Synopsis
On January 27, India's prominent companies faced substantial market capitalisation losses, led by Reliance Industries. The top 10 firms collectively lost Rs 94,409 crore, with TCS and Bharti Airtel also seeing significant declines. Meanwhile, ICICI Bank, SBI, and HUL registered gains amidst the market downturn.Key Takeaways
- Reliance Industries lost Rs 22,937 crore.
- TCS saw a drop of Rs 31,549 crore.
- HDFC Bank decreased by Rs 15,295 crore.
- ICICI Bank was a notable gainer with Rs 13,233 crore added.
- Overall, Rs 94,409 crore was lost across the top 10 firms.
Mumbai, Jan 27 (NationPress) A number of India's leading corporations experienced a notable decline in their market capitalisation on Monday. Reliance Industries Limited (RIL), the largest company in India by market cap, experienced a loss of Rs 22,937 crore, lowering its total valuation to Rs 16,63,602 crore.
Tata Consultancy Services (TCS) faced a substantial loss of Rs 31,549 crore, which brought its market cap down to Rs 14,70,806 crore, as domestic benchmark indices fell by over 1 percent.
HDFC Bank, one of the prominent financial institutions in India, saw a decrease of Rs 15,295 crore in its market value.
Telecom giant Bharti Airtel recorded a significant drop of Rs 24,036 crore, while Infosys, a key player in the IT industry, lost Rs 22,193 crore in market capitalisation.
In contrast to the prevailing losses, a few companies managed to show resilience. ICICI Bank distinguished itself as a notable gainer, increasing its market value by Rs 13,233 crore, supported by robust quarterly earnings.
Other companies that saw gains include The State Bank of India (SBI), which added Rs 4,507 crore, and Hindustan Unilever Limited (HUL), which saw an increase of Rs 5,815 crore in market capitalisation.
In total, the top 10 most-valued firms in India collectively lost Rs 94,409 crore in market capital during the Monday trading session.
This selloff occurred as investors exercised caution ahead of the US Federal Reserve's forthcoming rate decision and moderate Q3 earnings announcements.
The BSE Sensex concluded the day by losing 824 points or 1.08 percent, closing at 75,366. Conversely, the NSE Nifty50 also ended the day lower, dropping 263 points or 1.14 percent to close at 22,829.
Market sentiment is expected to lean towards bearish trades in the near term, especially as long as the index remains below 23,000. On the downside, the existing weakness could potentially result in a decline towards 22,500, according to experts.
