The stock market closed in the red at the end of the holiday-free week, wiping out the combined valuation of six of India’s ten most valuable companies by Rs 64,734.46 crore, with Bharti Airtel emerging as the biggest loser. The subdued sentiment was reflected in the broader market, as the BSE Sensex slipped 263.67 points or 0.35 per cent, while the NSE Nifty declined 106.5 points or 0.46 per cent during the week.“Markets closed down for the sixth consecutive week, down nearly half a per cent, reflecting increased volatility from a mix of global and domestic uncertainties.“The holiday week had a weak start as escalating US-Iran tensions and sharp rise in crude oil prices weighed on sentiment, leading to broader selling pressure,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.He said sentiment improved briefly during the week. “However, the market recorded a mid-week recovery due to easing of geopolitical concerns and softening of oil prices,” he said.“Despite this bounce, volatility remains due to volatile global cues, continued foreign institutional outflows, rupee weakness and inflation concerns,” Mishra said.Among the major falling stocks, the valuation of Bharti Airtel declined by Rs 29,993.07 crore to Rs 10,20,420.26 crore. ICICI Bank stood second with a decline of Rs 12,845.81 crore, taking its market capitalization to Rs 8,70,705.49 crore.Bajaj Finance declined by Rs 11,169.36 crore to close at Rs 5,14,226.12 crore. HDFC Bank’s valuation also declined by Rs 7,822.79 crore to Rs 11,56,195.90 crore, while Hindustan Unilever’s valuation declined by Rs 2,349.59 crore to Rs 4,85,190.60 crore.State Bank of India, in comparison, saw a marginal decline of Rs 553.84 crore in market capitalisation, which closed at Rs 9,41,015.31 crore.In contrast, gains in select heavyweight stocks provided some support. Tata Consultancy Services added Rs 22,359.78 crore to Rs 8,87,028.43 crore, while Infosys gained Rs 12,374.76 crore to Rs 5,27,409.43 crore. Larsen & Toubro rose by Rs 6,575.43 crore to Rs 4,97,111.62 crore.Reliance Industries also posted a profit of Rs 3,518.45 crore, taking its valuation to Rs 18,28,034.07 crore and retaining its position as the country’s most valuable company. This was followed by HDFC Bank, Bharti Airtel, State Bank of India, Tata Consultancy Services, ICICI Bank, Infosys, Bajaj Finance, Larsen & Toubro and Hindustan Unilever.
