The India stock market has regained its position as the world’s fifth-largest, with market capitalisation at $5.4 trillion, overtaking Taiwan, according to Bloomberg data reported by BusinessLine on 12 November 2026. The four larger markets are the United States, China, Japan and Hong Kong. The move puts India back in fifth place after a run of strong foreign buying and a sharp rise in share prices through November. Market capitalisation is up about $640 billion since late October, a gain that shows the speed of the rebound in Indian equities after a weak stretch earlier in the year, when foreign funds sold and the index drifted lower.
The Nifty 50 closed at 25,255.05 on Wednesday 11 November, its highest in more than eight months, and the index is up 9.55 percent so far in November. The rally in the India stock market has been broad, with buyers returning to large companies after months in which foreign investors sold Indian shares. Domestic buyers have stayed active through the year, and the return of overseas money in November has added to the lift. Traders now watch whether the buying holds through the rest of the month, and whether the index can hold the ground it has gained in the past two weeks, when the rise has been steady rather than sudden.
India stock market passes Taiwan
Taiwan’s TAIEX fell 20.3 percent from its 6 October peak to its 6 November close, as the AI trade faltered and oil prices slid. The fall cut Taiwan’s market value and opened the way for the India stock market to move back ahead. Taiwan had overtaken India in May 2026, when Taiwan stood at $4.95 trillion against India’s $4.92 trillion, driven by TSMC, the chip maker that dominates the Taiwanese market. The lead changed hands again in June, when India reclaimed the spot, before Taiwan pulled ahead once more. The latest change shows how fast the order can shift when one market falls and the other rises, and how much a single large stock can matter.
For the India stock market, the fifth-place ranking has changed hands three times in about six months, after India also reclaimed the spot in June before Taiwan pulled ahead again. South Korea has slipped to ninth place in the same ranking, a step back for a market that had sat higher in the table. The shifts show how much the order among Asian markets depends on a small number of large companies and on the flow of foreign money. A single large stock can move a whole market’s value by hundreds of billions of dollars, and TSMC has done that for Taiwan in both directions this year, lifting it in May and dragging it down since October.
India stock market gains since late October
Foreign portfolio investors bought a net $6.42 billion of Indian equities in November so far, according to data from NSDL, the depository. The buying marks a sharp turn from the selling seen for much of 2026, and it has come as crude prices fell and the rupee steadied. The November buying in the India stock market has been spread across large stocks that foreign funds had sold earlier in the year. Even so, foreign investors remain net sellers of $24.98 billion for 2026 as a whole, so the November buying has not yet undone the sales of the previous ten months. The gap shows the scale of the selling that came before the recent return, and the India stock market still carries that gap into the final weeks of the year.
The ranking is a snapshot, and it can change again if Taiwan’s shares recover or if Indian shares give back part of their November gain. The TAIEX fall and the Nifty rise moved in opposite directions in the past month, and a turn in either would narrow the gap between the two markets. For now, the numbers put India fifth, with a market value of $5.4 trillion and a lead built on about $640 billion of gains since late October. The next test is whether foreign buyers keep adding to their holdings in the weeks ahead, and whether the India stock market can hold fifth place into the end of the year.