Top 10 Firms Lose ₹2.81 Lakh Crore in Market Value as L&T, SBI Lead Weekly Decline
Broad Market Sell-Off Drags Down India’s Most Valuable Companies
Mumbai, March 8: India’s most valuable companies witnessed a sharp erosion in market value during the week, with eight of the top 10 firms collectively losing ₹2,81,581.53 crore as weakness in the equity market weighed on large-cap stocks.Engineering major Larsen & Toubro recorded a significant decline in market valuation, losing ₹45,629.03 crore during the week. The company’s total market capitalization fell to ₹5,43,208.36 crore following the broad sell-off.
The downturn in corporate valuations mirrored the performance of the benchmark BSE Sensex, which dropped 2,368.29 points, or 2.91 percent, during the week.
Banking Stocks Among Major Losers
Among the biggest declines, State Bank of India recorded the steepest fall in market value. The public sector lender saw its valuation shrink by ₹53,952.96 crore, bringing its total market capitalization down to ₹10,55,567.27 crore.ICICI Bank also experienced a notable drop, with its valuation falling by ₹46,936.82 crore to ₹9,40,049.82 crore.
HDFC Bank witnessed a similar trend, as its market capitalization declined by ₹46,552.3 crore during the week to ₹13,19,107.08 crore.
IT, Finance and FMCG Companies Also See Declines
Several other large-cap companies also reported significant losses in valuation.Bajaj Finance saw its market capitalization decrease by ₹28,934.56 crore to ₹5,91,136.03 crore. Tata Consultancy Services followed with a drop of ₹28,492.44 crore, taking its total valuation to ₹9,25,380.15 crore.
FMCG major Hindustan Unilever also faced selling pressure, with its valuation declining by ₹26,350.67 crore to ₹5,23,042.51 crore.
Bharti Airtel recorded a relatively smaller decline compared to other major firms, losing ₹4,732.75 crore in market value and ending the week with a market capitalization of ₹10,67,120.50 crore.
Reliance Industries and Infosys Post Gains
Despite the broad market decline, two companies from the top-10 list managed to post gains during the week.Reliance Industries added ₹14,750.39 crore in market value, pushing its total market capitalization to ₹19,01,583.05 crore.
Infosys also recorded a modest increase, with its valuation rising by ₹3,459.99 crore to reach ₹5,30,546.54 crore.
Geopolitical Tensions and Oil Prices Weigh on Sentiment
Market sentiment remained weak during the holiday shortened week. According to Ajit Mishra, Senior Vice President of Research at Religare Broking Ltd, the decline was driven by rising geopolitical tensions in West Asia and a sharp increase in crude oil prices, both of which affected investor confidence.Nifty Technical Levels to Watch
From a technical perspective, analysts indicated that Nifty faces immediate resistance around the 24,700 level. Further resistance levels are placed near 25,000 and 25,150.On the downside, key support levels are seen at 24,300 and 24,000. A fall below the 23,800 mark could lead to accelerated downside pressure in the market.
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The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
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