Market recap: Eight of top 10 firms lose Rs 1.55 lakh crore
HDFC Bank and Bajaj Finance experienced significant market value declines last week amid broader market losses. The combined drop in valuations for eight major companies totaled Rs 1.55 lakh crore. Market capitalization for BSE-listed companies fell sharply by Rs 20,78,774.28 crore. Only Tata Consultancy Services and Larsen & Toubro managed to increase their market valuations during this period.
Eight of India's ten most valuable companies experienced a combined loss of Rs 1.55 lakh crore in market capitalization during a recent trading week, according to market reports. Weak sentiment in the stock market contributed to the decline in major stocks. HDFC Bank and Bajaj Finance suffered the most significant losses, while TCS and Larsen & Toubro managed to increase their market values.
The BSE Sensex fell by 1,605.44 points (2.15%), and the NSE Nifty dropped by 546.15 points (2.36%). The total market capitalization of BSE-listed companies decreased by Rs 20.79 lakh crore across four trading sessions, falling from Rs 4,72,62,167.42 crore to Rs 4,51,83,393.14 crore. HDFC Bank emerged as the biggest loser, losing Rs 55,506.95 crore in market valuation, with its market capitalization dropping to Rs 10,67,121.12 crore.
Bajaj Finance experienced a valuation loss of Rs 34,180.51 crore, reducing its market capitalization to Rs 5,77,146.21 crore. Reliance Industries, Life Insurance Corporation of India (LIC), Bharti Airtel, State Bank of India, Infosys, and ICICI Bank also faced pressure in the market. Despite the overall market weakness, TCS and L&T managed to register gains, with TCS gaining Rs 23,517.56 crore and L&T adding Rs 1,788.66 crore.
Reliance Industries remained India's most valuable listed company, followed by Bharti Airtel and HDFC Bank.
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