India’s listed companies have added nearly $1 trillion in market capitalisation since early March 2025, taking the total to around $5.3 trillion.

This surge, driven by a strong rally following a five-month correction from
October 2024 to February 2025, marks a 21 per cent jump — the highest growth among the world’s top 10 equity markets.

“India has become the fourth largest capital market globally after the US, China (including Hong Kong) and Japan. India’s market capitalisation has increased over
six times in eleven years from ₹74 lakh crore, i.e. $1.2 trillion as of May 2014 to about ₹453 lakh crore, i.e. $5.3 trillion today,” said Ashishkumar Chauhan, MD and CEO, NSE on Wednesday.

“This surge reflects growing public trust in the government of India, Indian entrepreneurs, and the country’s future,” he said.

Among other major markets, Germany posted the second-highest market cap gain of nearly 14 per cent, followed by Canada at 11 per cent, Hong Kong at over 9 per cent, and Japan and the UK, each with gains of around 8 per cent, according to a Moneycontrol report.

In contrast, the US and China, the world’s two largest markets, recorded a more modest increase.

Back home, India’s key benchmark indices have delivered strong returns: the Sensex is up 12.5 per cent and the Nifty has risen 13.5 per cent.

Broader markets have outperformed with the BSE Midcap and Smallcap indices soaring 20.7 per cent and 26 per cent, respectively.

However, the rally has pushed valuations into expensive territory, prompting analysts to downgrade forward earnings estimates.