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.
Total market capitalisation of seven out of 10 companies has reduced by Rs 1,22,107 crore in the last week, with TCS and RIL losing the most.
During the trading session from October 7-11, the market capitalisation of Tata Group company Tata Consultancy Services (TCS) declined by Rs 35,638 crore to Rs 15,01,723 crore. The market cap of Reliance Industries (RIL) has declined by Rs 21,351 crore to Rs 18,55,366 crore.
FMCG major ITC experienced a decrease in its market cap by Rs 18761 crore, settling at Rs 6,10,933 crore. The market cap of Hindustan Unilever Limited (HUL) declined by Rs 16,047 crore to Rs 6,53,315 crore.
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Apart from this, the market cap of Life Insurance Corporation (LIC) dropped by Rs 13,946 crore to Rs 6,00,179 crore, and the market valuation of ICICI Bank slipped by Rs 11,363 crore to Rs 8,61,696 crore.
The market cap of HDFC Bank, the country’s largest private sector bank experienced a decrease in its market cap by Rs 4,998 crore, settling at Rs 12,59,269 crore.
Apart from this, Bharti Airtel’s market capitalisation surged by Rs 26,330 crore to Rs 9,60,435 crore. Infosys’ market capitalisation rose by Rs 6,913 crore, taking the valuation of the company to Rs 8,03,440 crore and the SBI added Rs 3,034 crore, bringing its valuation to Rs 7,13,968 crore.
Last week, Nifty fell 50 points or 0.20 per cent to 24,964 and Sensex fell 307 points or 0.38 per cent to 81,381. This was the second consecutive week when the market closed in the red.
Despite the week’s losses, RIL maintained its position as the most valued firm in India, followed by TCS, HDFC Bank, Bharti Airtel, and ICICI Bank.
According to the experts, the market outlook for next week will be guided by major domestic and global economic data such as India’s WPI and CPI for September, Loan and Deposit Growth, Indian companies’ Q2 results and major updates from the US, China and Japan.
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