The combined market valuation of the top-10 domestic firms eroded sharply by Rs 4.48 lakh crore last week, in tandem with a steep decline in equities, with banking majors State Bank of India and HDFC Bank taking the biggest hit.

Last week, the BSE benchmark Sensex tanked 4,354.98 points or 5.51 per cent, and the NSE Nifty dropped 1,299.35 points or 5.31 per cent as surging crude prices raised concerns over inflationary pressures and global economic stability amid the widening conflict in West Asia.

“The primary driver behind the market weakness was the sustained rise in crude oil prices following the escalating conflict between Iran, the United States and Israel. Brent crude surged past USD 101 per barrel, raising concerns over India’s fiscal position and inflation outlook,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

The market valuation of State Bank of India tumbled Rs 89,306.22 crore to Rs 9,66,261.05 crore.

HDFC Bank faced an erosion of Rs 61,715.32 crore to Rs 12,57,391.76 crore.

The valuation of Bajaj Finance dived Rs 59,082.49 crore to Rs 5,32,053.54 crore and that of Tata Consultancy Services (TCS) tanked Rs 53,312.52 crore to Rs 8,72,067.63 crore.
The market capitalisation (mcap) of ICICI Bank dropped by Rs 42,205.04 crore to Rs 8,97,844.78 crore and that of Bharti Airtel plunged Rs 38,688.78 crore to Rs 10,28,431.72 crore.Reliance Industries’ valuation fell by Rs 33,289.88 crore to Rs 18,68,293.17 crore.

The mcap of LIC diminished by Rs 31,245.49 crore to Rs 4,88,985.57 crore and that of Infosys declined by Rs 24,230.96 crore to Rs 5,06,315.58 crore.

Hindustan Unilever’s mcap dipped by Rs 15,401.57 crore to Rs 5,07,640.94 crore.

Reliance Industries remained the most valued domestic firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Hindustan Unilever, Infosys and LIC.

The Trump administration is set to receive a roughly $10 billion fee from investors in the recently completed deal to take control of TikTok’s U.S. business, delivering it a windfall for keeping the popular social-media app alive in America. 

The payment is part of the agreement through which investors friendly with the administration gained control of TikTok’s U.S. operations from Chinese parent ByteDance, people familiar with the matter said. It comes in addition to the investments made to create a new entity to run the app in the U.S.

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The top two holdings of the fund house were in banking stocks. The allocation in HDFC Bank and ICICI Bank was 8.1% and 6%, respectively. Around 1.82 crore shares of ICICI Bank were added to the portfolio and the weight increased by 0.4% compared to previous month. The weight of HDFC Bank declined by 0.6% compared to the previous month.

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