India’s Stock Market Leads Globally With Remarkable Gains In 2024

India has emerged as the standout performer in global stock markets this year, with an impressive return of over 25% in market capitalization since the start of 2024.

This stellar rally has propelled the Bombay Stock Exchange (BSE) to a market capitalization of Rs 462 lakh crore, equivalent to more than $5.5 trillion as of Wednesday.

In stark contrast, other major markets have seen varied performances.

The US stock market, the world’s largest, delivered a 13.50% return, while Hong Kong’s market saw a modest increase of 4.15%.

Japan’s stock market followed closely with a 4.02% gain. Meanwhile, China experienced a decline of 13.61%, reflecting a challenging period for its equity markets.

Globally, the US remains the dominant stock market with a valuation of $57.28 trillion, followed by China at $8.24 trillion, Japan at $6.49 trillion, and India now at $5.51 trillion.

Hong Kong ranks fifth with a market cap of $4.92 trillion.

The Indian stock market’s ascent is particularly noteworthy when viewed in a historical context.

It first surpassed the $1 trillion mark on 28 May 2007.

By 10 July 2017, it had doubled to $2 trillion, and by 24 May 2021, it reached $3 trillion.

Just over two years later, it crossed $4 trillion on 30 November 2023, and within six months, it hit the $5 trillion milestone on 24 May 2024.

This meteoric rise is closely tied to India’s robust economic performance.

For the financial year 2023-24, India’s GDP grew at a remarkable rate of 8.2%.

Projections for the 2024-25 fiscal year indicate a slightly moderated yet strong growth rate of 7%, underscoring the underlying strength of the Indian economy and its positive impact on the stock market.

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