In a holiday-shortened last week, the combined market valuation of six of the top-10 most valued firms witnessed a decline by Rs 68,417.14 crore. Among these, Bharti Airtel and Reliance Industries took the biggest hit, reflecting the fluctuating trends in the Indian stock market.
Last week saw the BSE benchmark climbing 147.99 points or 0.20 per cent, but domestic equity markets were closed on Wednesday due to Maharashtra Day celebrations.
Bharti Airtel saw its market capitalization fall by a significant Rs 27,635.65 crore to Rs 7,23,770.70 crore, while Reliance Industries’ valuation declined by Rs 23,341.56 crore to Rs 19,40,738.40 crore.
The decline in market capitalization was not limited to these two giants. Other laggards included Life Insurance Corporation of India (LIC), Infosys, ITC, and Hindustan Unilever. LIC’s market capitalization dropped by Rs 5,724.13 crore to Rs 6,19,217.27 crore, Infosys witnessed a decrease of Rs 5,686.69 crore to Rs 5,87,949.62 crore, ITC eroded by Rs 4,619.35 crore to Rs 5,44,645.97 crore, and Hindustan Unilever dipped by Rs 1,409.76 crore to Rs 5,20,551.94 crore.
However, amidst the decline, there were gainers as well. State Bank of India’s market capitalization climbed by Rs 26,907.71 crore to Rs 7,42,126.11 crore. ICICI Bank added Rs 24,651.55 crore, taking its valuation to Rs 8,02,401.77 crore. TCS rallied Rs 9,587.93 crore to Rs 13,89,110.43 crore, and HDFC Bank saw an increase of Rs 6,761.25 crore to Rs 11,53,704.84 crore.
Reliance Industries remained the most valued firm from the top-10 pack, followed by TCS, HDFC Bank, ICICI Bank, State Bank of India, Bharti Airtel, LIC, Infosys, ITC, and Hindustan Unilever.
This fluctuation in market capitalization reflects the volatile nature of the stock market, influenced by various factors including economic indicators, global events, and company-specific news. Investors often monitor these changes closely to make informed decisions regarding their portfolios.
Despite the setbacks faced by some of the top firms, the overall sentiment in the market remains cautiously optimistic, with investors closely watching for any further developments that may impact stock prices.
