Last week witnessed significant volatility in the Indian stock market, resulting in substantial losses for investors. The BSE's benchmark Sensex closed down by 609.51 points, while the NSE Nifty experienced a drop of 166.65 points.
Stock Market: The previous week saw considerable fluctuation in the stock market, impacting investors' portfolios. The BSE Sensex fell by over 609 points, and the NSE Nifty declined by 166 points. This downturn revealed a clear divergence among market giants. While market capitalization significantly decreased for giants like Reliance Industries and TCS, shares of HDFC Bank, Bharti Airtel, Bajaj Finance, and ITC demonstrated resilience, offering some relief to investors.
Reliance Industries and TCS Decline Fuels Anxiety
Due to market pressure last week, Reliance Industries' market capitalization decreased by approximately ₹40,800 crore, settling at ₹19.3 lakh crore. Following Reliance, TCS's market cap also reduced by ₹17,700 crore, reaching approximately ₹12.71 lakh crore. Both companies are among the largest in the Indian stock market, and the decline in their share prices significantly impacted the overall market.
Furthermore, Infosys's market cap fell by ₹10,488 crore to ₹6.49 lakh crore. Hindustan Unilever also experienced a loss of approximately ₹5,463 crore in its share value. Major banks like ICICI Bank and SBI were also affected by the downturn, with their market caps decreasing by ₹2,454 crore and ₹1,249 crore respectively.
Some Companies Bolster Investor Confidence
Despite the market pressure, some companies performed positively, providing profit opportunities for investors. Bharti Airtel increased its market cap by ₹10,121 crore, reaching ₹10.44 lakh crore. Bajaj Finance also showed strength, with its market value rising by ₹4,548 crore to ₹5.74 lakh crore.
ITC also performed well, increasing its market capitalization by ₹875 crore to ₹5.46 lakh crore. HDFC Bank further strengthened its market position, registering an increase of approximately ₹400 crore, bringing its market cap to ₹14.8 lakh crore.
Although the market experienced fluctuations, the ranking of India's largest companies remained largely unchanged. Reliance Industries retained its top position, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, SBI, Infosys, Bajaj Finance, Hindustan Unilever, and ITC.
Experts attribute the market pressure to global economic uncertainty, rising interest rates, and reduced risk appetite among investors. Concerns regarding the financial performance of large companies also added to investor anxiety. The decline of giants like Reliance and TCS further amplified the negativity in the market.
