Bearish trends in equities continued for another week with market valuation of six of the top-10 most-valued firms declining by ₹2.22 lakh crore.
From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Infosys, Bajaj Finance, Hindustan Unilever and Life Insurance Corporation of India (LIC) suffered a combined erosion of ₹2,22,193.17 crore from their market valuation.
The valuation of Reliance Industries tumbled ₹1,14,687.7 crore to ₹18,83,855.52 crore, the most among the top-10 firms.
Meanwhile, HDFC Bank, Bharti Airtel, ICICI Bank and State Bank of India made gains in their valuation.
Also Read: Mcap of eight firms erodes by ₹2.07 lakh cr
The BSE benchmark gauge had declined by 294.64 points or 0.36 per cent last week.
“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,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.
“Furthermore, foreign fund outflows and uncertainty over trade deals ahead of the August 1 deadline has kept volatility high,” he added.
Infosys faced an erosion of ₹29,474.56 crore to ₹6,29,621.56 crore from its market capitalisation (mcap), while the valuation of LIC tanked ₹23,086.24 crore to ₹5,60,742.67 crore and that of TCS dropped by ₹20,080.39 crore to ₹11,34,035.26 crore.
The mcap of Bajaj Finance declined by ₹17,524.3 crore to ₹5,67,768.53 crore and that of Hindustan Unilever fell by ₹17,339.98 crore to ₹5,67,449.79 crore.
However, the market valuation of HDFC Bank jumped ₹37,161.53 crore to ₹15,38,078.95 crore.
ICICI Bank added ₹35,814.41 crore taking its valuation to ₹10,53,823.14 crore.
The mcap of Bharti Airtel climbed ₹20,841.2 crore to ₹11,04,839.93 crore and that of State Bank of India went up by ₹9,685.34 crore to ₹7,44,449.31 crore.
Reliance Industries remained the most valued domestic firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and LIC.
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