On Friday, the combined market value of eight of the country’s top ten firms slumped by Rs 1.55 lakh crore, leaving the market cap of the group at Rs 4.51 trillion from Rs 4.73 trillion on October 16.
HDFC Bank, the most heavily hit, saw its cap contract by Rs 55.5 crore to Rs 10.67 trillion, as shares fell 5% amid a 3‑day holiday‑truncated week. Bajaj Finance followed, trimming Rs 34.2 crore to Rs 5.77 trillion, while Reliance Industries lost Rs 27.1 crore to Rs 16.10 trillion. LIC, Airtel, SBI, Infosys and ICICI also posted declines of Rs 21.1 crore, Rs 9.4 crore, Rs 4.3 crore, Rs 2.9 crore and Rs 1.3 crore respectively.
Only TCS and L&T bucked the trend, adding Rs 23.5 crore and Rs 1.79 crore to their caps, pushing them to Rs 9.15 trillion and Rs 5.01 trillion respectively. Their share prices rose 2.4% and 1.8%, the only gains in the top‑10 list.
The broader market mirrored the sell‑off: the BSE Sensex slid 1,605.44 points (2.15%) to just over 70,000, while the NSE Nifty fell 546.15 points (2.36%) to roughly 19,200. The four‑session drop in total market cap was 20.78 trillion.
Looking ahead, investors are now eyeing the upcoming quarterly earnings of IT giants, with analysts projecting a 5% YoY decline in tech revenue. RBI’s unchanged rates may temper volatility, but traders remain cautious ahead of the December 2026 fiscal year‑end.