Indian Market Giants Suffer Heavy Blows
It’s been a rough week for India’s biggest stock market players. A whopping HDFC Bank alone saw nearly ₹19,285 crore vanish from its books, cutting its total value to ₹15.25 lakh crore. Following close behind, ICICI Bank watched ₹13,567 crore melt away, now landing at a ₹10.29 lakh crore valuation. That’s just the start—the combined loss for the six most valued companies hit an unbelievable ₹70,325 crore, which is about $8.6 billion. Bajaj Finance didn’t escape the carnage either, losing ₹13,236 crore. LIC’s market cap shrank by over ₹10,246 crore, and IT giant Tata Consultancy Services fell by ₹8,032 crore.
The pain doesn’t end there. The benchmark BSE Sensex dropped by 626 points, roughly 0.74%. What’s behind all this red? Experts point to foreign fund managers yanking money out of Indian stocks and global investors getting jittery ahead of a crucial U.S. tariff deadline on July 9. Add in some global economic worry, and you’ve got the perfect recipe for a downbeat stock market.
Sector Shakeup: Winners and Losers
Banking and finance stocks took the strongest hit. Investors watched as market favorites in these sectors shed billions. Analysts say it’s a classic case of market consolidation, as the broader market struggles to find solid ground before international trade talks make things even more volatile. It’s not all doom and gloom, though. Some big companies—think Reliance Industries and Bharti Airtel—are lined up to pump up Nifty’s earnings in the next results season. JSW Steel and even ICICI Bank, despite recent losses, could also add some positive numbers.
If you’re looking for bright spots, though, avoid autos and consumer brands for now. Tata Motors and Maruti Suzuki (auto giants), as well as FMCG leaders like Asian Paints and Hindustan Unilever, are expected to show profit declines. The same goes for public sector bigwigs like Coal India and ONGC. The mix of winners and losers is reshaping how investors look at the Indian market – with everyday headlines like these showing just how quickly fortunes can shift on Dalal Street.