India’s stock market is on the verge of overtaking that of the UK in value, to join the world’s top five club, at least by one measure.

Driven by record-low interest rates and a retail investing boom, India’s market capitalisation has surged 37 per cent this year, according to an index compiled by Bloomberg, representing the combined value of companies with a primary listing.

This compares with a gain of just 9 per cent for the UK. Still, London’s capitalisation is much larger if secondary listings and depository receipts are included.


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