Market Turmoil Hits India's Corporate Giants

Last week, the Indian stock market experienced significant turbulence, leading to a collective market capitalization (mcap) decline of Rs 1,85,952.31 crore among five of the top-10 most valued companies. This downturn was primarily due to the weak performance of domestic equities, with the BSE benchmark dropping by 1,844.2 points (2.32 per cent) and the Nifty falling by 573.25 points (2.38 per cent).

Notable Declines and Gains

Among the companies that saw a decrease in their mcap were Reliance Industries, HDFC Bank, ICICI Bank, State Bank of India, and ITC. On the brighter side, Tata Consultancy Services (TCS), Bharti Airtel, Infosys, Hindustan Unilever, and HCL Technologies registered gains. Specifically, TCS's mcap increased by Rs 60,168.79 crore, reaching Rs 15,43,313.32 crore, following a 6 per cent rise in its shares after announcing an 11.95 per cent increase in December quarter net profit to Rs 12,380 crore.

Valuation Shifts in the Corporate Landscape

In the realm of domestic firm valuations, Reliance Industries maintained its top position, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC, and HCL Tech. This reshuffling highlights the dynamic nature of the market and the impact of global and domestic factors on corporate valuations.