The combined market valuation of the top 10 valued firms eroded by Rs 1,68,552.42 crore last week, with Reliance Industries taking the biggest hit in an overall weak broader market.

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Last week, the Sensex tumbled 1,492.52 points or 2.43 percent. Market sentiment remained weak amid surging COVID cases in China and a few other nations, while stronger US growth data cemented expectations of the Federal Reserve continuing with its hawkish stance.

In the ranking of top-10 companies, Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, Infosys, Hindustan Unilever, ICICI Bank, State Bank of India, HDFC, Bharti Airtel and LIC.

Mihir Vora, director, and CIO at Max Life Insurance told CNBC-TV18 that believed this was just one of those weeks where the market is probably overreacting to global events. "It may be a bit of year-end lack of buying from FIIs is what it looks like," he said.

According to him, it is natural that in a rising interest rate scenario, the smaller companies tend to get hit more and that is probably one of the reasons why small-caps are not performing in the last two-three months.

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