India joined an exclusive group of countries that include United States, China, and Japan after its market capitalisation (m-cap) hit the $4 trillion mark.Among the top 10 countries in terms of market cap in 2023, which country experienced the second-fastest growth in dollar terms after the United States?

Solution

India joined an exclusive group of countries that include the United States, China, and Japan after its market capitalisation (mcap) hit the $4 trillion mark. Total market value of all companies listed on the BSE during the day increased by Rs 2.24 trillion, or 0.7 per cent, to Rs 333.3 trillion (or $4 trillion at a conversion rate of 83.31). Among the top 10 countries in terms of market cap, India has recorded the second-fastest growth in dollar terms, after the United States, in 2023. The key drivers of the Indian markets are robust earnings, macroeconomic stability, domestic flows, and a sharp rally in the smallcap and midcap space.  Several relatively newly listed companies have also contributed to India’s market cap in recent years including  Life Insurance Corporation (mcap of Rs 4.3 trillion), Zomato (Rs 1 trillion), Paytm (Rs 0.56 trillion), and Nykaa (Rs 0.5 trillion).