Weekend Highlights About The Indian Stock Market

January 27, 2023

New Delhi, India

Indian Stock Market Rewind

In a week marked by significant economic milestones, India has solidified its position as a major player in the global financial arena. From record-breaking tax ratios to overtaking Hong Kong in stock market valuation, here’s a comprehensive look at the key developments that unfolded in the week ending January 26, 2023.

Record Tax Ratios and Increased Tax Returns:

India’s fiscal health received a substantial boost as the direct tax-to-GDP ratio reached a historic high of 6.1% in FY 23, showcasing robust revenue generation. This marks a notable increase from the 5.62% recorded in FY 14. Concurrently, the number of income tax returns filed doubled to an impressive 77.8 million in FY 23, compared to 38 million in FY 14. This surge signifies a commendable rise in tax compliance and a potentially expanding tax base.

India Surpasses Hong Kong as Fourth-Largest Stock Market:

In a significant global market shift, India has surpassed Hong Kong to become the world’s fourth-largest stock market. The combined value of shares listed on Indian exchanges reached $4.33 trillion, outpacing Hong Kong’s $4.29 trillion as of January 22, 2024. This development underscores India’s growing influence and prominence in the global financial landscape.

IPO Highlights:

The Indian stock market witnessed notable IPO activities during the week. Medi Assist Healthcare Ltd experienced a promising debut, with shares listed at an 11% premium over the issue price of ₹418. Simultaneously, the IPO of EPACK Durable garnered substantial attention, being oversubscribed by an impressive 16.79 times. These events signify positive investor sentiment and confidence in specific sectors.

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Mutual Fund Launch:

In the realm of mutual funds, PGIM AMC launched the NFO for PGIM India Large & Mid Cap Growth Fund. Investors looking for opportunities in large and mid-cap growth have until February 7, 2024, to participate. This development adds a new dimension to the mutual fund landscape, offering investors a chance to explore growth prospects in these segments.

Conclusion:

The week ending January 26, 2023, stands out as a period of notable achievements for India’s economy. The record-high tax ratios, increased tax returns, global stock market positioning, and vibrant IPO and mutual fund activities collectively contribute to a positive economic outlook. Investors and market analysts are keenly observing these developments, anticipating their impact on future investment decisions.

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