InvestorQ : How did the heavyweight stocks in the Nifty perform during the week ended on 16 October 2020?
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How did the heavyweight stocks in the Nifty perform during the week ended on 16 October 2020?

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Rashi Mehra answered.
1 month ago
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The sharp volatility led to losses in most of the large cap stocks during the previous. Of course, most of the damage was caused by the sharp fall on Thursday when the Sensex lost over 1000 points in a single day of trading.

During the week ended 16 October, a total of 6 out of the 10 most valuable stocks on the Nifty lost Rs.103,000 crore in market value with most losses arising on Thursday. Most heavyweights took a hit in the midst of the aggressive profit booking on Thursday.

The biggest value loser for the wee was the heavyweight Reliance losing Rs.39,355 crore of market value. RIL is now perched below Rs.15 trillion in terms of market, a level it had breached convincingly in early October.

Among the others, TCS lost Rs.19,681 crore and HDFC Bank losing Rs.19,098 crore. With the 3 heaviest stocks in the Nifty seeing value erosion, the overall losses were understandable. Three stocks in the top 10 also lost value during the week.

Among the other heavyweights to lose value, Bharti Airtel gave away Rs.12,875 crore and HCL Technologies ceded Rs.7842 crore. ICICI Bank also lost a marginal Rs.3928 crore during the week in terms of its market capitalization.

But, there were some key gainers too. Among the gainers, Infosys saw market cap accretion of Rs.8540 crore while Kotak Bank gained Rs.3291 crore during the week. Another gainer, albeit to a much smaller extent, was Hindustan Unilever gaining Rs.2796 crore. Clearly, the story was about unwinding of profits in the heavyweights.

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