Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
Out of the 10 valued firms, four of them added Rs 1,71,309.28 crore to their market valuation last week in the stock market.
HDFC Bank and Life Insurance Corporation of India (LIC) emerged as the biggest gainers in line with an overall positive trend in equities.
The market valuation of HDFC Bank jumped Rs 76,880.74 crore to reach Rs 11,77,065.34 crore. LIC added Rs 49,208.48 crore, taking its valuation to Rs 6,27,692.77 crore.
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Reliance Industries remained the most valued domestic firm by market valuation followed by TCS, HDFC Bank, ICICI Bank, State Bank of India, Bharti Airtel, LIC, Infosys, ITC and Hindustan Unilever.
While the six companies from the top 10 pack took a Rs 78,127.48 crore hit to their market valuation with index major Reliance Industries accounting for the majority of the losses. Last week, the BSE benchmark climbed 596.87 or 0.81 per cent to hit an all-time high of 74,501.73 on April 4.
Tata Consultancy Services (TCS), HDFC Bank, State Bank of India and LIC were the gainers from the top 10 pack, Reliance Industries, ICICI Bank, Bharti Airtel, Infosys, ITC and Hindustan Unilever faced losses in their valuation.
TCS’s m-cap climbed Rs 34,733.64 crore to Rs 14,39,836.02 crore and that of State Bank of India went up by Rs 10,486.42 crore to Rs 6,82,152.71 crore.
The valuation of Reliance Industries tanked from Rs 38,462.95 crore to Rs 19,75,547.68 crore.
The mcap of Bharti Airtel eroded by Rs 21,206.58 crore to Rs 6,73,831.90 crore and that of ICICI Bank dived Rs 9,458.25 crore to Rs 7,60,084.40 crore.
Infosys witnessed a decline in market valuation by Rs 7,996.54 crore to Rs 6,14,120.84 crore and that of ITC dipped by Rs 873.93 crore to Rs 5,34,158.81 crore.
While that of Hindustan Unilever went lower by Rs 129.23 crore to Rs 5,32,816.81 crore.
For this week (April 8 to 12), analysts believed that the global trends, macroeconomic data announcements and the start of the earnings season would be the major drivers for the equity markets.
Equity markets will remain closed on Thursday for Eid-Ul-Fitr.
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