Which nation was recently eclipsed by India to take the fourth spot as the world's largest equity market?

With a total market value of $4.33 trillion, India's equity market recently surpassed Hong Kong's $4.29 trillion to become the fourth largest in the world. Right now, the U.S., China, and Japanese stock markets are the top three in the world. This significant achievement highlights India's increasing standing in the international financial sphere, which has been fueled by its strong GDP, stable political environment, foreign investments, and attractiveness as a China substitute. In the meantime, Hong Kong faces difficulties that reduce its appeal to investors, including COVID-19 restrictions, regulatory crackdowns, a property crisis, and geopolitical tensions.