M-cap of 6 of top-10 most valued firms declines by Rs 1.73 lakh crore; HDFC, LIC major laggards

The combined market valuation of six of the top-10 most valued firms declined by Rs 1,73,097.59 crore last week, with HDFC Bank and Life Insurance Corporation of India (LIC) taking the maximum hit. Last week, the BSE benchmark Sensex tanked 1,213.68 points or 1.64 percent.

The market valuation of HDFC Bank slumped Rs 60,678.26 crore to Rs 10,93,026.58 crore. LIC’s valuation tanked Rs 43,168.1 crore to Rs 5,76,049.17 crore.

Reliance Industries (RIL) faced an erosion of Rs 36,094.96 crore to Rs 19,04,643.44 crore from its market valuation. The market capitalisation (mcap) of ICICI Bank declined by Rs 17,567.94 crore to Rs 7,84,833.83 crore, and that of State Bank of India went lower by Rs 11,780.49 crore to Rs 7,30,345.62 crore.

ITC’s valuation dipped by Rs 3,807.84 crore to Rs 5,40,838.13 crore. However, the mcap of Hindustan Unilever climbed Rs 33,270.22 crore to Rs 5,53,822.16 crore.

Tata Consultancy Services (TCS) added Rs 20,442.2 crore, taking its valuation to Rs 14,09,552.63 crore. The mcap of Bharti Airtel rallied by Rs 14,653.98 crore to Rs 7,38,424.68 crore, and that of Infosys went up by Rs 3,611.26 crore to Rs 5,91,560.88 crore.

Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.

The equity markets ended the week with a significant decline of over 1.5 percent amid sharp selling by foreign portfolio investors (FPIs). The market also discounted several positives and lacks fresh triggers to sustain gains and move higher.

The BSE Sensex declined by 1,214 points, or 1.64 percent, at 72,664.47 during the week ended on May 10. While Nifty lost 421 points, or 1.87 percent, to 22,055.2. Sector-wise, the BSE Fast Moving Consumer Goods index and BSE Auto index gained 1.3 percent each during the week. On the other hand, the BSE Oil & Gas index registered a decline of 4.5 percent followed by the BSE Metal index, which slipped 3.3 percent.

Only 13 stocks in the Nifty 50 index delivered positive returns for investors during the week. 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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