India is now home to the world’s eighth-biggest stock market.
India overtook Canada for the first time after almost a decade.
The score: India $2.29 trillion, Canada $2.28 trillion.
Mumbai’s total stock market capitalization did not exceed Toronto’s since Jan. 21, 2008, when the S&P BSE Sensex plunged as concerns grew about the global financial crisis taking hold.
Bloomberg reports India’s market has grown to $800 billion since then as investors flocked to a nation where the government boosted consumption through a job-guarantee plan, streamlined the indirect-tax system and opened more industries to foreigners.
Until recently, Canada retained its lead but this year the energy stocks dropped 13% amid oil-price fluctuations and concern that new pipelines won’t get built. The energy industry makes up about 20% of the equity benchmark.
