The combined market capitalisation of seven out of the top 10 companies declined by Rs 1,22,107 crore over the past week, with Tata Consultancy Services (TCS) and Reliance Industries Ltd (RIL) leading the losses.
Between October 7 and 11, Tata Group’s TCS saw its market cap drop by Rs 35,638 crore, settling at Rs 15,01,723 crore. RIL’s market cap fell by Rs 21,351 crore, bringing its valuation down to Rs 18,55,366 crore.
FMCG giant ITC also witnessed a significant decline, with its market cap decreasing by Rs 18,761 crore to Rs 6,10,933 crore. Meanwhile, Hindustan Unilever Limited (HUL) saw a reduction of Rs 16,047 crore in its market valuation, now standing at Rs 6,53,315 crore.
The market capitalisation of Life Insurance Corporation (LIC) dropped by Rs 13,946 crore to Rs 6,00,179 crore, while ICICI Bank’s valuation slipped by Rs 11,363 crore, bringing it to Rs 8,61,696 crore.
HDFC Bank, the largest private sector bank in the country, saw its market cap decrease by Rs 4,998 crore, settling at Rs 12,59,269 crore.
On the other hand, Bharti Airtel’s market cap surged by Rs 26,330 crore to Rs 9,60,435 crore, while Infosys gained Rs 6,913 crore, taking its valuation to Rs 8,03,440 crore. The State Bank of India (SBI) added Rs 3,034 crore, pushing its market cap to Rs 7,13,968 crore.
Last week, the Nifty fell by 50 points, or 0.20 percent, to 24,964, while the Sensex declined by 307 points, or 0.38 percent, closing at 81,381. This marked the second consecutive week of market losses.
Despite the decline, RIL maintained its position as India’s most valuable company, followed by TCS, HDFC Bank, Bharti Airtel, and ICICI Bank.
Market experts predict that the outlook for next week will be influenced by key domestic and global economic data, including India’s WPI and CPI for September, loan and deposit growth figures, Q2 earnings of Indian companies, and updates from the US, China, and Japan.