Thursday, November 7, 2024
HomeStocksMcap of seven of top-10 most valued firms erode by Rs 1.22...

Mcap of seven of top-10 most valued firms erode by Rs 1.22 lakh cr; TCS, Reliance biggest laggards

-



The combined market valuation of seven of the top-10 most valued firms eroded by Rs 1,22,107.11 crore last week, with Tata Consultancy Services and Reliance Industries emerging as the biggest laggards, in line with weak trend in equities. Last week, the BSE benchmark fell 307.09 points, or 0.37 per cent, to 81,381.36.

The market valuation of country’s largest IT firm Tata Consultancy Services (TCS) tumbled Rs 35,638.16 crore to Rs 15,01,723.41 crore.

The valuation of Reliance Industries slumped Rs 21,351.71 crore to Rs 18,55,366.53 crore.

ITC’s valuation dropped Rs 18,761.4 crore to Rs 6,10,933.66 crore, while that of Hindustan Unilever Ltd’s mcap was down Rs 16,047.71 crore to Rs 6,53,315.60 crore.

The market capitalisation (mcap) of Life Insurance Corporation of India (LIC) tanked Rs 13,946.62 crore to Rs 6,00,179.03 crore and that of ICICI Bank eroded Rs 11,363.35 crore to Rs 8,61,696.24 crore.

Also, HDFC Bank’s mcap declined Rs 4,998.16 crore to Rs 12,59,269.19 crore. However, Bharti Airtel added Rs 26,330.84 crore, taking its market valuation to Rs 9,60,435.16 crore. The mcap of Infosys climbed Rs 6,913.33 crore to Rs 8,03,440.41 crore and that of State Bank of India was up Rs 3,034.36 crore to Rs 7,13,968.95 crore.

Reliance Industries remained the most-valued domestic firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC and LIC.

According to a report from Client Associates (CA), a leading multi-family office, the Indian stock market has remained largely unfazed by global geopolitical risks in recent years.

Both BSE Sensex and BSE 500 have delivered positive returns over the past five years, indicating a multi-year bull run, it said.

“Our findings challenge the perception that these external factors have severely impacted our economy. Indian equity markets have largely shrugged off recent geopolitical tensions, including the Russia-Ukraine war and ongoing Middle Eastern conflicts. This resilience is a testament to the underlying strength of the Indian economy,” Client Associates co-founder Rohit Sarin said.

Falling inflation rate gives the Reserve Bank of India (RBI) room to potentially reduce interest rates in the future, which would further stimulate the economy, the report added.

With regard to the recent Chinese stimulus package attracting global attention, Sarin said, any investment in China markets should be tactical rather than long-term, with clearly defined entry and exit strategies.



Source link

LATEST POSTS

Trump’s stock market victory rally might not last long, Goldman Sachs says. Here’s why

The Dow closed 1,500 points higher on Wednesday, boosted by Donald Trump’s decisive election win and a possible Republican-controlled Congress, signaling strong market optimism.Alongside...

Donald Trump net worth: How rich is the next US president?

Donald Trump has returned to the White House for his second term as the 47th US President after winning the 2024 election...

S&P CoreLogic Case-Shiller Sees 4.2% Annual Gain in August

“Home price growth is beginning to show signs of strain, recording the slowest annual gain since mortgage rates peaked in 2023…As students went back...

Bank of England rate cut: Bank of England cuts main interest rate by a quarter-point to 4.75% but sees higher inflation after Reeves’ budget

LONDON, - The Bank of England cut interest rates on Thursday for only the second time since 2020 and said future reductions were likely...

Most Popular

spot_img