India’s inventory market capitalization has overtaken Hong Kong’s for the primary time because the South Asian nation’s progress prospects and coverage reforms make it an investor darling whereas international capital pours out of China.

The mixed worth of shares listed on Indian exchanges reached $4.33 trillion as of Monday’s shut, versus $4.29 trillion for Hong Kong, in keeping with information compiled by Bloomberg. That makes India the fourth-biggest fairness market globally. Its worth crossed $4 trillion for the primary time on Dec. 5, with about half of that coming previously 4 years.