The impact of the sharp fall in the stock market last week was clearly visible even on the biggest companies of the country. A total decrease of ₹ 2.74 lakh crore was recorded in the market capitalization (market cap) of 9 out of the 10 most valuable companies of the country amid the huge fall in BSE Sensex and NSE Nifty. During this period, HDFC Bank, the largest private sector bank, suffered the biggest blow, while Hindustan Unilever (HUL) was the only company whose market cap increased.
Last week, the 30-share BSE Sensex fell by 2,091.68 points or 2.67%. At the same time, NSE Nifty also closed with a decline of 566.85 points or 2.32%. The impact of selling in the market was most visible on big stocks.
HDFC Bank suffered the most loss
In the week under review, the market capitalization of HDFC Bank declined by ₹ 1,18,383.91 crore to ₹ 11,43,985.90 crore. A decline of about 9.40% was recorded in the bank’s shares. According to market experts, investors sold this stock due to increased concerns about the bank’s margin (NIM).
Reliance, SBI and Bajaj Finance also slipped
The market cap of the country’s most valuable company Reliance Industries declined by ₹ 65,429.82 crore to ₹ 17,29,661.44 crore. Whereas, the market capitalization of State Bank of India (SBI) declined by ₹ 26,814.94 crore to ₹ 9,36,953.84 crore. The market cap of Bajaj Finance also declined by ₹26,802.74 crore to reach ₹6,30,471.54 crore.
Apart from this, a decline of ₹ 15,116.74 crore was recorded in the market value of LIC, ₹ 6,223.84 crore in ICICI Bank, ₹ 6,021.64 crore in Bharti Airtel, ₹ 5,191.95 crore in TCS and ₹ 4,092.79 crore in Larsen & Toubro (L&T).
Only HUL is in profit
While shares of most of the big companies remained under pressure, Hindustan Unilever (HUL) performed contrary to the trend. The market capitalization of the company increased by ₹152.73 crore to ₹5,03,928.59 crore. It was the only company among the top-10 companies, whose investors got benefits last week.
Who was the most valuable company?
Despite the fall in the market, Reliance Industries remained the most valuable listed company in the country. This was followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, Tata Consultancy Services (TCS), Bajaj Finance, Life Insurance Corporation of India (LIC), Larsen & Toubro (L&T) and Hindustan Unilever (HUL).
Experts believe that the market remained under pressure last week due to weakness in global markets, selling by foreign investors and uncertainty regarding the quarterly results of companies. In the coming days, investors will keep an eye on the financial performance of companies along with domestic and global economic indicators.
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