With an increase in total market capitalisation to $2.7 trillion, India notched up three spots higher to become the seventh-largest stock market in the world.
The BSE Sensex crossed the 51,000-mark on Friday while the NSE benchmark Nifty crossed the 15,000 level for the first time.
A report by The Economic Times claimed that India's stock market is now bigger than Canada, Germany, and Saudi Arabia. It also noted that India's stock market is the second-best performer among the top 15 countries in 2021 and may soon overtake France to become the sixth biggest in the world.
After almost 11 months, India's stock market edged past Canada, which is now the 8th biggest on the basis of market capitalization. Europe’s largest economy Germany has a market value of $2.53 trillion. Only two European countries, France and the United Kingdom are among the top seven markets, the business daily mentioned.
The MSCI India index has gained 21% in the last three months compared to 19% by MSCI Emerging Market and 12% by MSCI World indices.
As per Analysts, India has been among the better performers also because of a faster recovery in domestic demand after the Covid-19-led disruptions and the government's focus on reviving the economy.
Based on the latest IMF projections, India’s growth will rebound sharply to 11.5% in FY22 and 6.8% in FY23.