Earlier this week Bloomberg reported that India has reclaimed its spot as the fifth largest stock market in the world, based upon calculations using trading data.

The report noted that last Friday, the market capitalization of publicly traded firms in India reached a four-month high of $3.3 trillion, exceeding that of France.

In January, amid a rout in the shares of Adani Group, an Indian multinational which operates in sectors as varied as energy, mining, airport operation, food processing and infrastructure, India lost its spot in the top five to France. The Adani Group was reeling at the time, amid allegations of stock price manipulation and public shareholding rules violations.

The balance was tipped last week when France lost over $100 billion in market value amid a sell off in the luxury goods sector. At the same time, India experienced a surge in foreign investors moving into its market. Current calculations indicate that since April, foreign investors added $5.7 billion of Indian stocks to their portfolios. Analysts note that after an unsteady economic recovery in China, and amid geopolitical clashes with the West which have entailed attempts to limit technology transfers to China, and threats of clashes over the status of Taiwan, foreign investors began to turn their attentions to India, as they withdrew from China.

India’s gains were boosted last week, when a Supreme Court-appointed panel cleared the Adani Group of all allegations of regulatory violations. Last week the group’s 10 listed companies surged in share price, gaining roughly $15 billion in market capitalization.

Analysts note that between India boasting among the highest GDP growth rates of the large, global economies, and its stable macroeconomic situation, the nation will inevitably improve its position among its top rivals.