The Indian stock market achieved a significant milestone by exceeding the $4 trillion mark, overtaking the valuation of the Hong Kong stock exchange and asserting its strong position.
Despite geopolitical turmoil and the effects of the COVID-19 pandemic in recent years, the Indian stock market has reached a significant milestone by surpassing the $4 trillion valuation mark, bringing it closer to the value of the Hong Kong stock exchange. This achievement has elevated India to the status of a stock market powerhouse alongside only the United States, China, and Japan. As the fifth largest stock market globally, India now trails behind only these three countries in terms of market size.
This year, the Indian stock market has surged by approximately 25 percent, surpassing a total market valuation of $4.16 trillion. In contrast, Hong Kong's Hang Seng Index has experienced a nearly 19 percent decline, potentially trailing India shortly. As the fifth largest economy globally, India's stock market valuation currently ranks only below those of the US, China, Japan, and Hong Kong. This positions India among the financial world's superpowers. The market growth witnessed in India in 2023 has been unprecedented over the past three years.
In 2023, India's Nifty and Sensex stock market exchanges have experienced remarkable growth, reaching record highs. Nifty has surged by 18.5 percent, and the benchmark Sensex has seen a 17.3 percent increase.
According to a report from Ernst and Young, the Indian stock market has welcomed over 150 new company listings in the first nine months of the year, significantly surpassing Hong Kong's 42 listings. Notably, Sensex hit an all-time high on Wednesday, surpassing the historic 72,000-point milestone for the first time. Additionally, it is worth noting that several global stock exchanges such as New York Stock Exchange (US), Nasdaq (US), Shanghai Stock Exchange (China), Euronext, Japan Stock Exchange, and Shenzhen Stock Exchange (China) currently hold higher valuations than India's National Stock Exchange (NSE).
The US stands as the dominant global market, boasting a valuation exceeding $50 trillion. Despite economic stagnation in the Western world, the US stock exchange surged by 22.6 percent this year. Both the US and India experienced a stock market surge of over 20 percent, while China, the world's second-largest market, saw a decline of around 9 percent in 2023 due to economic challenges stemming from the Covid pandemic.
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