The other countries in Asia with $1 trillion market capitalisation include Japan, Korea, Taiwan, China and Hong Kong. According to the World Federation of Exchanges (WFE), the value of companies listed on the global stock markets rose to a more than $50 trillion record in January, after jumping by almost a third in the past year. By comparison, world gross domestic product (GDP) was around $44 trillion in 2005, according to the IMF. “World markets are near all-time high levels due to the surge in global liquidity. India too is no exception. Foreign fund inflows are also increasing,” said BSE dealer Pawan Dharnidharka.

Today, the BSE Sensex, which stayed above the 14,500 level for most of the day, suddenly started declining in late afternoon trade on heavy profit booking. However, it gained 59.44 points (0.41 per cent) to settle at 14,397.89. The Sensex is 325-odd points away from its all-time high of 14,723.88, struck on February 9, 2007. The S&P CNX Nifty, which had struck an all-time high of 4,295.60 points in early trade, settled with a gain of 8.40 points (0.20 per cent) to 4,256.55. Its earlier all time high was 4,291.40 on 23 May 2007.

The Asian and European markets traded mixed. Japan’s Nikkei was up 106.38 points (0.61 per cent) at 17,587.59 and Hong Kong’s Hang Seng rose 9.10 points (0.04 per cent) to 20,529.76.