est $100 billion in renewable-powered, AI-ready data centers by 2035, while Reliance slipped and kept the headline gains modest.
Why should I care?
For markets: Leadership is rotating, not disappearing.
The rally was fairly broad, with most major sectors in the green and smaller companies outperforming. State-owned banks stood out on optimism around credit growth and a consumption pickup, while metals lagged as a stronger dollar weighed on commodity-linked shares. In other words, India’s market isn’t moving in lockstep – it’s increasingly a story of sector-by-sector winners and losers.
Zooming out: India wants to be both the brains and the brawn of AI.
Software exporters are trying to defend margins by selling AI-enabled services, while infrastructure groups race to build the data centers and power capacity AI needs. If plans like Adani’s materialize, the next capex cycle could tie together renewables, grid upgrades, and corporate funding for years. But the recent IT swoon is a reminder that the market still isn’t sure how fast AI rewrites the economics of India’s biggest white-collar export industry.
