Despite global challenges such as geopolitical disturbances and the lingering impacts of the Covid-19 pandemic, the Indian stock market has achieved a significant milestone by crossing the $4 trillion valuation mark. This places India as the fifth-largest stock market globally, joining the ranks of financial superpowers that include the United States, China, Japan, and Hong Kong.
With a growth of around 25 percent this year, the Indian stock market’s overall valuation stands at $4.16 trillion, making it the fifth-highest in the world. This remarkable performance has propelled India ahead of Hong Kong’s Hang Seng Index, which has experienced a nearly 19% decline this year.
India, being the fifth-largest economy globally, has witnessed its stock market’s sharpest growth in the last three years. The Nifty and Sensex, India’s two primary stock market exchanges, have both shown impressive growth in 2023. Nifty has recorded a growth of 18.5 percent, while the benchmark Sensex has grown by 17.3 percent.
The growth in the Indian stock market is attributed to various factors, including a surge in new listings. According to a report by Ernst and Young, India had over 150 new listings in the first nine months of the year, significantly surpassing Hong Kong, which had only 42. On a historic note, the Sensex achieved a new high, crossing the 72,000 points mark for the first time.
The Indian stock market now stands as the fifth-largest globally, trailing behind the United States, China, Japan, and Hong Kong. The stock exchanges with higher valuations than India’s National Stock Exchange (NSE) include the New York Stock Exchange (US), Nasdaq (US), Shanghai Stock Exchange (China), Euronext, Japan Stock Exchange, and Shenzhen Stock Exchange (China).
The United States remains the leading market worldwide, with a total valuation exceeding $50 trillion. Despite economic challenges in the West, the US stock exchange has demonstrated robust growth, increasing by 22.6 percent this year. In contrast, China, the second-largest market globally, experienced a decline of around 9 percent in 2023, reflecting the economic struggles associated with the Covid-19 pandemic.
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