India out of trillion-dollar club; m-cap slips to $985 bn
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India out of trillion-dollar club; m-cap slips to $985 bn

Last Updated: Friday, August 16, 2013, 19:40
 
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India out of trillion-dollar club; m-cap slips to $985 bn
Mumbai: Indian stock market moved out of the trillion-dollar league on Friday as equities crashed, 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.

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.

Indian stock market's valuation had earlier dropped to USD 985 billion on August 7, after slipping below the USD one-trillion level a day prior to that. However, it regained the level on August 8.

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.

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

Since the beginning of the current fiscal in April 2013, though the rupee valuation of Indian stock market has fallen by nearly 5 percent, its dollar valuation has plunged by 19.76 percent. The rupee has depreciated by over 13 percent during this period.

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.

Markets like Russia, Spain and South Africa have also moved out of this club after enjoying a trillion-dollar status in the past, while at least three others -- Brazil, South Korea and Nordic region markets -- are maintaining this level with small margins.

PTI


First Published: Friday, August 16, 2013, 19:40


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