New Delhi, February 18, 2024 (PTI): The combined market valuation of six out of the top-10 most valued firms witnessed a decline of Rs 71,414 crore last week, with state-owned insurer LIC emerging as the primary contributor to the downturn. The list of laggards also includes Tata Consultancy Services (TCS), ITC, Hindustan Unilever, Bharti Airtel, and Reliance Industries.
In a week marked by market fluctuations, six prominent companies experienced a collective erosion of market capitalization, reflecting the dynamic nature of the financial landscape. LIC, TCS, and other major players faced downward pressure, contributing to the overall decrease in valuation.
Key Losses and Gains:
Among the top-10 companies, LIC took the lead in losses, with a depreciation of Rs 26,217.12 crore in its market valuation. TCS followed suit with a decline of Rs 18,762.61 crore. Conversely, State Bank of India, Infosys, HDFC Bank, and ICICI Bank emerged as gainers, collectively adding Rs 62,038.86 crore to their market capitalization.
While the six companies faced setbacks, the overall market showed resilience with the BSE benchmark climbing 831.15 points or 1.16 percent during the week.
Individual Company Performance:
- LIC’s market valuation fell to Rs 6,57,420.26 crore, witnessing a decrease of Rs 26,217.12 crore.
- TCS’s market capitalization tumbled to Rs 14,93,980.70 crore, reflecting a dip of Rs 18,762.61 crore.
- ITC experienced a decline of Rs 13,539.84 crore, bringing its market valuation to Rs 5,05,092.18 crore.
- Hindustan Unilever’s market cap diminished to Rs 5,58,039.67 crore, with a loss of Rs 11,548.24 crore.
- Bharti Airtel’s market valuation dropped to Rs 6,30,340.9 crore, marking a decrease of Rs 703.60 crore.
- Reliance Industries saw a dip to Rs 19,76,493.92 crore, with a loss of Rs 642.62 crore.
Conclusion:
The week’s market performance highlights the ebb and flow of valuations, influenced by various factors. While some companies faced challenges, others demonstrated resilience. The overall market trajectory remains dynamic, emphasizing the need for adaptability in the ever-changing financial landscape.
