Mcap of four of top-10 most valued firms erodes by Rs 1 lakh cr; State Bank biggest laggard

Daily Excelsior

NEW DELHI, May 10: The combined market valuation of four of the top-10 most valued firms eroded by Rs 1 lakh crore last week, with State Bank of India taking the biggest hit, amid a range-bound trend in equities.

Last week, the BSE benchmark Sensex climbed 414.69 points or 0.53 per cent, and the NSE Nifty went up by 178.6 points or 0.74 per cent.

“Indian equity markets witnessed a volatile and range-bound week, with sentiment remaining cautious despite intermittent recovery attempts. Early optimism driven by hopes of de-escalation in the Middle East and easing oil prices faded quickly as renewed tensions between the US and Iran resurfaced,” Ponmudi R, CEO – Enrich Money, an online trading and wealth tech firm, said.

While Bharti Airtel, State Bank of India, Tata Consultancy Services (TCS) and Larsen & Toubro faced erosion from their valuation, Reliance Industries, HDFC Bank, ICICI Bank, Bajaj Finance, Hindustan Unilever and Life Insurance Corporation of India (LIC) were the gainers from the pack. Together they added Rs 46,685.21 crore in market valuation.

The valuation of SBI dropped by Rs 44,722.34 crore to Rs 9,41,107.62 crore.

Bharti Airtel’s valuation declined by Rs 31,167.1 crore to Rs 11,18,055.03 crore.

The market capitalisation (mcap) of TCS diminished by Rs 28,456.26 crore to Rs 8,66,477.69 crore and that of Larsen & Toubro edged lower by Rs 5,371.84 crore to Rs 5,46,621.21 crore.

However, the market valuation of HDFC Bank jumped Rs 15,425.09 crore to Rs 12,02,699.26 crore.

The mcap of Bajaj Finance surged by Rs 11,486.89 crore to Rs 5,94,610.02 crore.

Hindustan Unilever added Rs 8,763.97 crore taking its valuation to Rs 5,37,562.98 crore.

The mcap of Reliance Industries climbed Rs 6,563.28 crore to Rs 19,42,866.58 crore and that of LIC went up by Rs 2,751.37 crore to Rs 5,07,549.44 crore.

The market valuation of ICICI Bank edged higher by Rs 1,694.61 crore to Rs 9,06,675.39 crore.

Reliance Industries remained the most valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever and LIC. (PTI)