Goldman Sees Indian Markets Rising To World's Fifth Biggest

India's market capitalization is expected to rise to $5 trillion by 2024 from the current $3.5 trillion, Goldman Sachs analysts wrote in a note.

India's share market capitalization is expected to rise to $5 trillion by 2024 from the current $3.5 trillion, catapulting the nation to the world's fifth-biggest market, according to Goldman Sachs Group Inc.

Nearly $400 billion of market capitalization could be added from new IPOs over the next 2-3 years, Goldman Sachs analysts led by Sunil Koul, wrote in a note. Share-sale pipeline is expected to remain robust over the next 12-24 months, based on recent announcements from 'new economy' unicorns, analysts wrote.

"We stay overweight on expectations of a strong cyclical recovery and supportive flows," according to the report. Additionally, the strong thematic appeal and growth potential of the new economy sectors lend support to our medium-term constructive view."