Indian markets outperform global peers since March 2025, add $1 trillion to M-cap
&imwidth=800&imheight=600&format=webp&quality=medium "Indian markets outperform global peers since March 2025, add $1 trillion to M-cap")
The logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. Photograph: (Reuters)
While the rally has sparked optimism in Indian markets, experts say valuations have been pushed higher.
The Indian stock markets have delivered a standout performance since March 2025. Listed Indian stocks have added a market capitalisation (m-cap) of one trillion dollars in the said duration.
This surge, driven by a strong rally following a five-month correction from October 2024 to February 2025, marks a 21 per cent jump, which marks the highest gain among the world’s top 10 markets. Reports suggest that India's market cap has risen above $5 trillion—that places Indian markets fifth globally.
The United States remains the largest market in the world, China is second, Japan is third while Hong Kong and India remain separated by a slim margin.
The rally in Indian markets was followed by a correction phase between October 2024 and February 2025. The Nifty and the Sensex are up over 12 per cent during that period.
India's market capitalisation had increased over six times in the last 11 years—from ₹74 lakh crore ($1.2 trillion) in May 2014 to around ₹450 lakh crore ($5.2 trillion) in 2025.
The broader markets have witnessed even stronger momentum. Mid-caps are up close to 20 per cent while small caps are up over 25 per cent.
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Top performing markets in 2025:
(As of June 11 closing bell)
- India up 20 per cent
- Germany up 14 per cent
- Canada up 11 per cent
- Hong Kong up 9 per cent
For perspective, US Markets are up just 2.7 per cent.
That makes Indian markets a rare outperformer in a challenging equity market.
While the rally has sparked optimism in Indian markets, experts say valuations have been pushed higher. They say some sectors show frothy valuations, especially in an uncertain global trade scenario.
The recent earnings season paints a mixed picture, while sectors like financials reported strong earnings, tech, and consumption-driven sectors revised their guidance lower. The outlook for future earnings in several sectors has also dimmed.
But as global capital continues its search for strong returns, India's relatively high growth forecast, strong retail investor participation, and market-friendly government policies make it one of the top markets for long-term investors.