India Reclaims Fifth Spot In Stock Market, Thanks To Adani Group

India defeated France to become the world's fifth-largest stock market again.

India's stock market is now fifth largest in the world again, after beating France. Adani Group stocks helped with this rise. India had lost this position to France in January.

The stocks of Gautam Adani's group bounced back after a decline. Overseas investors bought more, making India's market value $3.3 trillion according to Bloomberg.

Last week, France's luxury goods makers including LVMH Moet Hennessy Louis Vuitton SE and Vivendi SE experienced a loss in market value. This resulted in more than $100 billion being lost. The cause of this was due to concerns of a possible slowdown in China and the US.

International investors are investing a lot of money in Indian stocks. This is because China's economy is not doing well. Since April, foreign investors have invested $5.7 billion in Indian stocks. They like this because Indian companies are doing well and have a high GDP growth rate.

Jefferies Financial Group Inc. strategist Christopher Wood increased the amount of Indian stocks in his Asia Pacific ex-Japan portfolio. This is because the Chinese stock market didn't do as well as expected after a strong beginning of the year. Bloomberg reported this news.

The S&P BSE Sensex Index went down in mid-March. Now it's up over 9%. It's almost at its highest level ever.

Adani Group's stocks went up again when a court panel said they didn't find proof of price manipulation. This was after US short-seller Hindenburg Research had claimed it happened.

Adani's 10 listed entities managed to recover after the Hindenburg report. They gained $15 billion last week. This helped them offset their previous losses, which were as much as $153 billion. As of now, their total loss stands at $105 billion. Bloomberg reported these numbers.

Yesterday, the Sensex and Nifty50 soared because of strong global trends and activity from FIIs. The Sensex went past the vital 63,000 level again.

The Indian stock market did really well. The BSE Sensex went up by 629.07 points. This is a 1.02% increase. It closed at 62,501.69. The NSE Nifty also went up. It added 178.20 points, which is a 0.97% increase. It settled at 18,499.35, which is the highest it has been in 2023.