The market capitalization of five out of the top 10 most valuable firms has dropped by ₹1.85 lakh crore, with HDFC Bank being significantly impacted.
The total market capitalization of five of the top-10 most valuable companies decreased by ₹1,85,952.31 crore last week, with HDFC Bank experiencing the largest decline, reflecting a downward trend in the domestic stock market.
During the same period, the BSE Sensex fell by 1,844.2 points (2.32 per cent), while the Nifty index dropped by 573.25 points (2.38 per cent).
Market valuations of Reliance Industries, HDFC Bank, ICICI Bank, State Bank of India, and ITC decreased, while Tata Consultancy Services (TCS), Bharti Airtel, Infosys, Hindustan Unilever, and HCL Technologies saw gains.
HDFC Bank’s valuation decreased by ₹70,479.23 crore, settling at ₹12,67,440.61 crore. ITC’s market capitalization dropped by ₹46,481 crore to ₹5,56,583.44 crore. State Bank of India saw a reduction of ₹44,935.46 crore to ₹6,63,233.14 crore, while Reliance Industries lost ₹12,179.13 crore, bringing its valuation to ₹16,81,194.35 crore. ICICI Bank’s market cap fell by ₹11,877.49 crore to ₹8,81,501.01 crore.
On the other hand, TCS added ₹60,168.79 crore, reaching a valuation of ₹15,43,313.32 crore. The company’s stock surged nearly 6 per cent on Friday following its announcement of an 11.95 per cent rise in net profit for the December quarter, totaling ₹12,380 crore.
HCL Technologies saw a significant increase in market capitalization, rising by ₹13,120.58 crore to reach ₹5,41,539.01 crore. Infosys also experienced growth, adding ₹11,792.44 crore to reach ₹8,16,626.78 crore. Bharti Airtel saw an increase of ₹8,999.41 crore, reaching a market cap of ₹9,19,933.99 crore. Hindustan Unilever’s valuation also rose by ₹8,564.26 crore to ₹5,73,758.44 crore.
Reliance Industries maintained its position as the most valued domestic company, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC, and HCL Technologies.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.