India stock market out of trillion-dollar club

Indian stock market faced a heavy jolt of equities crash thus pulling down the total valuation of all listed companies to USD 985 billion on fresh concerns about the US stimulus withdrawal, and the rupee plunging to a historic record low of 62.

India had first entered the trillion-dollar club in June 2007, but moved out in September 2008, amid the global slowdown. It again got back into the elite league in May 2009 and had largely remained there since then, except for some brief periods including once in 2012.

Market capitalisation of all the listed companies stood at Rs 60,73,881.22 crore as stocks witnessed bloodbath that dragged down the BSE 30-stock benchmark, Sensex, by 769.41 points to 18,598.18 – its biggest fall in 4 years.

The rupee also touched an all-time low of 62.03 against the US dollar. Mayhem in the stock market led the rupee to fall below 62-mark for the first time to touch an intra-day low of 62.03. It recovered some ground to record an all-time closing low of at 61.65.

The rupee weakness has been a key force behind the dollar -valuation plunge in the recent months.

With India out of this league, only 13 stock markets across the world now enjoy a trillion-dollar status, led by the US (an estimated USD 20 trillion). Others in this club are UK, Japan, China, Canada, Hong Kong, Germany, France, Switzerland, Australia, South Korea, Nordic region and Brazil.

 

Source – PTI