InvestorQ : How did the market heavyweights like RIL, TCS, HDFC Bank etc perform in the week ended 25 September?
diksha shah made post

How did the market heavyweights like RIL, TCS, HDFC Bank etc perform in the week ended 25 September?

Answer
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vidhya Laxmi answered.
4 weeks ago


It was a week of heavy selling in the week with the markets sharply in the negative for the first four days of the week before bouncing back sharply on Friday. Here are some highlights of the movement of the most liquid counters in the last one week.

· If you look at the performance of the stocks for the week ended on 25 September, the market data shows that 8 out of the top 10 most valuable firms by market capitalisation saw aggregate erosion of Rs,157,278 crore in market value.

· Both the key indices; the Nifty and Sensex cracked in 4 out of the 5 trading sessions. In fact, the Sensex lost close to 2300 points in the first 4 days of the week before the index bounced back and allowed the Sensex to close with losses of 1458 points or 3.83%.

· There were only two gainers in the week and both were technology stocks. In the top-10 list, the two gainers were Infosys and HCL Tech. Ironically, TCS lagged among the tech stocks due to the dispute over the proposed sale of Tata Sons stake by the Mistry family.

· Needless to say, the big boy Reliance Industries Ltd was the big loser for the week giving up Rs.70,190 crore and its market dipping below Rs.15 trillion. With the RRVL stake sale coming to a temporary halt, the markets saw profit booking in the counter.

· Among the other losers, it was Bharti Airtel that lost Rs.31,097 crore after some aggressive tariff plans by Reliance Jio and its proposal to launch a cheap smart phone took its toll on Bharti performance. ICICI Bank lost Rs.14,7553 crore in value.

· Kotak Bank, HDFC and HDFC Bank lost value in the week ahead of the crucial decision of the Supreme Court on the interest on interest component. Most financials were under pressure as the SC ruling in favour of borrowers could be credit negative for banks.

· In an interesting shift during the week in the top-10 list, HCL Tech moved into the Top-10 for the first time, replacing ITC. With the state of Maharashtra announcing a ban on sale of loose cigarettes, other states could follow. That is bad for ITC.