New Delhi, March 15 The combined market valuation of the top 10 domestic firms declined sharply by Rs 4.48 lakh crore last week, in line with a steep decline in equities, with major banking firms State Bank of India and HDFC Bank experiencing the biggest losses.
Last week, the BSE benchmark Sensex fell by 4,354.98 points or 5.51 percent, and the NSE Nifty dropped by 1,299.35 points or 5.31 percent, as rising crude prices raised concerns about inflationary pressures and global economic stability amid the ongoing conflict in the Middle East.
"The primary reason for the market weakness was the sustained rise in crude oil prices following the escalating conflict between Iran, the United States, and Israel. Brent crude surged past USD 101 per barrel, raising concerns about India's fiscal position and inflation outlook," said Ajit Mishra, SVP, Research, Religare Broking Ltd.
The market valuation of State Bank of India fell by Rs 89,306.22 crore to Rs 9,66,261.05 crore.
HDFC Bank experienced a decline of Rs 61,715.32 crore to Rs 12,57,391.76 crore.
The valuation of Bajaj Finance dropped by Rs 59,082.49 crore to Rs 5,32,053.54 crore, and that of Tata Consultancy Services (TCS) fell by Rs 53,312.52 crore to Rs 8,72,067.63 crore.
The market capitalization (mcap) of ICICI Bank decreased by Rs 42,205.04 crore to Rs 8,97,844.78 crore, and that of Bharti Airtel plunged by Rs 38,688.78 crore to Rs 10,28,431.72 crore.
The valuation of Reliance Industries fell by Rs 33,289.88 crore to Rs 18,68,293.17 crore.
The mcap of LIC decreased by Rs 31,245.49 crore to Rs 4,88,985.57 crore, and that of Infosys declined by Rs 24,230.96 crore to Rs 5,06,315.58 crore.
The mcap of Hindustan Unilever dipped by Rs 15,401.57 crore to Rs 5,07,640.94 crore.
Reliance Industries remained the most valued domestic firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Hindustan Unilever, Infosys, and LIC.