Market cap of 6 of top-10 most valued firm fall by ₹1.84 lakh crore; TCS, HUL, Infosys take biggest hit
Six of India's top 10 most valuable firms saw a combined erosion of ₹1.84 lakh crore last week. The largest hit was taken by Tata Consultancy Services, followed by Hindustan Unilever and Infosys. However, Reliance Industries, HDFC Bank, HDFC Ltd and ICICI Bank all saw a jump in market valuation.
The market valuation of six of the top 10 most-valued firms suffered a combined erosion of ₹83,637.96 crore last week. Companies like Tata Consultancy Services (TCS) took the biggest hit followed by Hindustan Unilever and Infosys.
Last week, the BSE benchmark climbed 78.52 points or 0.12 per cent, while the Nifty gained 29.3 points or 0.15 per cent.
The market valuation of TCS tumbled ₹35,694.04 crore to ₹11,74,720.15 crore which was higher among the other top 10 firms. The second company followed by TCS was Hindustan Unilever whose valuation eroded by ₹18,949.45 crore to ₹6,19,281.77 crore. The market valuation of Infosys fell by ₹13,549.34 crore to ₹5,25,374.14 crore.
The market capitalisation (mcap) of State Bank of India went lower by ₹7,675.16 crore to ₹5,16,378.05 crore and that of ITC tanked ₹5,903.31 crore to ₹5,44,906.44 crore.
Furthermore, mcap of Bharti Airtel declined by ₹1,866.66 crore to ₹4,64,396.71 crore.
However companies like Reliance Industries, HDFC Bank, HDFC Ltd, ICICI Bank did see a jump in Market valuation. Reliance Industries added ₹18,233.31 crore taking its market valuation to ₹16,79,156.42 crore while HDFC Bank jumped ₹2,459.29 crore to ₹9,00,181.52 crore. The market valuatiuon of HDFC climbed ₹1,055.33 crore to ₹4,89,196.37 crore while that of ICICI Bank advanced ₹664.9 crore to ₹6,55,862.83 crore.
Reliance Industries continued to rule the top 10 most-valued firms' chart, followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, ITC, Infosys, State Bank of India, HDFC and Bharti Airtel.
Meanwhile, speaking of markets this week, analyst have said that the announcement of macroeconmic data such as industrial production and inflation, the US Federal Reserve's interest rate decision along with trends in global equities would dictate movement in the stock market this week. Furtherore, foreign fund trading activity would also guide the trends in equities.
"All eyes are now on the US Fed policy outcome for cues, which is scheduled on June 14. In the following sessions, the European Central Bank (ECB) and Bank of Japan (BoJ) will also announce their policy decisions.
"On the macroeconomic front, participants will be tracking IIP data, CPI inflation and WPI inflation during the week. Apart from these factors, updates on progress of monsoon will also remain on their radar," said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Santosh Meena, Head of Research at Swastika Investmart Ltd, said, this week is expected to be crucial as several central banks would announce their decisions on interest rates.
"Of particular importance is the outcome of the US Federal Reserve's policy announcement on June 14. Additionally, policy decisions by the Bank of Japan and the European Central Bank will also hold significance.
"China's industrial production data, set to be announced on June 15, will be closely watched, as expectations of economic stimulus surround the release," Meena said.
On the domestic front, this week will have announcement of India's Index of Industrial Production (IIP) and inflation numbers, he said.
Equity investors would also track movement of the global oil benchmark Brent crude and the rupee.
"Institutional flows will also be a significant factor to consider, given their recent trend of buying over the past couple of weeks," Meena added.
(With inputs from PTI)
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