Market Valuation Takes a Hit

In a dramatic turn of events last week, six out of the top ten most valued domestic firms in India saw their combined market valuation erode by a staggering Rs 1.71 lakh crore. Leading the decline were IT giants Infosys and Tata Consultancy Services (TCS), which bore the brunt of the market's downturn.

Infosys and TCS Lead the Decline

Infosys experienced the most significant drop among the top firms, with its valuation plummeting by Rs 62,948.4 crore to Rs 7,53,678.38 crore. This came after its shares fell nearly 6% following the announcement of its third-quarter earnings. TCS wasn't far behind, witnessing a decrease in its market capitalisation by Rs 50,598.95 crore to Rs 14,92,714.37 crore.

Other Major Losers and Gainers

Other companies that faced a downturn include Hindustan Unilever, ICICI Bank, HDFC Bank, and ITC, all of which saw their valuations decrease significantly. On the brighter side, Reliance Industries, Bharti Airtel, State Bank of India, and Life Insurance Corporation of India (LIC) managed to buck the trend, with Reliance Industries leading the pack by adding Rs 79,773.34 crore to its valuation.

Current Market Leaders

Despite the week's losses, Reliance Industries remains at the top of the valuation charts, followed by TCS, HDFC Bank, Bharti Airtel, and ICICI Bank. The market's fluctuating fortunes underscore the volatile nature of the stock market and the impact of global and domestic economic factors on company valuations.