Watch out Hong Kong – India's $4 trillion stock market is fast catching up

• India's stock market hit a $4 trillion valuation for the first time on Tuesday, per Bloomberg.
• It's narrowing the gap with Hong Kong, the world's fourth-largest stock market.
• India is the world's fastest-growing economy and projected to expand by 6.3% this year.

The value of companies listed on India's stock exchanges hit $4 trillion for the first time on Tuesday – narrowing the gap with Hong Kong, Bloomberg reported.

Hong Kong is the world's fourth-largest stock market, but is now worth less than $4.7 trillion following an 18% slide in the Hang Seng Index this year.

In contrast India's two main indexes, the Sensex and the Nifty, are up 13.3% and 14.6% this year.