India’s stock market weakness is masking one of the country’s strongest pockets of AI exposure. While the Nifty has declined 12% in 2026, a Goldman Sachs-screened basket of 42 Indian “AI Enablers” has surged about 60%, making it the best performing segment of the market by a wide margin.
The divergence challenges the dominant view that India has little to gain from the global artificial intelligence boom. The country has increasingly become the default “anti-AI” trade among major markets because its benchmark indexes have limited exposure to AI-related companies. But beneath the headline index performance, a cluster of companies tied to power, data centres and semiconductors is benefiting from the infrastructure build out required to support AI.
