The total invested wealth in Indian equity market has increased to $1,690 billion from $812 billion at the end of 2006. A sharp rally of about 45 per cent and new listings such as realty giant DLF, have contributed significantly to the rise of about $878 billion in the market’s total market cap.

However, more than one-fifth of this gain - 22 per cent - is due to rise of the domestic currency against the US dollar. The rupee has appreciated over 13 per cent vis-a-vis the US currency and currently quotes at 39.41 for a dollar. However, had the rupee remained at its 2006-end level of 44.63 for a dollar, the rupee value of the total market capitalisation would translate into just about $1,491 billion, which is about $200 billion below the current figure.

Due to the Indian currency gaining against the greenback, the rupee value of total market cap has grown by about 84 per cent this year, while the dollar value has more than doubled with 108 per cent rise.

Reliance Industries has gained $12 billion from the rupee appreciation, where the market cap has increased by $65 billion so far in 2007. This phenomenon has added $7.5 billion to the market cap of ONGC, while NTPC, Bharti Airtel, Reliance Communications, ICICI Bank, BHEL, MMTC, SBI, L&T, SAIL, TCS and Reliance Petroleum have gained between $3-6 billion.