If you think artificial intelligence (AI) is after your job, think again. It might be hurting your stock market returns too. Kotak Institutional Equities said the exponential growth in market capitalisation of AI-related stocks in major developed and select emerging markets has been the key driver behind their recent large outperformance versus the rest of the world. The negligible presence of India in the AI-value chain and high share of ‘traditional’ sectors in the Indian market may result in the Indian market being shunned by global investors until the AI excitement moderates, it warned. Advertisement

Data showed foreign portfolio investors have sold Rs 1.40 lakh crore worth of domestic shares in 2025 so far. Kotak said India may not benefit much from an increase in foreign flows of

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