The stock market's sluggish phase continues without signs of abating, with both Sensex and Nifty trading on a declining note. The previous week proved unfavorable for the market, resulting in significant losses among Sensex's top-10 companies. Notably, five corporations led to substantial investor drawbacks as their combined market capitalization plummeted by ₹93,357.52 crore. Among these, IT companies were at the forefront, with Infosys, co-founded by N.R. Narayana Murthy, leading the descent, and Tata Group's TCS also experiencing a hefty blow.
Infosys Takes a Hit, TCS Slips to Third
Last week witnessed only four days of trading due to a market holiday on Friday to commemorate Holi. During this short trading span, Infosys saw its market cap shrink to ₹6,55,820.48 crore, resulting in a ₹44,226.62 crore erosion for investors. TCS followed closely with investors facing a ₹35,800.98 crore loss, causing its market cap to dwindle to ₹12,70,798.97 crore. This market value decline placed TCS back to the third position in the top-10 list.
Source: aajtak
Other Companies Facing Losses
Aside from Infosys and TCS, other major entities also endured investor setbacks within the four-day trading period. Hindustan Unilever's market value fell by ₹6,567.11 crore, decreasing its market cap to ₹5,11,235.81 crore. State Bank of India's (SBI) market cap diminished by ₹4,462.31 crore, bringing it down to ₹6,49,489.22 crore. Meanwhile, Mukesh Ambani’s Reliance Industries saw a decline by ₹2,300.50 crore, leaving its market cap at ₹16,88,028.20 crore.
Gainers Amidst Declines
Contrary to the downward trend, some companies facilitated investor gains. According to PTI, ICICI Bank led by generating profits worth ₹25,459.16 crore for its investors in just four days, boosting its market value to ₹8,83,202.19 crore. Following ICICI, HDFC Bank’s market cap surged by ₹12,591.60 crore, climbing to the second most valuable company nationwide, surpassing TCS with ₹13,05,169.99 crore.
Source: aajtak
Beneficiaries among Various Companies
Alongside these banking giants, ITC's market cap also ascended by ₹10,073.34 crore to reach ₹5,15,366.68 crore. Bajaj Finance experienced a market value increment of ₹911.22 crore, raising its cap to ₹5,21,892.47 crore. Additionally, Bharti Airtel’s market value enhanced by ₹798.30 crore, culminating at ₹9,31,068.27 crore.
Mukesh Ambani's Firm Tops the Chart
Despite the BSE’s 30-share Sensex dropping by 503.67 points or 0.68%, and the NSE Nifty falling by 155.3 points, Mukesh Ambani’s Reliance Industries retained its top position in the list of leading companies. Following Reliance, in the order of rankings were HDFC Bank, TCS, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Bajaj Finance, ITC, and Hindustan Unilever.
