Losses Hit Top 10 Firms with Rs 55,000 Crore Dip in Market Cap

The financial markets experienced a notable downturn recently, affecting the ten most-valued firms in the country, which together lost a staggering Rs 55,064 crore in market capitalization.

Market Performance Overview

The decline was evident in the key stock indices, with the NSE Nifty 50 closing down by 168.50 points, or 0.71%, settling at 23,644.90 points. Similarly, the BSE Sensex fell by 450.94 points, a decrease of 0.57%, ending the day at 78,248.13 points.

Details of the Losses

Among the prominent companies, HDFC Bank faced the sharpest downturn, losing Rs 15,524 crore in market value, bringing its total capitalization to around Rs 13.6 lakh crore. Reliance Industries Limited (RIL) also saw significant losses, with a drop of Rs 14,005 crore, reducing its market cap to approximately Rs 16.4 lakh crore.

Other major firms affected included State Bank of India and ICICI Bank, which lost Rs 10,129 crore and Rs 9,934 crore respectively. Bharti Airtel saw its value decrease by Rs 7,372 crore, while Infosys and Tata Consultancy Services lost Rs 4,463 crore and Rs 2,188 crore respectively. ITC also experienced a decline of Rs 2,001 crore, lowering its market cap to Rs 5.96 lakh crore.

Winners Amidst the Losses

On a brighter note, HCL Technologies Limited was one of the few firms to post gains, appreciating by Rs 10,026 crore, which pushed its market value to Rs 5.23 lakh crore. Additionally, Hindustan Unilever saw an increase of Rs 528 crore, raising its market cap to Rs 5.5 lakh crore.

Current Market Landscape

Despite these losses, RIL maintained its status as the leading firm by market value, trailed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, SBI, HUL, ITC, and HCLTech. The market's performance was influenced by a broader trend of declines witnessed across Asian and European markets, adding pressure to domestic indices.

As the trading session progressed, the Nifty index hit a low of 23,599.30, which marked a decline of up to 0.90% during the day. Conversely, in the starting hours of trading, it peaked at 23,915.35, signaling some volatility in market sentiments. The Sensex also saw fluctuations, with its intraday low reaching 78,077.13 before settling lower.

Overall, the day concluded with losses for the majority of top firms, indicating a significant impact on market capitalization and investor sentiment.

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