Home » Watch out, Hong Kong – India’s stock market is on the fast track

Watch out, Hong Kong – India’s stock market is on the fast track

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Watch out, Hong Kong – India’s stock market is on the fast track

Die BSE in Mumbai.

Indranil Mukherjee/AFP/Getty Images

According to Bloomberg, the Indian stock market reached a valuation of four trillion US dollars for the first time on Tuesday.

This narrows the gap to Hong Kong, the fourth largest stock market in the world.

India is the world‘s fastest-growing economy and is expected to grow by 6.3 percent this year.

This is a machine translation of an article from our US colleagues at Business Insider. It was automatically translated and checked by a real editor.

The value of companies listed on Indian stock exchanges hit $4 trillion for the first time on Tuesday, narrowing the gap with Hong Kong, as „Bloomberg“ reported. Hong Kong is the world‘s fourth-largest stock market but is worth less than $4.7 trillion after an 18 percent fall in the Hang Seng Index this year.

In contrast, India’s two main indices, the Sensex and the Nifty, have risen 13.3 and 14.6 percent respectively this year. According to Bloomberg, the Indian market was worth less than $1.5 trillion in 2020 when the pandemic struck, but has increased significantly since then.

Investors were encouraged by victories by Prime Minister Narendra Modi’s Indian ruling party in elections in three states this weekend. “The market is taking comfort in the BJP’s victory as it hopes for political continuity in 2024 and is betting on growth rather than fiscal populism,” said Sanjeev Hota of stockbroker Sharekhan „Reuters“.

Despite global economic headwinds, India – the world‘s fastest-growing economy – will grow 6.3 percent this year, according to IMF forecasts.

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Investors from Apple to Goldman Sachs have spoken positively about the country as an investment destination. The three largest stock markets are the USA with a value of just over 48 trillion dollars, followed by China with around 9.6 trillion dollars and Japan with almost 6 trillion dollars, the “Bloomberg” figures show.

Read the original article Business Insider.

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