Eight out of the top 10 most valued companies in India collectively lost ₹1,28,913.5 crore in market value last week, PTI reported. Among the top 10, Tata Consultancy Services (TCS) and Infosys were the biggest losers with weak equity trends, it added.
In the ranking of the most valued firms, Reliance Industries (RIL) retained the number one spot, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India (SBI), Infosys, Life Insurance Corporation of India (LIC), Hindustan Unilever (HUL), and ITC.
Who Lost Most?
IT major TCS’ value shrunk by ₹37,971.83 crore to ₹ ₹15,49,626.88 crore, making it the single biggest laggard among the top 10 companies.
In the top five losers, it was followed by fellow IT firm Infosys, which tumbled ₹ ₹23,811.88 crore to ₹7,56,250.47 crore; ITC, which tanked ₹16,619.51 crore to ₹6,11,423.11 crore; SBI, which dropped by ₹13,431.54 crore to ₹7,56,717.85 crore; and RIL, which slumped by ₹13,125.49 crore to ₹ ₹20,28,695.57 crore.
Further, telecom major Bharti Airtel‘s value declined by ₹11,821.5 crore to ₹ ₹8,50,389.88 crore; followed by ICICI Bank which lowerred by ₹7,843.75 crore to ₹8,42,176.78 crore; and HUL, rounded off the top eight, with its value diminished by ₹4,288 crore to ₹6,32,862.41 crore.
Few Gainers Last Week
HDFC Bank was among the two gainers last week, soaring by ₹32,759.37 crore to ₹12,63,601.40 crore; followed by LIC, which saw its market cap jump by ₹1,075.25 crore to ₹7,47,677.98 crore.
Last week, the BSE benchmark declinded by 350.77 points or 0.43 per cent.
Market Watch
The Nifty 50, reached the significant milestone of 25,000 on August 1 and then experienced a decline of about 1 per cent on August 2 due to profit booking following a substantial 650-point surge over the past month and a broader market selloff. Despite the downturn, experts are optimistic about continuation of positive momentum in the Indian market.
Looking ahead, analysts believe that the Indian market will maintain its upward trajectory, driven by strong macroeconomic fundamentals, India’s robust global position, and consistent corporate earnings. These factors are expected to support further growth and stability, even in the face of temporary setbacks like today’s market blip.