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For the first time, India's stock market has surpassed Hong Kong's. The total value of shares listed on Indian exchanges reached $4.33 trillion, while Hong Kong's stood at $4.29 trillion, according to Bloomberg data. This makes India the fourth-largest equity market globally.

On December 5, India's stock market capitalization exceeded $4 trillion for the first time, with around half of that growth occurring in the past four years. Ashish Gupta, chief investment officer at Axis Mutual Fund in Mumbai, believes that India has the right conditions for further growth momentum, as stated to Bloomberg.

On the other hand, Hong Kong's decline is attributed to diminishing appeal from China. Many of China's influential and innovative firms are listed in Hong Kong. Chinese stocks have been significantly impacted by Beijing's strict anti-COVID-19 measures, regulatory crackdowns on corporations, a crisis in the property sector and geopolitical tensions with the West. The combined market value of Chinese and Hong Kong stocks has fallen by over $6 trillion since their peaks in 2021. New listings have dwindled in Hong Kong, leading to its loss of status as one of the world's busiest venues for initial public offerings in Asia.

In 2023, India saw a significant influx of foreign investment, with over $21 billion being injected into its stock market. This contributed to the S&P BSE Sensex Index recording its eighth consecutive year of growth. According to a note from Goldman Sachs Group Inc., which included feedback from their Global Strategy Conference, there is widespread agreement that India presents the most promising long-term investment prospects. This was expressed by strategists such as Guillaume Jaisson and Peter Oppenheimer on January 16th.

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