Market Overview - The combined market valuation of nine of the top-10 most valued firms decreased by ₹2.51 lakh crore last week, with Reliance Industries experiencing the largest decline [1][2] - The BSE benchmark Sensex fell by 2,032.65 points or 2.43 percent during the same period [1] Company-Specific Valuations - Reliance Industries' market valuation dropped by ₹96,960.17 crore to ₹18,75,533.04 crore [3] - ICICI Bank's valuation decreased by ₹48,644.99 crore to ₹9,60,825.29 crore [3] - HDFC Bank's market cap fell by ₹22,923.02 crore to ₹14,09,611.89 crore [3] - Bharti Airtel's valuation diminished by ₹17,533.97 crore to ₹11,32,010.46 crore [3] - Tata Consultancy Services (TCS) saw a decline of ₹16,588.93 crore to ₹11,43,623.19 crore [3] - Larsen & Toubro's market cap decreased by ₹15,248.32 crore to ₹5,15,161.91 crore [3] - Bajaj Finance's valuation fell by ₹14,093.93 crore to ₹5,77,353.23 crore [4] - State Bank of India's market cap edged lower by ₹11,907.5 crore to ₹9,50,199.77 crore [4] - Infosys' valuation dived by ₹7,810.77 crore to ₹6,94,078.82 crore [4] - Hindustan Unilever's market cap increased by ₹12,311.86 crore to ₹5,66,733.16 crore [4] Market Sentiment - The market sell-off was attributed to weak global cues, persistent foreign institutional investor (FII) outflows, a depreciating rupee, and subdued corporate earnings [2][5] - Escalating geopolitical tensions and aggressive FII selling contributed to the market correction [5]

Core Insights - Eli Lilly has achieved a market capitalisation of $1 trillion, becoming the first healthcare company to reach this milestone, previously dominated by technology firms [1][2] - The surge in Eli Lilly's market value is primarily driven by the unprecedented demand for its weight loss drugs, particularly tirzepatide [1][4] Financial Performance - Eli Lilly's share price closed at $1,059.70 on November 21, reflecting a 27% increase since January 2025, although it slightly retreated to $1,056.77 by November 24 [2] - The S&P 500 pharmaceutical index has risen by 19% since the beginning of September, indicating a growing investor interest in pharmaceutical stocks [3] Product Success - Tirzepatide, marketed as Zepbound and Mounjaro, has significantly contributed to Eli Lilly's success, with Mounjaro generating $6.5 billion in Q3 2025, a 109% increase from Q3 2024, and Zepbound achieving $3.6 billion, up 185% from the same period [4][5] - GlobalData forecasts that the combined sales of Zepbound and Mounjaro will reach $64 billion by 2031 [5] Competitive Landscape - Tirzepatide's growth has positioned Eli Lilly ahead of its main competitor, Novo Nordisk, which has seen a decline in share prices despite being first to market with semaglutide [6] - Tirzepatide's dual-action mechanism offers better efficacy compared to semaglutide, contributing to its market success [6] - The sales performance of tirzepatide has surpassed that of MSD's Keytruda, which has been the top-selling drug globally in recent years [7]

Core Viewpoint - CoinGecko is considering adding a new metric to better represent token supply, which could impact how cryptocurrencies are valued by investors who rely on market capitalisation and fully-diluted value (FDV) [1][2][3] Group 1: Current Metrics and Industry Debate - Market capitalisation refers to the value of all tokens in circulation, while FDV includes the value of all tokens in existence, even those not in circulation [2] - Critics argue that relying solely on these topline numbers is misleading, and there is a need for standardisation in the industry [2] - CoinGecko has acknowledged the ongoing debate regarding unallocated tokens and is working towards a solution [3][4] Group 2: Hyperliquid Token Case - The discussion was sparked by a proposal from investors Hasu and Jon Charbonneau to burn 45% of all Hyperliquid tokens, which they believe are unlikely to enter circulation [5][6] - Hyperliquid has a trading volume exceeding $2.8 trillion and launched its HYPE token in November, with a market capitalisation of over $12.6 billion and an FDV of $46.8 billion [5][6] - The investors argue that standard FDV calculations for HYPE are inflated due to approximately 45% of tokens being held in funds unlikely to release them into circulation [6][7]