HDFC Bank, TCS, Infosys, Reliance: Why Are Market Giants Losing Investor Favour?

HDFC Bank, TCS, Infosys, Reliance Industries and Hindustan Unilever were once among the strongest pillars of India’s stock market. However, several of these market heavyweights have struggled to deliver meaningful returns in recent years, raising questions about investor sentiment and valuations. Arun Kejriwal, Market Expert, explains why investors are increasingly turning toward new-age businesses and listed unicorns despite stretched valuations. He also discusses why established consumer companies continue to have strong underlying businesses, while large IT companies have lost favour amid the rise of artificial intelligence. The shift could be a passing phase, with valuations and investor preferences eventually finding balance.