India surpasses Hong Kong to become seventh largest stock market

The Indian stock market valuation has surpassed Hong Kong on the back of global positive sentiments, as it maintained a higher than expected GDP, and a stable environment supported by growth-oriented policies.

As per the data presented by the World Federation of Exchanges, the total market capitalisation of the National Stock Exchange (NSE) was $3.989 trillion, while Hong Kong’s valuation stood at $3.984 trillion.

Year-to-date, the Indian benchmark indices have jumped nearly 16 per cent, as it joined the league of market elites led by NYSE, Nasdaq, and Shanghai Stock Exchange.

Ajay Menon, Wholetime Director and CEO at Motilal Oswal, said, "While Hong Kong's Hang Seng index faced a tough 17 per cent decline due to the lingering impacts of COVID-19, global interest rate shifts, inflation, foreign investment outflows, and housing sector instability, India's benchmark indices, Sensex, and nifty50 surged to their all-time high numbers.”

Sensex ended close to the 71,500 mark to hit an all-time fresh high, Nifty 50 closed above the 21,450 mark, on Friday.

"Climbing into the top 7 globally is a significant stride, underlining India's emergence as a key contender in the financial landscape. It's like a stamp of approval from investors worldwide, showing they believe in India's growth story," he said.

Earlier today, SBI Chairman, Dinesh Kumar Khara said that 'India economy is in its golden phase.’