India—the fifth largest equity market in the world—has added more than $1 trillion to its market capitalisation (mcap) over the last six months with the domestic equity benchmarks Sensex and Nifty 50 reaching fresh record highs over robust macroeconomic indicators and bullish investor’s sentiments.
The NSE benchmark Nifty 50 has hit record highs in eight out of 11 sessions. Nifty 50 has gained about six per cent in June so far, on course for its best month this year, helped by policy continuity after the Lok Sabha election results, forecasts for better economic growth and the return of foreign inflows.
Additionally, Nifty 50 is headed for an unprecedented ninth-straight year of gains. The shares of smaller and mid-sized companies have also been rallying and outperformed their larger peers in recent years to account for about 40 per cent of the total market valuation, according to news agency Reuters.
How Indian markets compare with US, China
India’s equity market has joined the ranks of the US, China, Japan and Hong Kong after topping the threshold Since the beginning of 2024, the combined mcap of companies listed on Indian bourses surged by 24.5 per cent to $5.23 trillion. That compares with the $1.06 trillion erosion witnessed by the second-largest market—China—during the same period, according to Bloomberg.
While the Japanese market remained almost flat in the last six months, the fourth largest market Hong Kong added just $428 billion.
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Published: 26 Jun 2024, 10:11 PM IST