Market Capitalization of Top 10 Firms Declines by ₹4.48 Lakh Crores, State Bank and HDFC Bank Post Notable Slumps

Market Update: Indian Equities Plunge Amid Crude Price Surge

Key Figures:

• The combined market valuation of the top-10 domestic firms eroded by ₹4.48 lakh crore last week.
• The BSE benchmark Sensex dropped 4,354.98 points or 5.51%, while the NSE Nifty fell 1,299.35 points or 5.31%.

Market Performance:

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The Indian equities market experienced a sharp decline last week, with the top-10 domestic firms facing a significant erosion in market valuation. The Sensex and Nifty benchmarks suffered significant losses, with the Sensex plummeting 5.51% and the Nifty falling 5.31%.

Sector Performance:

The market weakness was primarily driven by the sustained rise in crude oil prices, which surged past USD 101 per barrel amid the escalating conflict in West Asia. The banking sector was particularly hard hit, with State Bank of India's market valuation tumbling by ₹89,306.22 crore to ₹9,66,261.05 crore, while HDFC Bank faced an erosion of ₹61,715.32 crore to ₹12,57,391.76 crore.

Company Performance:

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• State Bank of India: Market valuation eroded by ₹89,306.22 crore to ₹9,66,261.05 crore.
• HDFC Bank: Market valuation eroded by ₹61,715.32 crore to ₹12,57,391.76 crore.
• Bajaj Finance: Market valuation dived by ₹59,082.49 crore to ₹5,32,053.54 crore.
• Tata Consultancy Services (TCS): Market valuation tanked by ₹53,312.52 crore to ₹8,72,067.63 crore.

Ranking:

The top-10 domestic firms by market capitalization remained:

1. Reliance Industries
2. HDFC Bank
3. Bharti Airtel
4. State Bank of India
5. ICICI Bank
6. Tata Consultancy Services (TCS)
7. Bajaj Finance
8. Hindustan Unilever
9. Infosys
10. LIC