India breaks into world's top five club in terms of market capitalisation

India’s equity market has broken into the world’s top five club in terms of market capitalisation for the first time. The country’s total market cap stands at $3.21 trillion, which is higher than that of the UK ($3.19 trillion), Saudi Arabia ($3.18 trillion), and Canada ($3.18 trillion). 

This year, India has climbed two positions, despite a 7.4 per cent drop in its market cap. At the start of the year, the UK and France ranked fifth and sixth with a market cap of $3.7 trillion and $3.5 trillion, respectively. 

Russia’s attack on Ukraine has upended the ranking with European nations seeing the maximum erosion in market cap. Germany, once among the top five markets, has now slipped to tenth. 

Meanwhile, Saudi Arabia has climbed three places from 10th to 7th. The country, particularly its biggest firm Aramco, stands to gain from the surge in oil prices this year. 

Shares of the state-owned oil giant are up 15 per cent year to date, valuing the company at nearly $2.4 trillion, only behind Apple,the world’s most valuable firm, with a market cap of $2.6 trillion.