India has overtaken Australia to emerge as the 10th largest stock market in the world in terms of market capitalisation. The 13% gains made by the Indian equity market in the last one month have helped the country enter the top-10 league, along with countries such as the US, Japan, UK, Hong Kong, China, France, Canada, Germany and Switzerland. India’s market capitalisation has risen to $1.42 trillion, the highest level since August 2011. As of May 19, the country?s m-cap contributed about 2.26% to the world’s combined market cap of $63 trillion, Bloomberg data show. The market cap of the country had been on a decline since January 2008, when it peaked at $1.9 trillion. Also, the current market cap of $1.42 trillion is lower than the $1.75 trillion touched on November 5, 2010. The sustained fall in the value of the rupee versus the dollar in 2013 played a part in the m-cap erosion. Nineteen of the 5000-plus actively traded listed entities have added more than R10,000 crore each to their market cap since May 9, 2014. The combined market valuation of these 19 firms advanced by a whopping R4.2 lakh crore. Public sector energy majors ONGC and Coal India added the most in terms of market cap with gains of R56,423 crore and R45,825 crore, respectively. Oil refiner Reliance Industries added R38,415 crore during this period.
