India rises up the ranks in global m-cap race

India’s stock market has outperformed most large markets over the last three years. This has raised its share in global market capitalization, breaking into the top five in March 2022 by overtaking the UK. However, the ranking dropped after allegations of corporate malfeasance at the Adani Group in January 2023. Since then, both the Adani Group to some extent, and the Indian stock market significantly, have recovered. Foreign portfolio investors have been net buyers in Indian equities since March, pumping in $6.7 billion last month. India has now regained its top five spot (last week, the BSE’s m-cap hit the ₹300 trillion mark).

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