Overview
- Indian benchmarks fell for the week after two weeks of gains, with the Sensex down 1,829 points, or 2.33%, and the Nifty lower by 455.6 points, or 1.87%.
- The combined market value of seven of the ten most-valued firms dropped by Rs 2,05,343.06 crore, with Tata Consultancy Services losing Rs 66,699.44 crore to Rs 8,67,364.12 crore.
- Reliance Industries shed Rs 50,670.34 crore to Rs 17,96,647.50 crore but kept its spot as India’s most-valued company, while HDFC Bank, LIC, Bharti Airtel, ICICI Bank, and Larsen & Toubro also declined.
- Not every heavyweight fell, as Hindustan Unilever added Rs 20,652.91 crore, State Bank of India gained Rs 19,522.76 crore, and Bajaj Finance rose by Rs 8,253.64 crore.
- Analysts pointed to tension in West Asia and cautious comments from IT majors as key drivers of the pullback, with higher crude prices raising worries about costs and inflation.