India’s global stock market rebounds as Adani stocks rebound

India regained its position as the world's fifth largest stock market after losing that status to France in January, aided by a revival in Adani Group stocks.

India's market capitalization fell to $3.3 trillion on Friday, as Adani shares rebounded from a rout and foreign funds boosted purchases. France lost more than $100 billion in market value last week as luxury goods makers like LVMH Moet Hennessy Louis Vuitton SE and Vivendi SE saw a sell-off on fears of a slowdown in China and the US.

The economy in China is experiencing a stumbling economic recovery in India, with overseas funds rotating money away from Asia's largest economy to Indian stocks. Since the beginning of April, foreign investors have added $5.7 billion worth of Indian stocks, chasing stable earnings growth and aided by one of the world's highest GDP growth rates.

Jefferies Financial Group Inc. strategist Christopher Wood yesterday raised his weight of Indian stocks in his Asia Pacific ex-Japan model portfolio to reflect the disappointments in the Chinese stock market after a strong rally earlier this year.

The S&P BSE Sensex Index has rebounded more than 9% since briefly entering correction territory in mid-March, closing in on record-high levels. A rebound in Adani Group's fortunes further boosted momentum after a court-appointed panel said it found no evidence of stock price manipulation as alleged by US short seller Hindenburg Research.

Adani's 10 listed companies added about $15 billion to their market value last week, to trim their losses from $153 billion earlier in the year to $105 billion.

None... you re the CEO and your company got hacked - what now?