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Investors earn Rs 32000 crore in just 5 days after this share rises by 2.58%, it's not Reliance, TCS
In contrast, Friday's (August 2) decline resulted in a loss of over Rs 4 lakh crore in the market cap of almost all listed firms on BSE.
Updated : Aug 04, 2024, 11:45 PM IST
 "Investors earn Rs 32000 crore in just 5 days after this share rises by 2.58%, it's not Reliance, TCS")
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Last week did not go well for the share market as the top most valued firms in India saw a major decline in their market cap. Eight of the top 10 companies saw a decline of more than Rs 1.28 lakh crore in their market capitalisation. IT majors Tata Consultancy Services (TCS) and Infosys lost the most amid broad-based selloffs due to fear of recession in the global markets.
However, the market cap of HDFC Bank surged Rs 32,759 crore to Rs 12,63,601 crore, along with the Life Insurance Corporation of India (LIC) jumped Rs 1,075 crore to Rs 7,47,677 crore. On July 29 (Monday), HDFC Bank's shares opened at Rs 1616,40, and after five days on Friday, it closed at Rs 1658.05. This way, the share rose by Rs 41.65 (2.58%) in just five days. Hence, investors in HDFC Bank earned Rs 32,759 crore.
In contrast, Friday's decline resulted in a loss of over Rs 4 lakh crore in the market cap of almost all listed firms on the Bombay Stock Exchange, led by TCS and Infosys. The valuation of TCS dropped by Rs 37,971 crore to Rs 15,49,626 crore while Infosys saw its market cap shedding Rs 23,811 crore to Rs 7,56,250 crore last week.
Last Friday, Sensex tanked 885 points to 80,981 and Nifty went down 293 points to 24,717. The stock markets saw a broad-based sell-off, indicating that it may have reached an exhaustion point due to a lack of new triggers. According to market analysts, the chances of further consolidation seem elevated due to premium valuations, weak Q1 results, and ongoing global market consolidation. Reliance Industries remains the most valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Hindustan Unilever, and ITC.
(With inputs from IANS)
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