The combined market valuation of seven of the top-10 most valued firms eroded by ₹1,22,107.11 crore last week, with Tata Consultancy Services and Reliance Industries emerging as the biggest laggards, in line with weak trend in equities.
Last week, the BSE benchmark fell 307.09 points, or 0.37 per cent, to 81,381.36.
The market valuation of country’s largest IT firm Tata Consultancy Services (TCS) tumbled ₹35,638.16 crore to ₹15,01,723.41 crore.
The valuation of Reliance Industries slumped ₹21,351.71 crore to ₹18,55,366.53 crore.
ITC’s valuation dropped ₹18,761.4 crore to ₹6,10,933.66 crore, while that of Hindustan Unilever Ltd’s mcap was down ₹16,047.71 crore to ₹6,53,315.60 crore.
The market capitalisation (mcap) of Life Insurance Corporation of India (LIC) tanked ₹13,946.62 crore to ₹6,00,179.03 crore and that of ICICI Bank eroded ₹11,363.35 crore to ₹8,61,696.24 crore.
Also, HDFC Bank’s mcap declined ₹4,998.16 crore to ₹12,59,269.19 crore.
However, Bharti Airtel added ₹26,330.84 crore, taking its market valuation to ₹9,60,435.16 crore.
The mcap of Infosys climbed ₹6,913.33 crore to ₹8,03,440.41 crore and that of State Bank of India was up ₹3,034.36 crore to ₹7,13,968.95 crore.
Reliance Industries remained the most-valued domestic firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC and LIC.
According to a report from Client Associates (CA), a leading multi-family office, the Indian stock market has remained largely unfazed by global geopolitical risks in recent years.
Both BSE Sensex and BSE 500 have delivered positive returns over the past five years, indicating a multi-year bull run, it said.
“Our findings challenge the perception that these external factors have severely impacted our economy. Indian equity markets have largely shrugged off recent geopolitical tensions, including the Russia-Ukraine war and ongoing Middle Eastern conflicts. This resilience is a testament to the underlying strength of the Indian economy,” Client Associates co-founder Rohit Sarin said.
Falling inflation rate gives the Reserve Bank of India (RBI) room to potentially reduce interest rates in the future, which would further stimulate the economy, the report added.
With regard to the recent Chinese stimulus package attracting global attention, Sarin said, any investment in China markets should be tactical rather than long-term, with clearly defined entry and exit strategies.
