India has emerged as a major player in the Asia-Pacific (APAC) region, with its market capitalisation reaching impressive heights in 2024.
According to a recent report by GlobalData, the combined market value of the top 50 companies in the APAC region surged to a record $8.1 trillion, marking a 20.6 per cent increase year-on-year.
India ranks third in this remarkable achievement, following China and Japan, with seven of its companies contributing a total of $914 billion to the regional market cap.
This surge in market capitalisation reflects the robust performance of the Indian equity markets, which hit record highs last year.
India’s market capitalisation for 2024 stands at $5.29 trillion, making it the fourth largest in the world, trailing behind only the United States, China, and Japan.
India’s benchmark indices, Nifty and Sensex, both reached all-time highs, with Nifty touching 26,277.35 and Sensex reaching 85,978.25, underscoring the nation's growing influence in the global financial landscape.
While India’s stock market performance has been stellar, the broader APAC market ended the year on a more cautious note, according to Murthy Grandhi, a company profiles analyst at GlobalData.
Optimism for the coming year has been tempered by rising trade risks linked to former US President Donald Trump's presidency and China’s faltering economic recovery, which continue to pose challenges for regional markets.
Among the key players driving this growth in APAC is Taiwan Semiconductor Manufacturing Company (TSMC), which retains its position as the region's largest company. TSMC’s market capitalisation has soared to an impressive $850.3 billion, reflecting a 69.7 per cent year-on-year growth.
This surge is attributed to the global demand for semiconductors, with Taiwan's critical role in chip production significantly boosting TSMC's standing.
However, not all companies in the region have experienced such growth. Samsung Electronics, for instance, saw a sharp 40.5 per cent decline in its market cap, primarily due to challenges in the high-bandwidth memory (HBM) chips segment.
These chips are essential for AI processors, and the downturn in this key market segment has weighed on Samsung’s performance. Despite this setback, Samsung remains a dominant player in the global tech market, ranking seventh in the APAC region.
On a more positive note, Indian telecom giant Bharti Airtel has seen impressive growth, climbing to the 30th spot in the list of top APAC companies.
The company posted a remarkable 52.6 per cent growth, reflecting its expanded digital and telecommunications services in emerging markets, further cementing India’s growing role in the region’s economic landscape.
Another notable newcomer to the APAC top 50 is Hon Hai Precision Industry (Foxconn), which ranks 50th. Known for its crucial role in Apple’s supply chain, Foxconn’s market cap has surged by 65.1 per cent, signalling the company’s growing influence in the tech sector.
Looking ahead to 2025, equity markets in the APAC region are expected to be influenced by key policy decisions, especially in India, where the stock market is expected to continue its upward trajectory. These decisions will likely play a pivotal role in shaping market dynamics in the coming year.
India’s National Stock Exchange (NSE) has also posted historic gains in 2024. The market cap of the NSE increased by 21 per cent year-on-year, reaching an impressive Rs 438.9 lakh crore ($5.13 trillion) as of December 31, 2024, up from Rs 361.05 lakh crore ($4.34 trillion) in 2023. This remarkable growth reflects the strength of the Indian stock market, which continues to attract both local and international investors.
In addition to the growth in market cap, the Indian stock exchange has seen an influx of new listings. A total of 301 companies were listed on the NSE in 2024, including 90 mainboard companies and 178 small and medium enterprises (SMEs).
This influx of new listings reflects investor confidence in India’s economic growth prospects. Furthermore, 33 companies were directly listed, and 90 mainboard companies raised a total of Rs 1.59 lakh crore through initial public offerings (IPOs).
The average IPO size for these companies was Rs 1,772 crore, highlighting the strong demand for Indian equities.
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