“Markets witnessed a sharp sell-off during the week with bears firmly in check. Weak global cues, continued FII outflows, depreciating rupee and subdued corporate earnings kept pressure high throughout the week,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.The combined market valuation of nine of the top 10 most valued companies, including Reliance Industries, HDFC Bank, ICICI Bank and Bharti Airtel, fell by Rs 2,51,711.6 crore.
Reliance Industries’ market valuation fell by Rs 96,960.17 crore to Rs 18,75,533.04 crore.
ICICI Bank’s valuation has eroded by Rs 48,644.99 crore to Rs 9,60,825.29 crore.
HDFC Bank’s valuation fell by Rs 22,923.02 crore to Rs 14,09,611.89 crore and that of Bharti Airtel fell by Rs 17,533.97 crore to Rs 11,32,010.46 crore. Market capitalization (mcap) of Tata Consultancy Services (TCS) fell by Rs 16,588.93 crore to Rs 11,43,623.19 crore and that of Larsen & Toubro tanked Rs 15,248.32 crore to Rs 5,15,161.91 crore.
Mcap of Bajaj Finance fell by Rs 14,093.93 crore to Rs 5,77,353.23 crore and that of State Bank of India fell by Rs 11,907.5 crore to Rs 9,50,199.77 crore.
Infosys’ market valuation fell Rs 7,810.77 crore to Rs 6,94,078.82 crore.
However, Hindustan Unilever’s mcap climbed Rs 12,311.86 crore to Rs 5,66,733.16 crore.
Reliance Industries remained the most valued company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and Larsen & Toubro.
“The correction was fueled by a confluence of factors: escalating geopolitical tensions, aggressive FII selling and panic over rupee weakness,” Santosh Meena, head of research at Swastika Investmart Ltd, said of the sell-off in the markets last week.
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