2036 Olympics and Paralympics: India formally submits Letter of Intent to IOC
There has been no official confirmation yet but according to reliable sources, the letter was submitted on October 1 with Ahmedabad as the likely host city.
India’s stock market capitalisation has overtaken Hong Kong’s for the first time as the country’s growth prospects and policy reforms make it an investor darling while global capital pours out of China.
The combined value of shares listed on Indian exchanges reached USD 4.33 trillion against Hong Kong’s USD 4.29 trillion, data compiled by Bloomberg said.
This made India the fourth-biggest equity market globally with its value crossing USD 4 trillion for the first time on December 5, with about half of that coming in the past four years.
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Equity market in India is also booming riding on the rapidly growing retail investor base and strong corporate earnings.
India has positioned itself as an alternative to China, attracting fresh capital from global investors and companies alike.
Chinese and Hong Kong equities are suffering a rout of epic proportions, with the total market value of their stocks having tumbled by more than USD 6 trillion since their peaks in 2021.
Hong Kong is losing its status as one of the world’s busiest venues for initial public offerings.
According to a recent study by London-based think-tank Official Monetary and Financial Institutions Forum, foreigners who until recently were enamored with the China narrative are sending their funds over to its South Asian rival. Global pension and sovereign wealth managers are also seen favoring India.
Notably, the overseas funds poured more than USD 21 billion into Indian shares in 2023. This has led country’s benchmark S&P BSE Sensex Index cap an eighth consecutive year of gains.
Despite external challenges, both the Nifty 50 and BSE Sensex, India’s prominent stock indexes, recorded substantial gains, marking 2023 as their second-best year since 2017.
In 2023, the Nifty 50 and BSE Sensex exhibited robust growth, with gains of around 20 per cent. The Nifty soared by 3,600 points, culminating in a record high of over 21,800, while the Sensex witnessed a remarkable surge of 11,000 points, surpassing the 72,000-point milestone.
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