India Overtakes Hong Kong As World’s 4th Largest Stock Market

India’s stock market capitalization has overtaken Hong Kong’s for the first time as the South Asian nation’s growth prospects and policy reforms make it an investor darling, while global capital pours out of China, Ashutosh Joshi reported for Bloomberg News.

Equities in India have been booming thanks to a rapidly growing retail investor base and strong corporate earnings. I Photo: Nsewebmaster Wikimedia Commons

The combined value of shares listed on Indian exchanges reached $4.33 trillion as of Monday’s close, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg.

This makes India the fourth-biggest equity market globally. Its value crossed $4 trillion for the first time on December 5, 2024, with about half of that coming in the past four years.

Equities in India have been booming thanks to a rapidly growing retail investor base and strong corporate earnings.

The world’s most populous country has positioned itself as an alternative to China, attracting fresh capital from global investors and companies alike, thanks to its stable political setup and a consumption-driven economy that remains among the fastest-growing of major nations.

The relentless rally in Indian stocks has coincided with a historic slump in Hong Kong, where some of China’s most influential and innovative firms are listed. Alex Gabriel Simon and Ishika Mookerjee also reported for Bloomberg News.

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