The market capitalisation (Mcap) of IT majors Tata Consultancy Services (TCS) and Infosys lost the most amid broad-based selloffs due to fear of recession in the global markets. The market capitalisation of eight of the top 10 most valued companies saw a loss of more than Rs 1.28 lakh crore. Friday’s decline resulted in a loss of over Rs 4 lakh crore in the market cap of almost all listed firms on the Bombay Stock Exchange, led by TCS and Infosys.

The valuation of TCS dropped by Rs 37,971 crore to Rs 15,49,626 crore while Infosys saw its market cap shedding Rs 23,811 crore to Rs 7,56,250 crore last week. However, the market cap of HDFC Bank surged Rs 32,759 crore to Rs 12,63,601 crore, along with the Life Insurance Corporation of India (LIC) that jumped Rs 1,075 crore to Rs 7,47,677 crore.

Last Friday, Sensex tanked 885 points to 80,981 and Nifty went down 293 points to 24,717. The stock markets saw a broad-based sell-off, indicating that it may have reached an exhaustion point due to a lack of new triggers. According to market analysts, the chances of further consolidation seem elevated due to premium valuations, weak Q1 results, and ongoing global market consolidation

They said that the Reserve Bank of India’s policy meeting next week could provide some hints towards an outlook on rates, while expectations are there to maintain the status quo as of now. On a global level, economic growth is showing signs of weakness, compounded by escalating trade tensions, conflicts in the Middle East, and persistently high inflation, said market experts.