RT.com
04 Jun 2023, 00:13 GMT+10
The South Asian country has overtaken France amid a boost in foreign investment
India has reclaimed its spot as the world's fifth-largest stock market, Bloomberg reported earlier this week, citing calculations based on trading data.
According to the report, the market capitalization of publicly traded Indian firms rose to a four-month high of $3.3 trillion last Friday, topping that of France.
India lost its place in the top five to France in January amid a rout in shares of Adani Group, an Indian multinational conglomerate that deals in spheres from port management to energy, mining, airport operations, food processing, and infrastructure. At the time, the conglomerate was facing allegations of stock price manipulation and violations of public shareholding rules.
However, France lost more than $100 billion in market value last week amid a sell-off of luxury goods stocks. India's stock market, meanwhile, has benefited from a surge in purchases from foreign investors. According to calculations, they have added $5.7 billion worth of Indian stocks to their portfolios since the start of April. Analysts say this happened due to the unsteady economic recovery in China that prompted investors to turn their sights to India instead.
A reversal of fortunes for Adani Group, which was cleared of regulatory violations by a Supreme Court-appointed panel last week, added to India's gains. The group's 10 listed companies gained roughly $15 billion in market value last week.
Analysts also note that a stable macroeconomic situation in India, which boasts one of the highest GDP growth rates among large global economies, is helping the country's stock market improve its position among top rivals.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of New York Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to New York Telegraph.
More InformationHONIARA, Solomon Islands: Prime Minister Manasseh Sogavare revealed that he opted out of a Pacific Islands leaders' summit at the ...
SACRAMENTO, California: Intending to raise some US$160 million per year to help prevent gun violence, California Governor Gavin Newsom signed ...
MANILA, The Philippines: The Philippines remains steadfast in its resolve not to yield to Chinese efforts to obstruct its fishermen ...
VICTORIA, Texas: This week, U.S. District Judge Drew Tipton in Victoria, Texas, ruled that President Joe Biden did not have ...
WASHINGTON D.C.: The National Transportation Safety Board (NTSB) said it is investigating a JetBlue flight on Monday that experienced sudden ...
SEOUL, South Korea: Marking a tougher stand against North Korea, South Korea held its first large-scale military parade in over ...
LONG ISLAND, New York: On Thursday, a bus carrying members of a high school marching band traveling to a music ...
(Photo credit: Darren Yamashita-USA TODAY Sports) Charlotte Hornets center Kai Jones is expected to miss training camp for personal reasons ...
(Photo credit: Joe Rondone/The Republic / USA TODAY NETWORK) New York Giants star running back Saquon Barkley is doubtful to ...
Washington [US], September 30 (ANI): A recent study examined the long-term effects of yoga therapy to see whether including it ...
(Photo credit: David Butler II-USA TODAY Sports) Breanna Stewart rose to the occasion Friday and the New York Liberty followed ...
(Photo credit: Joe Rondone/The Republic / USA TODAY NETWORK) New York Giants star running back Saquon Barkley will be a ...