The combined market valuation of six of India’s top-10 most valued companies eroded by ₹2.22 lakh crore last week.
The downturn was a result of a bearish trend in the equity market, with the BSE benchmark Sensex dropping 294.64 points or 0.36%.
Expert opinion on the market trend
“Markets ended lower for the fourth straight week as caution prevailed amid mixed cues. The market’s direction was initially influenced by earnings announcements, with the banking sector showing strength due to positive results from HDFC Bank and ICICI Bank. However, a dip in stocks like Reliance capped the recovery.
Furthermore, foreign fund outflows and uncertainty over trade deals ahead of the August 1 deadline kept volatility high,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.
The week’s biggest losers
Reliance Industries and Infosys were the worst-hit among the top 10 firms, mirroring the market downturn. These firms suffered a combined erosion of ₹2,22,193.17 crore from their market valuation.
Here are the firms who were the most affected due to the trend:
- State Bank of India: Its valuation went up by ₹9,685.34 crore to ₹7,44,449.31 crore.
Top-10 most valued companies in India by market cap
Reliance Industries retained the title of the most valued firm of India, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and LIC.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
