Market recap: Top 5 firms lose Rs 1 lakh cr in value; TCS, Reliance suffer biggest hit
The Indian stock market experienced a downturn last week, with five of the top ten most valued firms losing nearly Rs 1 lakh crore in market capitalization. TCS and Reliance Industries saw the largest declines, while LIC and Bharti Airtel recorded gains.
Why it matters
Market fluctuations in major firms reflect broader investor sentiment and the impact of global economic factors on the Indian economy.
Dalal Street ended last week in the red, with five of India's 10 most valued firms losing nearly Rs 1 lakh crore in market capitalisation, with IT major TCS suffering the steepest decline. Sensex ended the week 489.92 points, or 0.62 per cent, lower, while Nifty lost 204.65 points, or 0.83 per cent."Markets ended the week lower as elevated crude oil prices, renewed geopolitical uncertainty and mixed global cues weighed on investor sentiment," Ajit Mishra, SVP, Research, Religare Broking Ltd, told PTI.Reliance Industries, HDFC Bank, ICICI Bank, State Bank of India and TCS were the five companies that witnessed a decline in market value. On the other hand, Bharti Airtel, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever ended the week with higher valuations, adding Rs 55,149.45 crore collectively.TCS's market capitalisation fell Rs 34,263.28 crore to Rs 8,53,506.85 crore.
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