Market Rout Continues for Second Week
The combined market valuation of nine of the top-10 most valued companies in India suffered a sharp erosion of Rs 2.74 lakh crore last week, mirroring a bearish trend in equities. The BSE Sensex plummeted by 2,091.68 points, or 2.67%, while the NSE Nifty fell by 566.85 points, or 2.32%, during the week ending July 26, 2026.
According to Ajit Mishra, SVP of Research at Religare Broking Ltd, markets experienced a weak and volatile week, with benchmark indices extending their losing streak. A sharp surge in crude oil prices and renewed geopolitical tensions heavily weighed on investor sentiment, he noted.
Banking Stocks Lead Decline
Banking stocks emerged as the primary drag following mixed first-quarter results for FY27. Mishra added that a risk-off environment and weakness in the rupee further curtailed buying interest. HDFC Bank took the biggest hit, with its market capitalisation tumbling by Rs 1,18,383.91 crore to Rs 11,43,985.90 crore. The bank's shares declined by 9.40% amid concerns over margin pressure.
State Bank of India saw its valuation erode by Rs 26,814.94 crore to Rs 9,36,953.84 crore, while Bajaj Finance dropped by Rs 26,802.74 crore to Rs 6,30,471.54 crore. ICICI Bank's market cap diminished by Rs 6,223.84 crore to Rs 10,28,217.93 crore.
Individual Losses Across Key Sectors
Reliance Industries, the most valued firm, saw its market cap decline by Rs 65,429.82 crore to Rs 17,29,661.44 crore. Bharti Airtel's valuation edged lower by Rs 6,021.64 crore to Rs 11,85,046.13 crore. Tata Consultancy Services (TCS) dipped by Rs 5,191.95 crore to Rs 8,15,480.75 crore.
Life Insurance Corporation of India (LIC) faced an erosion of Rs 15,116.74 crore to Rs 5,33,007.56 crore, while Larsen & Toubro declined by Rs 4,092.79 crore to Rs 5,20,747.89 crore.
Hindustan Unilever Emerges as Solitary Gainer
Hindustan Unilever was the only firm among the top-10 to register a gain, with its market capitalisation climbing by Rs 152.73 crore to Rs 5,03,928.59 crore. The company bucked the broader trend as consumer staples remained relatively resilient.
The ranking of the most valued firms remained unchanged, with Reliance Industries leading, followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, LIC, Larsen & Toubro, and Hindustan Unilever.
