The combined market valuation of seven of India’s top 10 most valued companies declined by ₹1.22 trillion last week, with Tata Consultancy Services (TCS) and Reliance Industries suffering the biggest losses, mirroring weak equity market trends.
The BSE benchmark index dropped by 307.09 points, or 0.37%, ending the week at 81,381.36.
TCS, the country’s largest IT firm, saw its market valuation plummet by ₹35,638.16 crore to ₹15.01 trillion. Reliance Industries also took a significant hit, with its valuation slumping by ₹21,351.71 crore to ₹18.55 trillion.
ITC’s market capitalisation (mcap) fell by ₹18,761.4 crore to ₹6.10 trillion, while Hindustan Unilever Ltd’s mcap dropped by ₹16,047.71 crore to ₹6.53 trillion.
The Life Insurance Corporation of India (LIC) saw its mcap decrease by ₹13,946.62 crore to ₹6 trillion, and ICICI Bank’s valuation eroded by ₹11,363.35 crore, falling to ₹8.61 trillion. HDFC Bank’s mcap declined by ₹4,998.16 crore to ₹12.59 trillion.
Conversely, Bharti Airtel added ₹26,330.84 crore to its market valuation, bringing it to ₹9.60 trillion. Infosys’ valuation also rose by ₹6,913.33 crore to ₹8.03 trillion, while State Bank of India’s (SBI) mcap climbed by ₹3,034.36 crore to ₹7.13 trillion.
Reliance Industries remained the most valued company in India, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, SBI, Hindustan Unilever, ITC, and LIC.
According to Client Associates, a leading multi-family office, the Indian stock market has shown resilience against global geopolitical risks in recent years. The BSE Sensex and BSE 500 indices have both posted positive returns over the past five years, indicating a sustained bull market.
Rohit Sarin, co-founder of Client Associates, said: “Our findings challenge the perception that external factors have severely impacted the Indian economy. The Indian equity markets have largely shrugged off recent geopolitical tensions, such as the Russia-Ukraine war and ongoing Middle Eastern conflicts. This resilience reflects the underlying strength of the Indian economy.”
The report also noted that falling inflation could give the Reserve Bank of India room to reduce interest rates, potentially stimulating further economic growth.
Sarin added that while China’s recent stimulus package has garnered attention, any investments in Chinese markets should be approached tactically, with well-defined entry and exit strategies.
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