Mcap of 6 of 10 most valued firms erodes by Rs 1.71 lakh cr

In a week marked by market turbulence, six of the top 10 valued domestic firms saw their combined market valuation drop by a significant Rs 1.71 lakh crore. This decline, primarily led by IT giants Infosys and Tata Consultancy Services (TCS), reflects a broader trend of market volatility amid recent earnings announcements.

MCap: Market Performance 

The BSE benchmark index fell by 759.58 points, or 0.98%, while the Nifty decreased by 228.3 points, or 0.97%, last week. This overall market decline impacted the valuations of several major companies.

MCap: Top Losers

Infosys saw its valuation decrease by Rs 62,948.4 crore, ending at Rs 7,53,678.38 crore. The 6% drop in shares followed profit-taking after third-quarter earnings. Tata Consultancy Services (TCS) experienced a market capitalisation fall of Rs 50,598.95 crore to Rs 14,92,714.37 crore. Hindustan Unilever's valuation reduced by Rs 20,605.92 crore, closing at Rs 5,53,152.52 crore. ICICI Bank saw a decrease of Rs 16,005.84 crore, with a new valuation of Rs 8,65,495.17 crore.

HDFC Bank's market cap dropped by Rs 15,640.8 crore to Rs 12,51,799.81 crore, and ITC's valuation declined by Rs 5,880.51 crore, finishing at Rs 5,50,702.93 crore.

MCap: Top Gainers

In contrast, Reliance Industries' valuation surged by Rs 79,773.34 crore, reaching Rs 17,60,967.69 crore. State Bank of India (SBI) saw its market cap increase by Rs 18,697.08 crore to Rs 6,81,930.22 crore. Life Insurance Corporation (LIC) added Rs 9,993.5 crore, ending with a valuation of Rs 5,40,724.05 crore. Bharti Airtel's valuation climbed by Rs 7,080.98 crore, totaling Rs 9,27,014.97 crore.

Despite the significant losses for some major firms, Reliance Industries maintained its position as the most valued company, followed by TCS, HDFC Bank, Bharti Airtel, and others. The market dynamics reflect the ongoing fluctuations influenced by earnings reports and investor sentiment.