Indian stocks gained the most among the world's top 10 nations by market value this fiscal, underscoring the strength of the rally that remained unshaken by Covid-led turmoil and economic uncertainties.
India's aggregate market capitalisation soared 88% in dollar terms this fiscal year, showed data from Bloomberg. This is the sharpest increase in aggregate market capitalisation since FY11.
Last fiscal year, India's market capitalisation plunged 31% as the lockdown wrecked investor sentiment. Despite the rise, India remained at the eighth position among countries with a market capitalisation of $2.8 trillion.
The US, with a market capitalisation of $45.83 trillion, and China at $10.57 trillion saw an aggregate market capitalisation expansion of 67% and 52%, respectively, from April 2020 so far. Canada ($2.89 trillion) saw a growth of 78%, while Saudi Arabia ($2.53 trillion) made the lowest gain of 28% among the top 10 markets.
Analysts said a broad-based rally in equities and a heavy flow of foreign liquidity either through foreign institutional investors (FIIs) or as foreign direct investment (FDI) accelerated the expansion of Indian markets this year.