India overtakes Hong Kong to become the world's seventh largest stock market
The Indian markets have made tremendous gains since the beginning of the year, with both the Nifty 50 and BSE Sensex hitting record highs on Monday.

India's stock market value has overtaken Hong Kong's to become the seventh largest in the world as optimism about the country's economic prospects grows.

As of the end of November, the total market capitalization of the National Stock Exchange of India was $3.989 trillion versus Hong Kong's $3.984 trillion, according to data from the World Federation of Exchanges.

India's Nifty 50 index reached another record high on Tuesday. It has jumped 16% so far this year and is headed for its eighth straight year of gains. In contrast, Hong Kong's benchmark Hang Seng index has plunged 17% year to date.

India has been a standout market this year in the Asia-Pacific region. Increased liquidity, more domestic participation and improving dynamics in the global macro environment in the form of falling U.S. Treasury yields have all boosted the country's stock markets.