India is set to be one of the world’s best-performing major stock markets this year, defying concerns about rising interest rates and an economic slowdown that have roiled peers.

The S&P BSE Sensex is up 3% in 2022, making it the world’s biggest gainer after measures in Singapore and Indonesia. Solid earnings run pushed India’s leading benchmark to record levels, making the market more extensive than the UK. Meanwhile, the MSCI All-Country World Index fell 20%.

This year’s winners include stocks linked to billionaire Gautam Adani and bank stocks buoyed by a sharp recovery in credit demand. Some of the biggest losers have been shares of tech companies, which have underperformed after their public appearances, while software outsourcing providers have faced concerns that overseas demand may slump.

However, the outlook may be brighter. The market will lose momentum next year due to elevated valuations, which Goldman Sachs Group says underperforms China and South Korea.

Here are some of the most crucial stock moves of 2022:

Adani Firms

Adani’s port-to-power group has more than doubled in value in at least two of the seven listed companies this year, led by Adani Power Ltd, as it benefits from a surge in power demand. Shares of flagship Adani Enterprises Ltd soared 113% after becoming the second group company to be added to the NSE Nifty50 index. Shares in the group’s joint venture consumer food business, Adani Wilmar Ltd, could rise another 24% from current levels, based on analysts’ 12-month consensus price target. Investors have recently sold off the group’s shares due to stretched valuations.

Bank Recovery

The S&P BSE Bankex index has soared 18% this year as the sector successfully resolves terrible debts, bad banks are set up to sell troubled loans and demand for credit recovers sharply. Uday Kotak, the billionaire managing director of Kotak Mahindra Bank Ltd., called the banking rebound a “Cinderella” moment. Macquarie Capital analyst Suresh Ganapathy said the widening gap between deposits and credit growth remained a concern. Analysts estimate that shares in State Bank of India, India’s largest lender, have risen 25% this year and could see similar gains in the next 12 months.

IPO Disappoints

Fintech firm Paytm and online insurance marketplace Policybazaar, which debuted in late 2021, has faced disappointment after massive initial public offerings, with shares down more than 50% this year. Other losers include delivery startup Zomato, beauty e-tailer Nykaa and logistics company owner Delhivery. Indian life insurer overtook Paytm in India’s most extensive IPO, losing more than a quarter of its market value since May.

Software Decline

Outsourcing providers were among the worst performers amid fears of a possible recession in the US and Europe. Shares of major companies such as Infosys Ltd and Tata Consultancy Services Ltd plummeted, pushing industry indicators to their worst year since 2008.

Cheap Generics

A slump has also hit drug exporters such as Aurobindo Pharma Ltd and Divi’s Laboratories Ltd in US generic drug prices.