Market recap: Rs 87,960 crore wiped off four top-10 firms; Airtel bears biggest loss

Dalal Street ended last week in red, with four of the country’s 10 most valued firms seeing their combined market valuation erode by Rs 87,960.29 crore.Bharti Airtel bore the biggest hit, with its valuation falling Rs 28,052.96 crore to Rs 12,14,963.15 crore. Tata Consultancy Services (TCS) was the next biggest loser, shedding Rs 22,070.34 crore to end the week with a market capitalisation of Rs 8,31,436.51 crore.State Bank of India’s market value fell by Rs 20,861.2 crore to Rs 9,64,968.76 crore, while Hindustan Unilever saw an erosion of Rs 16,975.79 crore, taking its valuation to Rs 4,73,912.56 crore.The decline in the valuations came as benchmark indices ended the week lower. The Sensex dropped 468.42 points, or 0.60 per cent, while the Nifty shed 114 points, or 0.46 per cent.“Indian equity markets ended the week on a cautious note, extending their recent corrective phase as elevated crude oil prices, rising global bond yields and persistent geopolitical uncertainty weighed on investor sentiment,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.Among the gainers, LIC added Rs 12,650 crore to its market valuation, which rose to Rs 5,35,980.31 crore. Reliance Industries gained Rs 8,119.53 crore, taking its mcap to Rs 17,78,175.59 crore.Larsen & Toubro’s valuation increased by Rs 3,487.83 crore to Rs 5,62,460.94 crore, while Bajaj Finance added Rs 3,424.28 crore to reach Rs 6,80,621.62 crore.ICICI Bank’s market capitalisation rose Rs 752.47 crore to Rs 10,18,330.45 crore. HDFC Bank was also marginally higher, with its valuation increasing by Rs 356.95 crore to Rs 11,21,159.05 crore.Reliance Industries retained its position as the most valued firm. It was followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.