INSUBCONTINENT EXCLUSIVE:
Reliance (Photo: Shutterstock)3 min read Last Updated : Oct 13 2024 | 12:26 PM IST
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.Click here
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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
6,00,179.03 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
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.(Only the headline and picture of
this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First
Published: Oct 13 2024 | 12:25 PMIST
