Eight top-valued companies lose Rs 1.65 lakh crore in overall valuation as bears tighten grip on markets 

Eight of the top-10 most valued firms together lost Rs 1.65 lakh crore from market valuation in a holiday-shortened last week, with HDFC Bank and State Bank of India (SBI) taking the hardest hit in line with a weak trend in equities. 

Last week, BSE benchmark Sensex fell by 1,906.01 or 2.39 percent. Benchmark indices Sensex and Nifty, which were riding the bull run with solid 18-20 percent returns this year till September, have taken a sharp U-turn, falling about 10 percent from recent highs and, thus, entering into a correction mode. Equity markets were closed on November 15 for Guru Nanak Jayanti. 

For 2024 so far, FPI outflows from domestic primary and secondary markets combined together stand at $2,413 million. FPI holding of Indian stocks in fact hit a 12-year low last month and looked set to fall further as despite a slowdown in the pace, foreign investors have sold Rs 22,420 crore worth domestic equities in the first half of November against Rs 94,017 crore (primary and secondary market) outflows in the month of October. 

“Mounting concerns over rising CPI inflation and persistent disappointments in corporate earnings weighed heavily on sentiment,” Ajit Mishra SVP, Research, Religare Broking Ltd, said. 

The country’s largest private lender, HDFC Bank, saw its overall valuation tank by Rs 46,729.51 crore to Rs 12,94,025.23 crore, while the country’s public sector lender, SBI’s market valuation eroded by Rs 34,984.51 crore to Rs 7,17,584.07 crore. 

FMCG major Hindustan Unilever (HUL) slumped by Rs 27,830.91 crore to Rs 5,61,329.10 crore.  

Oil-telecom conglomerate Reliance Industries (RIL) recorded a Rs 22,057.77 crore fall in its valuation to Rs 17,15,498.91 crore. 

The market capitalisation (m-cap) of ITC dived Rs 15,449.47 crore to settle at Rs 5,82,764.02 crore. 

 Country’s second-largest telecom player Bharti Airtel tumbled Rs 11,215.87 crore to Rs 8,82,808.73 crore. 

Life Insurance Corporation of India (LIC), India’s top insurer saw its valuation take a hit of Rs 4,079.62 crore and settle at Rs 5,74,499.54 crore 

ICICI Bank recorded a Rs 2,832.38 crore hit to its market capitalisation (m-cap) taking the tally to Rs 8,85,599.68 crore. 

Among the gainers, IT bellwether Infosys saw its m-cap climb by Rs 13,681.37 crore to Rs 7,73,962.50 crore. 

The country’s largest IT player, Tata Consultancy Services (TCS), also added Rs 416.08 crore in market cap to Rs 15,00,113.36 crore. 

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