India has regained the fifth place among the world’s top equity markets by value after being briefly taken over by France.
India’s market capitalisation stood at $3.15 trillion on February 10, making France and the UK the world’s sixth and seventh largest markets by value, respectively, says the data compiled by Bloomberg that shows the combined value of companies with a primary listing in each country. The outlook for earnings growth helped revitalise the appeal of India’s equities that have outperformed most global contemporaries for the last two years. Nevertheless, the total value of India’s market was about 6% lower than January 24.
In another positive development for the Indian equity markets, foreign investors seem to have regained some confidence and were net buyers during two of the seven sessions this month through February 9. The development came after the government announced higher capital spending outlay in the Union Budget 2023. The new quarterly earnings season was also fairly positive and market analysts estimate that earnings per share at MSCI India companies will increase 14.5 per cent this year. Though this is similar to China, it is better than most major markets around the world, said the Bloomberg data.
