On January 23, India's market cap hit $4.33 trillion, surpassing Hong Kong's $4.29 trillion, making it the world's fourth-largest stock market.
2
US continues to lead
The US continues to lead with a market cap of $50.86 trillion, followed by China at $8.44 trillion and Japan at $6.36 trillion.
3
Rise of Indian equities
In 2023, Indian stocks had a remarkable year, as Sensex and Nifty50 rose by 18.8% and 20%. BSE MidCap and SmallCap indices surged by 45.5% and 47.5%, respectively.
4
Growth factors
This growth is attributed to positive sentiment ahead of elections, improving macroeconomic conditions, and anticipated interest rate cuts.
5
Heng Seng declines
India's stock markets have risen for eight straight years. In contrast, Hong Kong's Heng Seng declined for the fourth consecutive year, and the Shanghai Stock Exchange faced its second year of losses.
6
Decline factors
Factors such as China's economic downturn and pressure on American investors to divest from Chinese companies have contributed to Hong Kong's decline.