- | 4:30 pm
India surpasses Hong Kong on market cap: report
Total value of all shares listed on Indian stock exchanges was $4.33 trillion on Tuesday, making India the fourth biggest equity market
India’s share market capitalization has surpassed that of Hong Kong’s, Bloomberg reported, citing data till close of trading on Monday.
The total value of all the shares listed on the Indian stock exchanges was $4.33 trillion against $4.29 trillion for Hong Kong, making India the fourth biggest equity market, the report said.
Indian shares climbed on Tuesday, before diving, as key benchmark indices were dragged down by shares of HDFC Bank, which skid above 3% in intraday trading.
Shares of Zee plunged above 30% in intraday trading on Tuesday after Sony scrapped a $10 billion merger deal a day earlier.
The 30-share benchmark Sensex tanked 1,028.24 points, or 1.44%, on Tuesday to 70,395.41, while the Nifty index skid by 330.15 points, or 1.53%, to end the day at 21,241.
Meanwhile, brokerage Nuvama Alternative and Quantitative Research said in a report on Tuesday, 23 January, that India could see a passive inflow of $700 million next month, with the addition of new stocks to the MSCI indices.
BHEL, Punjab National Bank, Union Bank of India and NMDC could be added to the MSCI Standard Index, according to the brokerage’s calculations.
Inclusion or a rise in stock weightage in global indices such as MSCI and FTSE can lead to inflows from passive funds tracking these indices.
Each of the above stocks could potentially see inflows ranging between $150 million and $160 million, the brokerage estimated.
Indian equities have been surging, buoyed by a burgeoning retail investor base and robust corporate earnings.
A stable political environment and a consumption-driven economy are two key drivers of this surge in stocks.
India’s real gross domestic product will grow by 7.3% in the current fiscal 2024, above the 7.2% growth in the previous fiscal, an estimate released by the Indian National Statistical Office (NSO) said earlier this month. The NSO’s estimate is 30 basis points higher than the latest Reserve Bank of India estimate of 7% for FY24. One basis point is one-hundredth of a percentage point.
More Top Stories:
