The combined market capitalization (M-Cap) of seven of the top 10 most-valued Indian companies dropped by 3,63,412.18 crore or 3.63 trillion in the last one-week period, as Reliance Industries, HDFC Bank, and Bharti Airtel were among others as the key drivers of the move, reported the news agency. PTI,
mint reported earlier on Friday, 9 January 2026, that the key benchmark indices ended in the red for the first consecutive session amid renewed US tariff concerns, the upcoming Q3 results season, and pressure over the foreign capital outflows.
stock market outlook
As of Friday, the Nifty 50 index closed 0.75% lower at 25,683.30 points, compared to 25,876.85 points at the previous market session, according to the exchange data. The BSE Sensex index also closed 0.72% lower at 83,576.24 points, compared to 84,180.96 points at the previous trading close.
“Going ahead, the Q3 result season and expectations around the Union Budget 2026 will be the key market drivers. Further, the upcoming US Supreme Court verdict on tariffs, scheduled for Friday, will be closely monitored, as any clarity could influence near-term global market sentiment,” said Siddhartha Khemka, the Head of Research – Wealth Management at Motilal Oswal Financial Services.
Key drivers of M-Cap erosion
Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, Infosys, Bajaj Finance and Larsen & Toubro (LT) were the key drivers dragging the benchmark indices losing their market capitalization (M-Cap), as per the agency report.
According to the report, Reliance Industries emerged as the biggest laggard in terms of M-Cap, dropping by 1.58 trillion to 19.96 trillion. India’s largest private sector lender, HDFC Bank’s market capitalization eroded by 96,153.61 crore to 14.44 trillion as of last week’s market close.
Bharti Airtel’s M-Cap dropped by 45,274.72 crore to 11.55 trillion, Bajaj Finance’s M-Cap lost 18,729.68 crore to stand at 5.97 trillion as of last week’s close.
Larsen & Toubro’s market capitalization dropped by 18,728.53 crore to 5.53 trillion, TCS’s M-Cap declined by 15,232.14 crore to 11.60 trillion, and IT major Infosys’ M-Cap dropped by ₹10,760.59 crore 6.7 trillion, as per the report.
Who were the top M-Cap gainers?
Other companies like ICICI Bank, State Bank of India, and Hindustan Unilever (HUL) were among the gainers in market capitalization (M-Cap), according to the agency report.
Institutional lender ICICI Bank’s M-Cap jumped by 34,901.81 crore to 10.03 trillion, Hindustan Unilever’s M-Cap rose by 6,097.19 crore to 5.57 trillion, and SBI’s M-Cap gained by Rs 599.99 crore 9.23 trillion.
Despite the changes in M-Cap, the CompanyMarketCap data showed that Reliance Industries still remains the most valuable Indian company listed on the stock market.
Reliance’s lead is followed by HDFC Bank, Bharti Airtel, Tata Consultancy Services (TCS), ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and Larsen & Toubro, in the same order.
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