Adani shock for India’s $3.1-tn stock market is ebbing fast
Signs are fast emerging that investors in Indian stocks are moving beyond the Adani Group’s woes. Local money managers are bullish on the outlook for the year ahead and overseas funds are starting to trickle back into the Rs 2,56,72,696 crore ($3.1 trillion) equity market.
A key share benchmark is climbing back toward an all-time high after retreating for a second month in January, when a scathing report on billionaire Gautam Adani’s empire by US short seller Hindenburg Research shook sentiment across the broader market. Fund managers see India’s main equity indexes both ending the year higher than current levels, according to a Bloomberg News survey, as strong domestic demand boosts corporate earnings.
