September 8th 2024.
Last week, the stock market saw a major decline, causing the combined market value of eight out of the top ten companies to decrease by a whopping Rs 2,01,699.77 crore. This was due to the poor performance of Reliance Industries and Tata Consultancy Services, in line with the overall downward trend in the equities market. The BSE benchmark also dropped by 1,181.84 points, or 1.43 percent, adding to the overall negative sentiment.
The market valuation of Reliance Industries took a big hit, tumbling by Rs 60,824.68 crore and bringing its total value to Rs 19,82,282.42 crore. Similarly, Tata Consultancy Services also saw a significant decrease in its valuation, slumping by Rs 34,136.66 crore to Rs 16,12,762.51 crore. State Bank of India, Bharti Airtel, Infosys, and Life Insurance Corporation of India also saw a decline in their market capitalization, losing Rs 29,495.84 crore, Rs 28,379.54 crore, Rs 17,061.44 crore, and Rs 16,381.74 crore respectively.
ICICI Bank and ITC also saw a drop in their market value, with Rs 15,169.76 crore and Rs 250.11 crore being wiped off their respective market capitalization. However, Hindustan Unilever managed to buck the trend, adding Rs 14,179.78 crore to its market value and bringing it to a total of Rs 6,66,919.73 crore. Similarly, the market valuation of HDFC Bank also saw a slight increase of Rs 3,735.35 crore, taking it to Rs 12,47,941.78 crore.
Despite the overall decline, Reliance Industries still remains the most-valued domestic firm, followed by TCS, HDFC Bank, Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, LIC, and ITC, in that order. This just goes to show the strength and stability of these companies, even in the face of a market downturn. However, the overall outlook remains uncertain and it will be interesting to see how the market performs in the coming weeks.
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