Six of India's ten most valuable companies experienced significant market capitalization erosion totaling Rs 78,166 crore. The broad-based decline affected major blue-chip stocks across sectors. This represents one of the steepest weekly losses in recent months.
Benchmark indices posted notable declines with BSE Sensex falling 609 points and Nifty dropping 166 points. However, some companies managed to buck the negative trend with impressive gains. Market analysts point to global uncertainty and profit-booking as key factors.
Reliance Industries saw the sharpest erosion in value with its market capitalization dropping by ₹40,800.4 crore, bringing its total valuation down to ₹19,30,339.56 crore. Tata Consultancy Services also witnessed a notable decline of ₹17,710.54 crore, ending the week with a valuation of ₹12,71,395.95 crore.
Infosys saw its market value dip by ₹10,488.58 crore to ₹6,49,876.91 crore while Hindustan Unilever shed ₹5,462.8 crore closing at ₹5,53,974.88 crore. ICICI Bank and State Bank of India saw relatively smaller drops of ₹2,454.31 crore and ₹1,249.45 crore respectively. These losses reflected the downturn in benchmark indices as weak sentiment continued to weigh down equity markets.
Despite the overall market weakness, four firms in the top 10 managed to end the week in the green. Bharti Airtel emerged as the biggest gainer, adding ₹10,121.24 crore to its market cap, which now stands at ₹10,44,682.72 crore. Bajaj Finance added ₹4,548.87 crore while ITC gained ₹875.99 crore. HDFC Bank saw a modest increase of ₹399.93 crore in its market value. These selective gains indicate investor preference for certain defensive and telecom stocks.
The BSE Sensex dropped by 609.51 points or 0.74% while the Nifty declined by 166.65 points or 0.66% over the course of the week. This dragged several big players into the red territory. Reliance Industries retained its top spot as the most valuable company in the country followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India Infosys, Bajaj Finance, Hindustan Unilever and ITC.
The market watchers keep their eyes on the market, hoping for short-term price volatility. Analysts put global uncertainty and profit-booking activities by institutional investors as reasons for the recent market-wave decline. Given that these top companies registered a mixed performance, it would suggest investors are engaging in selective stock picking amidst broader market fear.