All the top-10 most valued firms suffered a combined erosion of Rs 1,93,181.15 crore in market valuation last week, with Tata Consultancy Services (TCS) and HDFC Bank taking the biggest hit, in line with bearish trend in equities. In a holiday-shortened last week, the BSE benchmark tanked 1,614.82 points or 2.46 per cent. The market valuation of TCS plunged Rs 52,580.57 crore to Rs 12,25,983.46 crore, the most among the top-10 firms.
HDFC Bank’s market capitalisation (mcap) slumped Rs 40,562.71 crore to Rs 11,14,185.78 crore. The valuation of Reliance Industries Limited dropped Rs 22,935.65 crore to Rs 15,32,595.88 crore and that of Infosys tumbled Rs 19,320.04 crore to Rs 5,73,022.78 crore.
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The benchmark equity indices edged lower last week. The NSE Nifty 50 tanked 208.4 points or 1.05%, while The BSE Sensex tumbled 885.12 points or 1.33% over the week. “The tone was slightly positive in early sessions however pressure in global markets changed the tone as the week progressed. In line with the index, all major sectors, barring auto, closed in the red wherein realty, metal, FMCG and banking were among the top losers. Meanwhile, a mixed trend on the broader front kept the traders occupied,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
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Ajit Mishra expected the volatility to remain in this week as week is a holiday shortened and due to the prevailing earnings season and scheduled expiry of October month derivatives contracts. “Besides, the tone of global indices, especially the US, would remain on participant’s radar for cues.…