Dragged by Infosys, the combined market capitalisation (m-cap) of top five Sensex companies slipped Rs 26,287 crore last week in a weak stock market.
While Infosys, Bharti Airtel, RIL, SBI and NTPC saw erosion in their market value, TCS, ONGC, CIL, ITC and HDFC Bank made gains as BSE 30-stock Sensex lost 1.75 per cent to close the week at 17,213.70.
Market value of Infosys fell Rs 12,406 crore, at Rs 1,27,927 crore, as investors went on a selling spree following the company’s cut in revenue outlook. It revised FY’13 dollar revenue growth guidance to 5 per cent, from 8-10 per cent given in April.
“Infosys reported yet another disappointing quarterly result. It scaled down FY’13 yearly dollar revenue guidance. We believe this clearly indicates challenging visibility in the business volumes and management’s future expectation,” Angel Broking IT Research Analyst Ms Ankita Somani said.
The m-cap of Bharti dropped Rs 5,203 crore, to Rs 1,16,887 crore, while RIL’s value dipped by Rs 5,092 crore, to Rs 2,35,358 crore.
SBI shed Rs 2,597 crore which was Rs 1,46,240 crore last Friday, while the valuation of NTPC fell by Rs 989 crore, to Rs 1,31,350 crore.
In contrast, ONGC’s m-cap surged Rs 5,219 crore to reach Rs 2,43,617 crore, while CIL added Rs 1,673 crore taking its total value to Rs 2,23,630 crore.
The m-cap of HDFC Bank rose Rs 836 crore, to Rs 1,38,166 crore, ITC’s value moved up by Rs 743 crore, to Rs 1,98,314 crore and the market worth of TCS soared Rs 676 crore, to Rs 2,44,584 crore.
TCS retained the numero-uno position among the top 10 by value, followed by ONGC, RIL, CIL, ITC, SBI, HDFC Bank, NTPC, Infosys and Bharti.
Hit by a sharp cut in its market cap, Infosys slipped to the number nine position from seventh place it held on July 6.