Market valuation of 8 of top 10 firms fell by 1.17 lakh cr last week

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Beating the market trend, ITC stock continued to rally and jumped 2 per cent in Friday’s intraday trade to close at ₹408.25. The company’s market valuation rose from ₹15,907.86 crore to ₹5,07,373.82 crore.

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Last week, the 30-share BSE Sensex fell by 775.94 points or 1.28 per cent. The market valuation of BSE-listed firms fell by ₹96,858.47 crore to ₹2,64,97,031.05 crore on April 21 from ₹2,65,93,889.97 crore on April 13.

Infosys Q4 results dampened the market sentiments

Infosys posted a consolidated net profit of ₹6,128 crore in Q4FY23, down by 15.68% from a PAT of ₹7,283 crore in the preceding quarter. However, the latest PAT jumped by 7.8% from ₹5,686 crore in Q4 of FY22.

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After reporting a 15.68 % QoQ fall in its net profit in Q4FY23, Infosys shares tumbled drastically in the last week. The company shares closed at ₹1,227.45 per share on Friday on BSE. Last week, its market valuation dropped sharply by ₹66,854.05 crore to ₹5,09,215 crore. In addition to reporting a weaker-than-expected profit, Infosys also gave a weak 4-7 per cent revenue growth guidance for FY24 amid the tightening of IT budgets by clients following US banking turmoil.

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In the last week, HDFC bank shares have tumbled by around 1.1 per cent on the bourses. In response, its market capitalisation tumbled ₹10,880.5 crore to ₹9,33,937.35 crore.

Another loser of the week, ICICI Bank, lost around ₹10,462.77 crore from its valuation which stood at ₹6,17,477.46 crore. Its shares closed 1.13 per cent down at ₹884.20 apiece on Friday on BSE.

Market capitalisation (mcap) of TCS tanked by ₹10,318.52 crore to ₹11,56,863.98 crore in the last one week. Its share value remained low throughout the week but managed to make some gains at the end. TCS share value closed 2.33% at ₹3,161.65 apiece.

ITC outpaced HDFC to become the 7th largest firm by mcap

Mcap of HDFC fell by ₹5,172.27 crore to ₹5,06,264.24 crore. HDFC also lost its tag of being the 7th largest firm in terms of Mcap from ITC, whose mcap jumped to ₹5,07,373.82 crore last week. In addition to ITC, the State Bank of India’s market valuation rose by ₹8,746.11 crore to ₹4,84,561.80 crore.

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FMCG giant, Hindustan Unilever closed 0.20% higher at ₹2,498.00 apiece on Friday on BSE. But the minor gain was insufficient to compensate for its stock’s losing streak which took its mcap down by ₹8,458.53 crore to ₹5,86,927.90 crore.

Reliance Industries stock closed 0.14% higher at ₹2,348.90 on BSE on Friday. But in the last week, the firm’s share value dropped by around 0.26 per cent. This took its market valuation lower by ₹4,566.52 crore to ₹15,89,169.49 crore. The market valuation of Bharti Airtel dipped from ₹780.62 crore to ₹4,26,635.46 crore.

After the reshuffling, Reliance continued to remain at the top of the list of firms with the largest mcap. It was followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, HDFC, State Bank of India, and Bharti Airtel.

(With agency inputs)