India’s AI opportunity is hiding beneath the index

India has lagged major markets as weaker AI exposure coincided with lower correlation to the global AI theme, highlighting the benchmark’s limited participation in the technology-led rally in recent years. AI-related stocks account for only 16% of MSCI India, well below the exposure seen in Korea, Taiwan, China and Japan. Goldman Sachs identifies 42 AI Enablers across power, data centres and semiconductors, with the cohort up 60% in 2026, even as the Nifty declined 12%. Their exposure is concentrated in power equipment, utilities and technology hardware, while the group spans large, mid, small and micro-cap companies. Key facts: Compiled by Dhuraivel Gunasekaran