The United States, China and Japan are the major stock markets in the world. BSE’s market capitalization stood at Rs 366 lakh crore on Tuesday.
India’s stock market overtook Hong Kong to become the fourth-largest stock market for the first time, even as domestic indexes fell 1.5% on Tuesday.
According to a Bloomberg report, the aggregate value of stocks listed on Indian exchanges stood at $4.33 trillion on Monday, compared with Hong Kong’s $4.29 trillion. The United States, China and Japan are the major stock markets in the world. BSE’s market capitalization stood at Rs 366 lakh crore on Tuesday.
Hong Kong’s decline is largely due to China’s eroding attractiveness and is down nearly 36% from its record high. Analysts say the significant trend in global economic growth today is China’s underperformance and India’s superiority.
“Since the collapse of major Chinese stocks listed in Hong Kong, the Hang Seng index is near a 19-year low. This trend is expected to continue as the outlook for the Chinese economy and stock market now looks bleak. However, if the Chinese economy picks up, Chinese stocks will recover because their valuations are very low,” an analyst said.
On the other hand, the Indian stock market will grow 20% by 2023 amid foreign capital inflows and higher growth prospects.
“This important milestone highlights the resilience and dynamism of the Indian economic landscape. As the country moves forward, investor confidence and opportunity converge, pushing the stock market to new heights, said Suman Bannerjee, CIO of Hedonova, a Paris-based hedge fund.
“This achievement not only marks a digital victory but also marks India’s emergence as a key player in the international financial arena. This is a testament to the country’s economic strength and signals a promising trajectory for investors navigating the diverse and dynamic landscape of the Indian stock market,” he said.
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