December 11, 2023
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India set to overtake Hong Kong stock exchange
India’s stock market is set to surpass Hong Kong to become the world’s seventh-largest, underscoring the optimism surrounding the economic potential of the world’s most populous nation, the Financial Times reported.
The total market capitalisation of all listed companies in India stood at $3.7 trillion at the end of October, slightly trailing Hong Kong’s $3.9 trillion, according to data from the World Federation of Exchanges, a trade body.
The surge in Indian stock prices in November, fueled by growing investor confidence following the better-than-expected performance of the ruling Bharatiya Janata Party in state elections and robust macroeconomic indicators, has set the stage for the country to secure the seventh-largest position globally, behind the New York Stock Exchange, Nasdaq, Shanghai, Euronext, Japan, and Shenzhen.
So far this year, Indian equity benchmarks – the S&P BSE Sensex and Nifty50 have risen 14 percent and 15 percent, respectively, as against a 17 percent fall in Hong Kong’s benchmark Hang Seng index.
India overtakes Hong Kong stock exchange
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