India, the world’s fifth-largest stock market, has added more than $1 trillion to its market capitalization in the past six months as strong macroeconomic data and bullish investor sentiment helped domestic equity indexes Sensex and Nifty 50 hit fresh all-time highs.
The NSE benchmark Nifty 50 has hit a record high in eight of the 11 sessions. The Nifty 50 has risen around 6 per cent so far in June and is on track to be its best month this year, supported by policy continuity after the Lok Sabha election results, expectations of improved economic growth and a pick-up in foreign fund inflows.
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Moreover, the Nifty 50 is on track for an unprecedented ninth consecutive year of gains. According to Reuters, stocks of smaller companies have also been on the rise in recent years and are outperforming their larger counterparts, accounting for around 40% of the total market capitalization.
How is the Indian market different from the US and Chinese markets?
India’s stock market has crossed the threshold, joining the likes of the United States, China, Japan and Hong Kong. Since the start of 2024, the combined market capitalization of companies listed on Indian stock exchanges has increased 24.5% to $5.23 trillion. In the same period, the second-largest market, China, saw its market capitalization fall by $1.6 trillion, according to Bloomberg.
The report said Japan’s market remained roughly flat over the past six months, while the fourth-largest market, Hong Kong, added just $428 billion. In absolute terms, the Indian market has not grown by such a large amount since 2007, when its market capitalization increased by $1 trillion to $1.81 trillion.
Stock Market Today
Domestic benchmark indices Sensex and Nifty 50 ended higher in Wednesday’s trading session, led by big names like Reliance Industries (RIL), Bharti Airtel, UltraTech Cement and ICICI Bank. Media, oil & gas and banking stocks dominated the market today.
The 30-stock BSE Sensex index closed at 78,674.25, up 620.73 points or 0.80 percent, while the Nifty 50 index closed at 23,868.80, up 147.50 points or 0.62 percent.Among the broader markets, the Nifty Midcap 100 index closed down 0.22 percent, while the Nifty Smallcap 100 index closed up 0.25 percent.Shares of major Reliance Industries surged over 4 percent to hit a fresh 52-week high.
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