India enters global market-cap Top 10

MUMBAI: The Indian capital market's record-breaking spree continues. Shortly after crossing the $1-trillion mark in total market capitalisation, it has now broken into the Top 10 list - with a total m-cap of $1.09 trillion.  India is now the 10th largest equity market in the world. In the last one month, it has overtaken Russia, Australia, South Korea and Italy. Interestingly, the rise in India comes when these markets have fallen more on account of the ongoing sub prime crisis.

Echoing many analysts, a fund manager said that India is relatively better placed even in the midst of the sub-prime crisis. India lost just 0.6% of its market capitalisation during the month ending August 29, 2007. The Russian market lost the maximum of 24%, dipping from $1.12 trillion to $848 billion; the other three lost 6% or less, managing to stay above the $1- trillion mark.

The US, from where the subprime pandemic spread, is sitting pretty on the top of the heap. American companies managed to add 0.7% to their market cap when markets where falling elsewhere. China (17%) and Hong Kong (0.5%) were the only other markets in the Top 10 list to have gained in m-cap.