On September 27, 2024, the Nifty 50 closed at 26,178.95, marking the peak of the strong Indian equity-market rally that had continued for several years. Two years later, the global market landscape looks very different. While the Nifty has remained below that level, several Asian and U.S. markets have delivered substantial gains.
One important correction to the comparison in the original table is necessary. September 27, 2026 was a Sunday, so there was no regular equity-market session that day. For a like-for-like comparison, the latest available trading session is September 25, 2026. The calculations below therefore compare September 27, 2024 closing levels with September 25, 2026 closing levels. Global index data for September 25 confirms the latest closes across the major markets.
| Country | Index | 27 Sep 2024 | 25 Sep 2026 | Approx. USD Return |
|---|---|---|---|---|
| South Korea | KOSPI | 2,649.78 | 7,080.92 | +159% |
| Taiwan | TAIEX | 22,822.79 | 48,024.60 | +109% |
| USA | Nasdaq 100 | 20,008.62 | 30,608.13 | +53% |
| USA | S&P 500 | 5,738.17 | 7,743.41 | +35% |
| Germany | DAX | 19,473.63 | 25,408.64 | +33% |
| China | Shanghai Composite | 3,087.53 | 3,888.37 | +32% |
| Japan | Nikkei 225 | 39,829.56 | 66,364.20 | +50% |
| Hong Kong | Hang Seng | 20,632.30 | 24,510.09 | +18% |
| UK | FTSE 100 | 8,320.76 | 10,695.25 | +12% |
| France | CAC 40 | 7,791.79 | 8,077.80 | +6% |
| India | Nifty 50 | 26,178.95 | 23,140.50 | -23% |
The September 2024 starting values are supported by contemporary market data. The Nifty finished at 26,178.95, the S&P 500 at 5,738.17, Nasdaq 100 at 20,008.62, DAX at 19,473.63, FTSE 100 at 8,320.76, CAC 40 at 7,791.79 and Shanghai Composite at 3,087.53. The Nikkei, Hang Seng, KOSPI and TAIEX closed at approximately 39,830, 20,632, 2,650 and 22,822 respectively.
South Korea and Taiwan Lead the Global Pack
The most striking performance came from South Korea’s KOSPI. The index was at 2,649.78 in September 2024 and reached around 7,081 by September 25, 2026. That represents a massive increase in local-currency terms, with the weaker won reducing the return somewhat when measured in U.S. dollars. The resulting dollar return is still around 159%.
Also Read: Stocks to Watch Today September 28, 2026: Adani Power, SAIL, Power Grid & More
Taiwan was another exceptional performer. The TAIEX moved from approximately 22,823 to around 48,025, producing a dollar return of roughly 109% after accounting for the movement in the Taiwan dollar. The strength of Taiwan’s equity market has coincided with continued investor interest in the semiconductor and technology ecosystem. Historical market data confirms the TAIEX was at 22,822.79 on September 27, 2024.
Japan’s Nikkei Also Delivered a Major Gain
Japan’s Nikkei 225 increased from 39,829.56 to approximately 66,364, translating into a dollar return of around 50%. The local-market gain was substantially larger, but the appreciation of the yen against the dollar over parts of the period affects the conversion into USD. The Nikkei’s September 2024 closing level is documented by Nikkei’s historical data, while the September 25, 2026 close was 66,364.20.
This is an important reason why comparing global markets in only their domestic currencies can sometimes give a different picture from the perspective of an international investor.
U.S. Markets Continued Their Strong Run
The U.S. market also produced strong returns. The Nasdaq 100 rose from 20,008.62 to 30,608.13, giving a gain of approximately 53% because both the starting and ending values are already denominated in U.S. dollars. The September 2024 starting level is independently documented in SEC-filed market information, while Yahoo Finance records the September 25, 2026 Nasdaq-100 close at 30,608.13.
Also Read: Stocks to Watch Today: HCL Tech, Persistent, Cupid & More
The S&P 500 moved from 5,738.17 to 7,743.41, equivalent to approximately 35%. The two-year performance demonstrates that U.S. large-cap equities continued to compound despite periods of volatility during the period.
Germany’s DAX also generated approximately 33% in USD terms, while the Shanghai Composite delivered around 32%. The Shanghai market’s performance is particularly notable because the index began the period at just above 3,087 points and reached approximately 3,888 by September 2026.
Europe Shows a Wider Performance Gap
European markets produced mixed results. The DAX performed considerably better than France’s CAC 40 and the UK FTSE 100 when returns are measured in dollars.
The DAX gained around 33% in USD terms, while the CAC 40 produced only about 6%. The FTSE 100 rose from 8,320.76 to approximately 10,695, but after accounting for the pound’s movement against the dollar, its return for a USD-based investor was only around 12%. This is an important correction to the original table, which listed the FTSE’s return at 27% despite describing the figures as USD returns. The currency effect materially changes the calculation. Historical GBP/USD data shows the pound was around $1.337 on September 27, 2024, while the September 2026 reference rate was around $1.162.
Also Read: Stocks to Watch Today: Pine Labs, Waaree Energies, GRSE & More
And Then There Is India
The Nifty 50 presents the biggest contrast in this comparison. From 26,178.95 on September 27, 2024, the index stood at 23,140.50 on September 25, 2026. In rupee terms, that is a decline of roughly 12%. Once the depreciation of the rupee against the U.S. dollar is included, the return becomes approximately -23% for a USD-based investor.
This does not mean Indian investors experienced a 23% loss in every circumstance. The calculation compares the index level itself and excludes dividends, while an Indian investor’s return is normally measured in INR rather than USD. It simply shows how dramatically the picture changes when the same investment period is evaluated from a dollar perspective.
Overall, the two-year comparison highlights a major divergence between global equity markets. South Korea and Taiwan were the strongest performers in this group, followed by the major U.S., Japanese, German and Chinese benchmarks, while France and the UK delivered more modest dollar returns. The Nifty 50 stands out because its September 2024 peak was followed by a lower index level two years later.
The comparison also demonstrates why currency matters when comparing international markets. An index can rise strongly in its domestic currency but produce a substantially different result for a dollar-based investor. For global investors, both the equity-market return and the currency movement need to be considered.
Also Read: Stocks to Watch Today: Lenskart, RVNL, Mazagon Dock & More
Data note: Returns are approximate price-index returns converted into USD using exchange rates around the respective dates. They exclude dividends, taxes, transaction costs and investment-product tracking differences. September 25, 2026 is used as the latest trading session because September 27, 2026 fell on a Sunday.
Financial Disclaimer: This article is for educational and informational purposes only. Onetrader is not a SEBI-registered investment adviser. The information presented should not be considered investment advice or a recommendation to buy or sell any security or index.
Also Read: Stocks to Watch Today: Infosys, Mazagon Dock, Fortis & More
