Equity markets, however, have been the standout performers. The total market capitalisation of listed companies has skyrocketed from Rs 10–11 trillion to about Rs 420 lakh crore (Rs 4.2 quadrillion), reflecting both earnings growth and valuation expansion. The BSE Sensex has climbed from roughly 14,000–15,000 levels to 76,264, delivering a 5.28 times return over the period, while the Nifty has risen about 5.5 times.
