BSE benchmark ascends despite declined valuation of top firms
The Bombay Stock Exchange (BSE) benchmark experienced a slight uptick last week, climbing by 188.51 points or 0.25%, signaling a positive trend in the stock market. However, this overall growth was overshadowed by the combined market valuation of half of the top ten most valued firms plummeting by Rs. 1,97,958.56 crore. This group includes IT powerhouses Tata Consultancy Services (TCS) and Infosys, both of which suffered significant valuation losses.
TCS and Infosys endure major valuation losses
Tata Consultancy Services (TCS) bore the brunt of the losses among the top ten firms, with its market valuation nosediving by Rs. 1,10,134.58 crore to Rs. 14,15,793.83 crore. Infosys also felt the sting of a considerable decrease in its valuation, dropping Rs. 52,291.05 crore to Rs. 6,26,280.51 crore. This downturn in IT stocks comes on the heels of Accenture's downgraded revenue forecast for the sector for fiscal year 2023-24.
Other leading firms facing valuation shrinkage
Several other companies also experienced a contraction in their market valuations last week. Hindustan Unilever's valuation dipped by Rs. 16,834.82 crore to Rs. 5,30,126.53 crore and Life Insurance Corporation of India (LIC) saw a decrease by Rs. 11,701.24 crore to Rs. 5,73,266.17 crore. HDFC Bank's market capitalisation also took a hit with a reduction of Rs. 6,996.87 crore to Rs. 10,96,154.91 crore, despite the overall positive trend in the stock market.
Firms witnessing valuation growth amid market volatility
Not all companies saw their valuations shrink last week. Reliance Industries bucked the trend with its valuation soaring by Rs. 49,152.89 crore to an impressive Rs. 19,68,748.04 crore. State Bank of India (SBI) also added to its worth with an increase of Rs. 12,851.44 crore, pushing its market capitalisation to Rs. 6,66,133.03 crore. The market capitalisation of ITC rose by Rs. 11,108.51 crore to Rs. 5,34,768.59 crore and Bharti Airtel's valuation climbed by Rs. 9,430.48 crore to Rs. 6,98,855.66 crore.
