India:About to lose tag of $1 Trillion stock market

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India:About to lose tag of $1 Trillion stock market

#1 Postby Shivani » Thu Aug 01, 2013 10:16 am

Due to the weakness of the rupee and the slide in the stock market for six consecutive sessions, India is on the brink of losing the elite tag of a trillion-dollar stock market.On Wedesday as the Indian rupee slide to 61.20 and the sensex was down over 150 points, BSE's market capitalization was almost close to breaking below the $1-trillion mark.

But at the end of the day, as the rupee recovered sharply and the sensex too rebounded from its intra-day low to close at 19,346, down just 3 points, the country's market value ended the session at $1.03 trillion — just managing to keep its membership of the trillion-dollar market cap club.One of the main reason for this fall is the sharp fall in the Indian currency , from about 54.5 to a dollar at the start of the year, the Indian currency has depreciated about 12.7% to its current level..

In this elite group US leads the pack of 11 countries with a $20-trillion plus market value. Along with the US, Japan and UK complete the top three slots. This survey, considers Hong Kong ($3.2 trillion) and China ($3 trillion) as separate markets. But in case the two are combined, they would replace Japan from its second slot with a combined market value of $6.2 trillion..India is at No.11 just behind Australia which has a market cap of $1.3 trillion.

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