New Delhi, Feb 23 (IANS) Tata Consultancy Services (TCS) suffered the biggest loss in market capitalisation as the combined valuation of eight of India’s ten most valuable companies fell by Rs 1,65,784.9 crore last week, aligning with the bearish trends in equities.
The BSE benchmark index dropped by 628.15 points, or 0.82 per cent, while the Nifty fell by 133.35 points, or 0.58 per cent during the week amid the weak global cues and tariff war concerns.
TCS saw its market valuation decline by Rs 53,185.89 crore as its total value went down to Rs 13.7 lakh crore.
Bharti Airtel also witnessed a significant drop, with its market capitalisation falling by Rs 44,407.77 crore to Rs 9.3 lakh crore.
ICICI Bank’s valuation shrank by Rs 18,235.45 crore to Rs 8.7 lakh crore, while Hindustan Unilever lost Rs 17,962.62 crore, bringing its market cap down to Rs 5.2 lakh crore.
Infosys also faced a decline, with its valuation reducing by Rs 17,086.61 crore to Rs 7.5 lakh crore.
ITC’s market capitalisation dropped by Rs 11,949.42 crore to Rs 5 lakh crore, and HDFC Bank saw an erosion of Rs 2,555.53 crore, taking its valuation down to Rs 12.9 lakh crore.
The State Bank of India (SBI) also recorded a minor decline of Rs 401.61 crore, with its valuation standing at Rs 6.4 lakh crore.
The Indian stock markets are expected to remain volatile in the near time, as per reports.
In the upcoming week, investors will keep an eye on key economic data, including the US Core PCE Price Index and India’s GDP figures, for further direction.
“On the daily chart, the index has formed an indecision candle at the support zone, highlighting uncertainty in the broader trend,” Dhupesh Dhameja from SAMCO Securities said.
The 22,800–22,700 zone has emerged as a strong buffer against deeper declines, while the 23,000 level, once a demand area, has now turned into a stiff resistance due to aggressive call writing and the presence of short-term moving averages, he added.
–IANS
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