Mumbai, March 24
India’s stock market recorded the highest monthly gain among the world's ten largest equity markets in March, rising 9.4 per cent in dollar terms, as per latest stock exchange data.
This marks the strongest rally in four years, following five consecutive months of decline.
According to the exchange data, the total market capitalisation of all listed companies on the Bombay Stock Exchange (BSE) surged to approximately $4.8 trillion, up from around $4.39 trillion at the end of February.
This is the biggest monthly jump since May 2021. India outperformed other major markets, with Germany following at a distant second with a 5.64 per cent rise in market capitalisation to over $2.81 trillion.
Japan and Hong Kong gained 4.9 per cent and 4 per cent, respectively. France, the United Kingdom, and Canada also recorded modest growth.
In contrast, the US, the world’s largest equity market, saw a decline of 3.7 per cent, while Saudi Arabia fell by 4.4 per cent.
Indian equity benchmarks Sensex and Nifty climbed 5 per cent each in March, while the broader BSE MidCap and SmallCap indices saw even sharper gains of 8.4 per cent and 9.8 per cent, respectively.
The rally was fuelled by value buying and growing expectations that the Reserve Bank of India (RBI) may soon cut interest rates.