The country's top 10 most-valued firms lost a cumulative market valuation of over approximately Rs 62,194 crore on Monday, with Tata Consultancy Services Ltd. and Infosys Ltd. emerging as the biggest losers.
Tata Consultancy Services lost Rs 36,582 crore in market capitalisation to Rs 14.53 lakh crore, and Infosys lost Rs 20,553 crore in market cap to Rs 7.53 lakh crore.
Nifty IT falls over 2% for the day as the US Fed chair signals that they are in no rush to cut benchmark rates. Nifty IT Index lost over Rs 91,000 crore in market capitalisation.
The market cap of Reliance Industries Ltd. declined Rs 11,434 crore to Rs 17.03 lakh crore. HCL Tech lost Rs 6,322 crore in market cap to Rs 4.98 lakh crore.
HDFC Bank Ltd and State Bank of India Ltd emerged as the top gainer in the session, gained Rs 11,862 crore and Rs 8,835 crore respectively.
Hindustan Unilever Ltd and ITC Ltd gained Rs 8,223 crore and Rs 1,813 crore respectively.
RIL remained the most-valued firm, followed by TCS, HDFC Bank, Bharti Airtel Ltd., ICICI Bank, Infosys , SBI, HUL, ITC and HCL Technologies Ltd.
Benchmark equity indices extended their fall for another session with the Nifty marking longest losing streak since eight sessions to Feb 28, 2023 and Sensex recording a fourth session of decline.
Intraday, the Nifty fell as much as 0.8% to hit 23,350.40, its lowest level since June 5 and Sensex fell 0.8% 79695.06, its lowest level since June 24.
The indices fell even despite positive developments for the country's economy including Moody's growth forecast for 2024 and CLSA's reversed stance on Chinese stocks, increasing its overweight position on India, considering the potential risks posed by renewed trade tensions with the U.S. under President-elect Donald Trump.
Nifty ended 0.3% or 78.9 points down at 23453.80 and Sensex ended 0.3% or 241.3 points lower at 77339.01.
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