HDFC, TCS among top 7 Mcap firms erode, is it time to invest for a potential market bounce back?

The combined market capitalization of seven out of the top-10 most-valued firms experienced a decline of Rs 1.16 lakh crore during the past week, with HDFC Bank being the most adversely affected. In a week shortened by holidays, the BSE benchmark recorded a fall of 982.56 points or 1.37%.

Among the top-10 firms, Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Life Insurance Corporation of India (LIC), Hindustan Unilever, ITC, and State Bank of India witnessed a decrease in market valuation. On the other hand, ICICI Bank, Infosys, and Bharti Airtel emerged as gainers.

HDFC Bank, in particular, saw its market valuation decline by Rs 32,661.45 crore, settling at Rs 10,90,001.31 crore. LIC's valuation also suffered a setback, dropping by Rs 20,682.74 crore to Rs 5,71,337.04 crore. Similarly, TCS witnessed a reduction of Rs 19,173.43 crore in market capitalization, reaching Rs 13,93,439.94 crore, while State Bank of India experienced a plunge of Rs 16,599.77 crore, settling at Rs 5,46,989.47 crore. ITC's valuation diminished by Rs 15,908.1 crore to Rs 5,68,262.28 crore, and Hindustan Unilever declined by Rs 9,210.4 crore to Rs 5,70,974.17 crore.

In contrast, Bharti Airtel's market capitalization surged by Rs 20,727.87 crore to Rs 6,52,407.83 crore. Infosys added Rs 9,151.75 crore, reaching a valuation of Rs 6,93,457.65 crore, while ICICI Bank's market capitalization climbed by Rs 1,137.37 crore, settling at Rs 7,08,511.16 crore.

In the ranking of the most-valued firms, Reliance Industries maintained its top position, followed by TCS, HDFC Bank, ICICI Bank, Infosys, Bharti Airtel, LIC, Hindustan Unilever, ITC, and State Bank of India.