Do you trade in the Indian stock market? India’s stock market reached $4T in market capitalization for the first time, making it the world’s 4th largest after surpassing Hong Kong in December 2023.
It is trailing behind the US, China, and Japan. Since the beginning of the pandemic in March 2020, the market cap of the companies listed on the nation’s exchanges has more than tripled.
The world’s fastest-growing major economy is attracting many local and international investors. Many companies are trading near an all-time high, and more than 100 IPOs were listed on India’s exchanges in 2023.
If you want to diversify your holdings, India might be one of the best options available as the country grows at an unprecedented pace. Let’s learn more about India’s stocks and how you can invest in them.
Indian Stock Market Growth
Let’s break down the Indian stock market. India has two main stock markets: National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE). They are the equivalent of NYSE and NASDAQ in the US.
BSE was traditionally the dominant exchange, but its market share has decreased with the emergence of NSE, which is more technologically advanced and has stricter listing requirements.
Since Narendra Modi got into office in 2014, the Indian stock market hasn’t experienced a negative year.
This emerging market has quickly become an alternative to China as India’s government and entrepreneurs are luring multinational companies to invest in their country.
and Bombay Stock Exchange (BSE). They are the equivalent of NYSE and NASDAQ in the US.
BSE was traditionally the dominant exchange, but its market share has decreased with the emergence of NSE, which is more technologically advanced and has stricter listing requirements.
Since Narendra Modi got into office in 2014, the Indian stock market hasn’t experienced a negative year.
This emerging market has quickly become an alternative to China as India’s government and entrepreneurs are luring multinational companies to invest in their country.
Indian Stock Market Indexes
The Indian stock market has two main indexes, one for each exchange. NSE’s index is NIFTY 50, which consists of the 50 largest stocks listed on the exchange.
It represents different sectors of the Indian economy. It’s popular among investors, traders, and fund managers as a gauge for the Indian equity market.
BSE’s index is SENSEX, which represents the 30 largest stocks listed on the exchange. It is one of India’s most widely tracked stock market indices and is a key indicator of the Indian equity market.
Both indexes are currently trading at or near their all-time highs. They both gained 13% YTD and are almost up 100% in the last 5 years. However, this is becoming concerning for some investors.
Too Much Growth?
Many economies around the world are dealing with slower growth and inflation. Some concerning examples are Canada (GDP declined last quarter) and high inflation in many European countries.
Meanwhile, India’s economy is growing at an unprecedented pace. India’s PM triumphed in the latest state elections, which removed some political uncertainty and caused some stocks to skyrocket. As Indian companies report strong corporate earnings, their stocks keep rising. However, the valuation may be too high for some stocks.
Several investors are concerned about these overvaluations. Furthermore, many analysts believe the stock market is getting overcrowded. More people are seeking financial advice online and are falling on unauthorized analysts, calling them “financial gurus.”
I’m not suggesting this is similar to the meme stocks from a few years ago, but some traders might risk more than they should. Regardless, the Indian stock market is performing remarkably well, and many companies deserve the credit they are getting. Which Indian stocks should you keep your eye on? Let’s find out.
Indian Stock Market Stocks List 2025
Like most international stocks, they are not always available on the US exchanges. Some brokers, such as Interactive Brokers, Charles Schwab, E*Trade, or Fidelity, offer access to the Indian Stock Market.
Luckily, some Indian stocks also trade on the NYSE. Here is a short list of the best Indian stocks by market cap available. Some of them even trade in the US.
HDFC Bank Ltd (NYSE: HDB)
HDFC Bank Ltd is a major Indian banking and financial services company. It is one of the largest private banks in India. It is known for providing banking and financial services to individuals, businesses, and corporations.
They were established in 1994 and have grown to become one of the top financial institutions in India.
HDFC Bank primarily operates in India but has established a limited international presence through representative offices, branches, and subsidiaries in a few countries (London, Hong Kong, Singapore, UAE, Bahrain, and others).
In addition to listing on the Indian stock market, it has issued American Depositary Receipts (ADRs) traded on the NYSE. Its current market cap is nearly $154B and offers an annual dividend yield of 1.01%. This market cap surpasses any Canadian bank and many US banks.
ICICI Bank Ltd (NYSE: IBN)
Another Indian stock market darling is ICICI Bank, which is similar to HDFC and offers similar services. It also issued ADRs in the US on the NYSE. The main difference between the two banks is ICICI’s international presence. It is present in Canada and has three branches in the US (New York, Texas, and California).
HDFC may have a bigger market cap, but ICICI has been catching up. The bank has performed much better in the last few years thanks to stronger growth and a more technologically relevant platform.
Infosys Ltd ADR (NYSE: INFY)
Infosys Ltd provides information technology consulting and services. It is one of India’s largest IT services companies, and it is known for offering various services, including software development, maintenance, and consulting.
The company has a significant presence and business operations in America. It serves major corporations (Microsoft, Google, Oracle, Salesforce, AWS, SAP, and more), government entities, and various industries.
Today, many businesses are partnering with Infosys to grow their adoption of AI. The stock’s market cap is just over $78B, offering a 3.16% annual dividend yield. As a result, keep this stock from the Indian stock market on your watchlist.
Tata Group
The Tata Group is one of India’s largest and oldest conglomerates. They operate in diverse sectors: steel, automobiles, information technology, telecommunications, hospitality, and chemicals.
The Tata Group has a highly diversified business portfolio encompassing over 100 companies operating in various industries. Several Tata group companies trade publicly, but only on the Indian exchanges. All its ADRs were delisted earlier in 2023 but have performed extremely well. Here are a few.
- Tata Consultancy Services (TCS): IT services and consultancy group
- Tata Motors Limited (TATAMOTORS): automotive company. Jaguar and Land Rover are its subsidiaries
- Tata Steel Limited (TATASTEEL): steel.
- There are several more companies under the Tata Group umbrella. Their combined market cap exceeds $300B.
Reliance Industries Ltd (NSE: RELIANCE)
Reliance Industries is one of India’s most valuable companies (almost $200B). The company is involved in various industries, including petrochemicals, refining, oil and gas exploration, telecommunications, retail, and digital services.
They operate one of the world’s largest refining complexes, and its domestic and international oil and gas segment has been transformed by introducing affordable 4G services and disrupting the telecom market. It has a major impact on India and reflects its significant influence on the Indian economy.
Indian Stock Market ETFs
Suppose you want to diversify your portfolio with Indian equities but don’t want to invest in the companies individually. In that case, 2 ETFs in the US can expose you to large and mid-sized companies in India.
- iShares MSCI India ETF (BATS: INDA)
- WisdomTree India Earnings ETF (NYSEARCA: EPI)
Their holdings include a mix of companies from the list above and other Indian companies.
Final Thoughts: Indian Stock Market
India’s economy and markets are red hot. Many of its top companies are trading near all-time highs across several industries; this reflects India’s economic performance and growth.
The trend doesn’t seem to end anytime soon, which doesn’t mean you should invest unthinkingly. Several multinational companies with a strong international presence in the Indian stock market are worth adding to your watchlists.
Frequently Asked Questions
How Is the India Stock Market Doing?
The Indian stock market hit all-time highs in September 2024. However, it has fallen 3.63% since the start of 2025.
Who Is No 1 in Indian Stock Market?
Reliance Industries is the number one company on the Indian stock market.
What Is the Indian Stock Market Called?
It is called the National Stock Exchange of India.