India's stock market overtakes Hong Kong, UK, Canada

20 Jan, 20242 mins read
India's stock market overtakes Hong Kong, UK, Canada

Everything you need to know

What have 8 years of “Startup India” done so far? Over 1.17 lakh startups are registered, with 2,977 enjoying income tax exemptions. The SIDBI Fund of Funds has funded 3,682 startups with a corpus of Rs 10,000 crore. 

The Zee-Sony merger is officially cancelled. Sony alleges Zee's failure to meet conditions and seeks $90 million in damages. Zee refutes the allegations. Despite past challenges with Goenka's (CEO of Zee) leadership, this split marks an end to what was envisioned as a market-shaping move.

US tech stocks are in the lead as the S&P 500 set a record close, its 4th in a row. The NASDAQ Composite, boosted by strong earnings like Netflix's, gained 0.4%. The S&P 500 closed flat, Dow Jones fell 0.3%. ASML and SAP's positive updates fueled optimism for a chip industry revival. Tesla reported an earnings miss, while IBM's revenue rose 4%.

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The big story: India overtakes Hong Kong, UK, Canada

India's stock market surpasses Hong Kong, the UK, and Canada becoming the fourth-largest globally with a value of $4.33 trillion, outpacing Hong Kong's $4.29 trillion. India's market capitalization crossed $4 trillion on December 5, driven by a growing retail investor base, foreign institutional investments, strong corporate earnings, and a robust domestic economy.

India's stability and consumption-driven growth attract global capital as an alternative to China. Meanwhile, Hong Kong faces challenges, including a slump in Chinese and Hong Kong stocks, driven by anti-COVID-19 measures, regulatory crackdowns, a property crisis, and geopolitical tensions. Overseas funds invested over $21 billion in Indian shares in 2023.

What our expert says

"India’s stock market capitalization crossed $4 trillion, with around half of that coming in the past four years. This growth came on the back of a growing retail investor base, inflows from FIIs, strong corporate earnings, and solid domestic macroeconomic fundamentals.

While the total market value of Chinese and Hong Kong stocks having tumbled by more than $6 trillion since their peaks in 2021. New listings have dried up in Hong Kong, with the Asian financial hub losing its status as one of the world’s busiest venues for IPOs."

—Smriti Tomar, CEO of Stack Wealth

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