In a significant milestone, the Indian stock market has surged past the $4 trillion valuation mark, outpacing the Hong Kong stock exchange. Despite global uncertainties and the lingering effects of the Covid pandemic, India’s stock market has exhibited remarkable growth, cementing its position as a key player on the global financial stage.
The Indian stock market now joins the elite league of stock market superpowers, previously dominated by the United States, China, and Japan. Currently, India holds the fifth position globally, trailing only these economic giants.
This year alone, the Indian stock market has experienced an impressive growth of approximately 25%, pushing its overall market valuation to $4.16 trillion. In contrast, Hong Kong’s Hang Seng Index has witnessed a decline of nearly 19%, positioning India to potentially surpass it soon.
India, already the fifth-largest economy globally, now boasts a stock market valuation ranking only behind the United States, China, Japan, and Hong Kong. The country’s market growth in 2023 marks its sharpest increase in the last three years.
Nifty, Sensex Performance in 2023
India’s leading stock market indices, Nifty and Sensex, have demonstrated stellar performance throughout the year, reaching unprecedented highs. Nifty has witnessed a robust growth of 18.5%, while the benchmark Sensex has recorded a substantial 17.3% increase in 2023.
According to a report by Ernst and Young, the Indian stock market has witnessed over 150 new company listings in the first nine months, far surpassing Hong Kong’s count of 42. Notably, Sensex achieved a historic milestone by crossing the 72,000 points mark for the first time on Wednesday.
Stock exchanges with higher valuations than the National Stock Exchange (NSE) of India include the New York Stock Exchange (US), Nasdaq (US), Shanghai Stock Exchange (China), Euronext, Japan Stock Exchange, and Shenzhen Stock Exchange (China).
While the United States remains the leading market with a total valuation exceeding $50 trillion, India’s impressive stock exchange growth of over 20% this year stands out. In contrast, China, the second-largest market globally, experienced a decline of around 9% in 2023 due to challenges posed by the Covid pandemic.
