made gains in their valuation.
The valuation of Reliance Industries tumbled Rs 1,14,687.7 crore to Rs 18,83,855.52 crore, the most among the top-10 firms.
Infosys faced an erosion of Rs 29,474.56 crore to Rs 6,29,621.56 crore from its market capitalisation (mcap).
The valuation of LIC tanked Rs 23,086.24 crore to Rs 5,60,742.67 crore and that of TCS dropped by Rs 20,080.39 crore to Rs 11,34,035.26 crore.
The mcap of Bajaj Finance declined by Rs 17,524.3 crore to Rs 5,67,768.53 crore and that of Hindustan Unilever fell by Rs 17,339.98 crore to Rs 5,67,449.79 crore.
However, the market valuation of HDFC Bank jumped Rs 37,161.53 crore to Rs 15,38,078.95 crore.
ICICI Bank added Rs 35,814.41 crore taking its valuation to Rs 10,53,823.14 crore.
The mcap of Bharti Airtel climbed Rs 20,841.2 crore to Rs 11,04,839.93 crore and that of State Bank of India went up by Rs 9,685.34 crore to Rs 7,44,449.31 crore.
Reliance Industries remained the most valued domestic firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and LIC.
PTI
