Market weekly update: Mcap of 7 of top-10 most valued firms erodes by ₹88,635 crore; Airtel, TCS biggest laggards

The combined market valuation of seven of the top 10 most valued firms eroded by ₹88,635.28 crore in a holiday-shortened last week, with Bharti Airtel and Tata Consultancy Services taking the biggest hit, in line with the weak trend in equities.

On Friday, the Indian stock market ended almost flat down after trimming most of its losses amid weak global cues and continued foreign fund outflows. A late rebound, driven by gains in financial and metal stocks, helped limit the downside.

In a holiday-shortened last week, the 50-share index NIFTY50 closed at the 25,492.30 level, falling 17.40 points, or 0.07%, while the S&P BSE SENSEX settled 94.73 points, or 0.11%, lower at the 83,216.28 level.

While Reliance Industries, HDFC Bank, Bharti Airtel, Tata Consultancy Services (TCS), ICICI Bank, Infosys and Hindustan Unilever faced erosion from their valuation, State Bank of India, Bajaj Finance and Life Insurance Corporation of India (LIC) were the gainers from the top-10 pack.

The market valuation of Bharti Airtel tumbled ₹30,506.26 crore to ₹11,41,048.30 crore.

TCS faced an erosion of Rs 23,680.38 crore from its valuation, which stood at ₹10,82,658.42 crore.

The market capitalisation (mcap) of Hindustan Unilever dropped by ₹12,253.12 crore to ₹567,308.81 crore, and that of Reliance Industries declined by ₹11,164.29 crore to ₹2,000,437.77 crore.

HDFC Bank's mcap dipped by ₹7,303.93 crore to ₹15,11,375.21 crore, and that of Infosys edged lower by ₹2,139.52 crore to ₹6,13,750.48 crore.

The valuation of ICICI Bank declined by ₹1,587.78 crore to ₹9,59,540.08 crore.

However, the mcap of LIC climbed ₹18,469 crore to ₹5,84,366.54 crore.

The market valuation of State Bank of India jumped ₹17,492.02 crore to ₹8,82,400.89 crore, and that of Bajaj Finance went up by ₹14,965.08 crore to ₹6,63,721.32 crore.

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

Meanwhile, after a brief pause in October, foreign portfolio investors have resumed selling, pulling out a net ₹12,569 crore from Indian equities so far in November amid weak global cues and risk-off sentiment.

With Friday’s close, the benchmark indices extended their losses for the second straight week, with both the Sensex and Nifty50 declining 0.9%, while the Nifty Bank inched up 0.12%. Broader markets also remained subdued, as the Nifty Midcap 100 ended flat and the Nifty Smallcap 100 slipped 1.7%.