Market Decline Costs Top 10 Companies ₹3 Lakh Crore. TCS Suffers Biggest Blow, While HDFC Bank and Bajaj Finance Gain.
Stock Market: The Indian stock market continued its downward trend. For the fifth consecutive month, the market closed weak, resulting in significant losses for investors. On Friday, the last trading day of the previous week, the Nifty fell 420.35 points (1.86%) to close at 22,124.70, while the Sensex dropped 1,414.33 points (1.89%) to close at 73,198.10. During this period, the combined market capitalization of India's top 10 companies decreased by ₹3,09,244.57 crore, with Tata Consultancy Services (TCS) bearing the brunt of the losses.
TCS Suffers the Biggest Blow
Tata Consultancy Services (TCS), the flagship IT company of the Tata Group, experienced the largest decline in market capitalization. The company's valuation decreased by ₹1,09,211.97 crore, reducing its total market capitalization to ₹12,60,505.51 crore. In addition, Infosys's valuation also fell by ₹52,697.93 crore, to ₹7,01,002.22 crore.
Airtel and Reliance Industries Suffer Losses
Beyond the tech sector, other major companies were also affected by the decline. Bharti Airtel's market capitalization decreased by ₹39,230.1 crore, falling to ₹8,94,993.67 crore. Meanwhile, Reliance Industries (RIL), India's most valuable company, saw its market cap fall by ₹38,025.97 crore, reaching ₹16,23,343.45 crore.
SBI and ICICI Bank Witness Value Decline
The banking sector also experienced a downturn. The market capitalization of SBI, India's largest public sector bank, fell by ₹29,718.99 crore, to ₹6,14,236.97 crore. Similarly, ICICI Bank's valuation dropped by ₹20,775.78 crore, settling at ₹8,49,803.90 crore.
HUL and ITC Also Affected
The fast-growing FMCG sector was also impacted. Hindustan Unilever (HUL)'s market cap decreased by ₹11,700.97 crore, reaching ₹5,14,983.41 crore. ITC's valuation fell by ₹7,882.86 crore, resulting in a total market capitalization of ₹4,93,867.57 crore.
HDFC Bank and Bajaj Finance Benefit
While most companies experienced losses, HDFC Bank and Bajaj Finance saw gains. HDFC Bank's market cap increased by ₹30,258.49 crore, reaching ₹13,24,411.31 crore. Bajaj Finance's valuation rose by ₹9,050.24 crore, reaching ₹5,29,516.99 crore.
India's Top 10 Companies
Despite the market downturn, Reliance Industries (RIL) remains India's most valuable company. It is followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Bajaj Finance, Hindustan Unilever, and ITC.
Disclaimer: This article uses information provided by investment experts and brokerage firms. Consult a certified expert before making any investment decisions.
