The combined market value of seven of the top-10 most valued companies fell by Rs 1.25 lakh crore last week, led by Reliance Industries, amid a weak trend in equities.
The BSE Sensex dropped 532.4 points, or 0.71 per cent, while the NSE Nifty declined 181.05 points, or 0.76 per cent.
Persistent foreign institutional investor selling weighed on sentiment despite supportive factors such as lower crude oil prices and a stronger rupee, noted Santosh Meena of Swastika Investmart Ltd. Concerns over the monsoon’s progress also affected confidence.
Among the top-10, Reliance Industries, Bharti Airtel, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever saw valuation losses. HDFC Bank, ICICI Bank and State Bank of India recorded gains.
Reliance’s valuation fell Rs 39,718 crore to Rs 17,47,321.40 crore. TCS lost Rs 20,134.66 crore, ending at Rs 7,95,346.09 crore. Bharti Airtel declined Rs 18,736.04 crore to Rs 10,96,150.49 crore. Larsen & Toubro dropped Rs 16,880.2 crore to Rs 5,43,956.44 crore. LIC lost Rs 14,610.74 crore to Rs 5,05,873.32 crore. Bajaj Finance shed Rs 9,681.36 crore to Rs 5,53,580.97 crore. Hindustan Unilever fell Rs 5,909.23 crore to Rs 4,98,301.31 crore.
State Bank of India gained Rs 12,692.09 crore to Rs 9,02,523.63 crore. ICICI Bank rose Rs 4,484.86 crore to Rs 9,05,074.77 crore. HDFC Bank added Rs 4,101.47 crore to Rs 11,50,743.31 crore.
Reliance remained the most valued firm, followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.
