India’s equity markets ended the week under heavy pressure as the country’s most valuable companies lost a combined 3.63 trillion in market capitalisation. Selling was concentrated in heavyweight stocks such as Reliance Industries, HDFC Bank and Bharti Airtel, reflecting growing investor anxiety driven by global trade concerns, foreign fund outflows and the approaching Q3 earnings season.
The weakness was visible across benchmark indices. The Nifty 50 slipped 0.75 percent to close at 25,683.30, while the BSE Sensex declined 0.72 percent to 83,576.24. Traders remained cautious as uncertainty over potential U.S. tariff decisions added to volatility, while investors also positioned themselves ahead of corporate earnings announcements.
Reliance Industries emerged as the biggest drag on the market. The company’s market capitalisation fell by nearly ₹1.58 trillion, pulling its overall valuation below ₹20 trillion. HDFC Bank also faced strong selling pressure, with its market value shrinking by more than ₹96,000 crore. Banking stocks came under strain as foreign institutional investors continued to reduce their exposure.
Bharti Airtel, Tata Consultancy Services, Infosys, Bajaj Finance and Larsen & Toubro also saw notable declines in their valuations, adding to the overall ₹3.63 trillion erosion among the top ten companies. These stocks carry significant weight in the Nifty and Sensex, which explains the sharp reaction in benchmark indices.
Despite the broader sell-off, a few large companies managed to move higher. ICICI Bank was the standout performer among the top firms, adding more than ₹34,900 crore to its market capitalisation. Hindustan Unilever and State Bank of India also recorded gains, indicating that investors selectively rotated into stocks perceived as more stable during uncertain market conditions.
Looking ahead, market participants expect volatility to continue. The Q3 earnings season is set to dominate sentiment, with results from companies such as Reliance Industries, TCS, Infosys and HDFC Bank expected in the coming days. Any earnings surprises could significantly influence stock prices and index movement.
Global developments will also play a crucial role. Investors are closely tracking the upcoming U.S. Supreme Court verdict on tariffs, as any clarity on trade policy could impact global risk appetite and capital flows into emerging markets like India. At the same time, expectations around the Union Budget 2026 are beginning to shape market positioning.
Despite the recent decline in market capitalisation, India’s corporate giants continue to lead the stock market. Reliance Industries remains the country’s most valuable listed company, followed by HDFC Bank, Bharti Airtel, Tata Consultancy Services, ICICI Bank and State Bank of India. While short-term volatility has returned, these companies continue to anchor India’s equity market.
The sharp correction of the past week highlights how quickly global and domestic factors can impact investor sentiment. As earnings and policy cues unfold, the coming week will be crucial in determining whether the market stabilises or extends its recent decline.