Reliance Industries Loses Rs 40,800 Crore as Indian Markets Turn Bearish
Reliance Industries emerged as the biggest loser among India’s top 10 most valued companies this week, with its market capitalization plummeting by Rs 40,800.4 crore.
Mumbai: Reliance Industries emerged as the biggest loser among India’s top 10 most valued companies this week, with its market capitalization plummeting by Rs 40,800.4 crore. The decline comes amid a broader slump in the stock market, where six of the top 10 firms collectively lost Rs 78,166.08 crore in market value.
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Market Overview: Sensex and Nifty See Marginal Declines
The Indian equity markets had a sluggish week, reflecting investor caution amid global and domestic uncertainties. The benchmark Sensex fell by 609.51 points, or 0.74%, while the Nifty dropped 166.65 points, or 0.66%. The Nifty closed at 24,853.15, and the Sensex ended at 81,721.08, showing a subdued market sentiment.
Top Losers: Reliance, TCS, Infosys, and More
Apart from Reliance Industries, other major companies experiencing a drop in market cap included:
- Tata Consultancy Services (TCS): Rs 17,710.54 crore loss
- Infosys: Rs 10,488.58 crore loss
- Hindustan Unilever: Rs 5,462.8 crore loss
- ICICI Bank: Rs 2,454.31 crore loss
- State Bank of India (SBI): Rs 1,249.45 crore loss
Top Gainers: Bharti Airtel, Bajaj Finance Among Few Winners
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On the positive side, four companies saw their market valuation rise:
- Bharti Airtel: Rs 10,121.24 crore gain
- Bajaj Finance: Rs 4,548.87 crore gain
- ITC: Rs 875.99 crore gain
- HDFC Bank: Rs 399.93 crore gain
Global and Domestic Factors Impacting the Market
Market experts attributed the subdued market performance to several factors. Rising US bond yields and concerns about the growing US debt burden have led to foreign portfolio outflows, impacting emerging markets like India. These global developments, coupled with domestic factors, have created a cautious environment for investors.
Ajit Mishra, SVP, Research, Religare Broking Limited, said, “Foreign portfolio outflows triggered by global economic concerns have put pressure on emerging markets including India, contributing to the recent market downturn.”
The recent week’s market performance highlights the volatility and cautious investor sentiment influenced by global uncertainties and domestic economic factors. Investors are advised to stay informed and monitor key developments closely as markets navigate these challenges.
