India's Top 7 Firms Lose ₹1.13 Lakh Crore In Market Cap

The combined market capitalisation of seven of India's 10 most-valued companies fell by ₹1.13 lakh crore last week, tracking weakness in the broader equity market.

Bharti Airtel and Reliance Industries suffered the biggest erosion in valuation, with Airtel's market capitalisation dropping by ₹40,500.85 crore to ₹11,74,462.30 crore, and Reliance Industries losing ₹40,056.32 crore in valuation to ₹17,38,119.27 crore.

The BSE Sensex declined 276.32 points, or 0.35 per cent, while the NSE Nifty fell 76.35 points, or 0.31 per cent, during the week. Equity markets remained cautious amid concerns over global interest rates, geopolitical uncertainty, and volatility linked to the new closing auction session.

However, benchmark indices recovered sharply on Friday, helped by buying in IT stocks following positive global technology cues. Despite this, the indices ended under pressure for a third consecutive week.

Other major losers included HDFC Bank, which lost ₹11,558.35 crore in market value, Bajaj Finance, which lost ₹10,086.05 crore, and Larsen & Toubro, which lost ₹6,473.45 crore. LIC and Hindustan Unilever also saw their valuations decline by ₹3,162.50 crore and ₹1,550.73 crore, respectively.

On the other hand, Tata Consultancy Services added ₹16,643.20 crore to its market capitalisation, taking the total to ₹8,48,079.71 crore. ICICI Bank's valuation increased by ₹4,475.28 crore, while State Bank of India added ₹599.99 crore to its market capitalisation.

Reliance Industries retained its position as India's most-valued company, followed by Bharti Airtel, HDFC Bank, ICICI Bank, SBI, TCS, Bajaj Finance, Larsen & Toubro, LIC, and Hindustan Unilever.

The decline in market capitalisation of these top companies reflects the current volatility in the equity market, which is being driven by global factors such as interest rates and geopolitical uncertainty. As the market continues to remain under pressure, investors are advised to exercise caution and keep a close eye on market trends.

The Indian equity market is expected to remain volatile in the coming weeks, with global events and economic indicators likely to influence market sentiment. Investors will be closely watching the movement of the benchmark indices and the performance of top companies to gauge the overall health of the market.