Blue-Chip Blues: Market Cap Meltdown Hits India’s Top 10, Reliance Leads the Slide

Image Source: Mint

Indian equity markets had a dismal week, removing Rs 78,166 crore of market capitalisation from six of the nation's top ten most valued firms. Reliance Industries was the largest laggard, evidencing wider weakness in the stock market indices.

Market Overview

The BSE Sensex fell by 609.51 points (0.74%) and the Nifty fell by 166.65 points (0.66%) for the week, pulling down some blue-chip stocks.

Major Losers: Biggest Market Cap Loss

Reliance Industries: Lost the maximum, with its market cap decreasing by Rs 40,800.4 crore, finishing the week at Rs 19,30,339.56 Crore.
Tata Consultancy Services (TCS): Fell by Rs 17,710.54 crore, with its valuation going down to Rs 12,71,395.95 crore.
Infosys: Lost Rs 10,488.58 crore, ending at a market cap of Rs 6,49,876.91 crore.
Hindustan Unilever: Lost by Rs 5,462.8 crore to end at Rs 5,53,974.88 crore.
ICICI Bank: Market cap fell by Rs 2,454.31 crore to Rs 10,33,868.01 crore.
State Bank of India (SBI): Lost Rs 1,249.45 crore, ending at a valuation of Rs 7,05,446.59 crore.

Top Gainers: Resilience Amidst the Slump

Bharti Airtel: Defied the trend by adding Rs 10,121.24 crore to reach Rs 10,44,682.72 crore.
Bajaj Finance: Jumped by Rs 4,548.87 crore to Rs 5,74,207.54 crore.
ITC: Added Rs 875.99 crore to reach Rs 5,45,991.05 crore.
HDFC Bank: Expressed a modest increase of Rs 399.93 crore, with its market cap standing at Rs 14,80,723.47 crore.

Current Rankings by Market Value

Reliance Industries is still India's most valuable company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and ITC.

Market Sentiment and Outlook

The steep fall in market capitalization of leading companies reflects the current weak sentiment in Indian equities, both on account of and despite global and domestic factors weighing on investor sentiment.

Despite the losses, some firms demonstrated resilience, signaling selective investor confidence in certain sectors.

Sources: Business Standard, Outlook Business, Times of India, Goodreturns

Stay Ahead – Explore Now! Forging the Future: SEIL, VPL & HTPL Begin Talks to Reinvent Vizag’s Industrial Pulse