Ashutosh Joshi

(Bloomberg) -- Adani Group’s stocks surged on Friday after winning a vote of confidence from one of the biggest names in emerging-market investing, helping cap the Indian conglomerate’s best week since late January when a US short-seller’s explosive report triggered an unprecedented rout.Most Read from BloombergIsrael’s Window to Strike Iran Narrows as Putin Enters EquationTycoon Deripaska Warns Russia May Run Out of Money in 2024Americans Need to Be Richer Than Ever to Buy Their First HomeFed S

Indian banks’ large reliance on local deposits cushions them as global peers are facing potential contagion from the woes emanating from Silicon Valley Bank, according to Macquarie Group Ltd.

India’s benchmark NSE Nifty 50 Index headed for a technical correction amid the global selloff triggered by rising concerns about the health of Swiss lender Credit Suisse Group AG.

Adani Group stocks slumped to erase over 523 billion rupees ($6.4 billion) in market value on Tuesday, the biggest decline since early February, on renewed concerns over the ports-to-power conglomerate’s ability to repay its debt.

With a key Indian stock benchmark about to notch its longest stretch of monthly losses in more than two decades, some analysts see the $3 trillion market positioning to bounce back.

Money managers in India have continued to trim holdings of Adani Group’s stocks, suggesting concerns about governance remain even as the worst of the rout seems to have passed.

Stock pickers in some of Asia’s key markets are being battered by a series of extreme weather events from heat waves to flooding, signaling the difficulties ahead as El Nino-related risks rise and climate change accelerates.

Global index manager MSCI Inc. will exclude two Adani Group firms from its India gauge, potentially dealing a blow to their stocks that are trying to recover from the rout triggered by a short-seller report earlier this year.

Life Insurance Corporation of India has tumbled 40% since its trading debut a year ago, putting it among the worst performers of newly listed companies, as the country’s biggest initial public offering struggles to attract investors.

From Australian mining behemoths to Florida theme parks, investors are betting on whether companies will benefit or take a hit as extreme weather becomes the norm around the world due to climate change.