Market Mayhem: Top 10 Companies Lose Rs 1.65 Lakh Crore In Sell-Off; HDFC Bank, SBI Biggest Laggards

Indian equity markets witnessed a sharp decline last week, with eight of the top ten most valued companies collectively losing Rs 1,65,180.04 crore in market valuation during the holiday-shortened trading week. Banking heavyweights HDFC Bank and State Bank of India (SBI) bore the brunt of the selloff, while only two companies managed to buck the bearish trend, according to a PTI report.

The BSE benchmark Sensex fell by 1,906.01 points or 2.39% last week, with the trading session ending early due to the Guru Nanak Jayanti holiday on Friday. Ajit Mishra, SVP of Research at Religare Broking, explained, "Mounting concerns over rising CPI inflation and persistent disappointments in corporate earnings weighed heavily on sentiment."

Despite the slump, Reliance Industries (RIL) maintained its position as the most valued domestic company, followed by Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, SBI, ITC, the Life Insurance Corporation of India (LIC), and Hindustan Unilever (HUL).

The banking sector took the biggest hit, with HDFC Bank witnessing a massive erosion of Rs 46,729.51 crore in market capitalization, bringing its valuation down to Rs 12,94,025.23 crore. SBI followed, losing Rs 34,984.51 crore to settle at Rs 7,17,584.07 crore.

Among non-banking firms, FMCG major Hindustan Unilever Limited (HUL) saw a sharp Rs 27,830.91 crore drop in valuation, now standing at Rs 5,61,329.10 crore. RIL, despite retaining its top spot, recorded a Rs 22,057.77 crore decline, reducing its market cap to Rs 17,15,498.91 crore.

Other significant losers included ITC, which lost Rs 15,449.47 crore to settle at Rs 5,82,764.02 crore, and Bharti Airtel, which shed Rs 11,215.87 crore, bringing its valuation to Rs 8,82,808.73 crore. LIC and ICICI Bank also registered losses of Rs 4,079.62 crore and Rs 2,832.38 crore, respectively.

Amid the widespread carnage, two companies managed to stay afloat. Infosys emerged as a key gainer, adding Rs 13,681.37 crore to its market valuation, which now stands at Rs 7,73,962.50 crore. IT giant TCS also recorded a modest gain of Rs 416.08 crore, with its valuation rising to Rs 15,00,113.36 crore.

Market volatility continues to weigh on investor sentiment, fueled by inflation concerns and disappointing earnings reports. Analysts suggest that the market's short-term trajectory will depend on domestic inflation trends, global economic cues, and corporate earnings updates in the coming weeks.