The Indian stock market has pipped Hong Kong to become the fourth-highest equity market globally, Bloomberg reported.
The combined value of shares listed on Indian exchanges reached USD 4.33 trillion as of Monday’s close, versus USD 4.29 trillion for Hong Kong, according to data compiled by Bloomberg.
India’s stock market capitalization had crossed $4 trillion for the first time on December 5. The rally in the Indian stock market came on the back of a rapidly growing retail investor base, sustained inflows from foreign institutional investors (FII), strong corporate earnings and robust domestic macroeconomic fundamentals.
Moreover, India has positioned itself as an alternative to China, attracting fresh capital from global investors and companies alike, thanks to its stable political setup and a consumption-driven economy that remains among the fastest-growing of major nations, Bloomberg reported.
“Cumulatively, the past 12 months have been stellar for investors who parked their money in Indian stocks. Though there has been some turbulence, the calendar year 2023 gave handsome monetary dividends to stock market investors. In 2023 itself, Sensex and Nifty gained 17-18 per cent, on a cumulative basis,” pointed out an ANI report.
In contrast as per the data, Hong Kong’s index Hang Seng in a historic slump posted an overall decline of 32-33 per cent during the last one year.
Equities in India have been booming, thanks to a rapidly growing retail investor base and strong corporate earnings. The world’s most populous country has positioned itself as an alternative to China, attracting fresh capital from global investors and companies alike, thanks to its stable political setup and a consumption-driven economy that remains among the fastest-growing of major nations.