Seven Most Valued Corporations on Dalal Street Collectively Eroded over Rs 1 Lakh Crore Value of Investor Wealth
Seven most valued companies on Dalal Street together eroded over Rs 1 lakh crore worth of investor wealth on Friday as selling intensified on global selloff.
- Reliance Industries -
The most valued firm, saw its market capitalisation eroding Rs 23,551 crore to Rs 13.36 lakh crore.
- TCS -
The second-most valued firm, saw investor wealth eroding by Rs 15,610 crore to Rs 10.91 lakh crore.
- HDFC Bank -
The third most valued stock, HDFC Bank, lost Rs 31,521 crore in market value to Rs 8.53 lakh crore.
- Hindustan Unilever -
Those betting on FMCG stock Hindustan Unilever saw Rs 493 crore erosion in wealth.
- Infosys -
Investors in Infosys lost Rs 5,452.65 crore worth wealth.
- HDFC -
HDFC saw wealth eroding by Rs 17,415 crore.
- ICICI Bank -
ICICI Bank saw wealth eroding by Rs 16,140 crore.
By 11:15 am, the BSE benchmark Sensex had plunged over 1,200 points to test sub-50,000 level while the NSE Nifty tested sub-14,800 level. Selling seen in domestic indices was in tandem with a selloff globally after US bond yields surged 1.6 percent overnight.
"The sell-off in the US market yesterday was due to the market's response to the 10- year yield touching 1.6 per cent. The Fed's interpretation of the rising yield is that it is discounting better growth prospects while the market typically discounts stock prices at a lower PE when interest rates rise. Fed's declared commitment to inject liquidity and keep rates low through 2023 can ensure a buoyant market this year. So investors can utilise opportunities thrown up by corrections to buy quality stocks in performing sectors," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.