India’s Falling Stocks Hide Pharma and AI Infrastructure Winners

India’s stock market has been falling, but not every company is losing value.

Foreign investors have been selling shares while oil prices, interest rates and concerns about the rupee have pressured the market.

Pharmaceutical companies have done especially well recently.

Some Indian drug manufacturers may gain new business because US companies are looking for suppliers outside China.

A weaker rupee can also help companies that earn money from exports.

Companies that build data-centre and AI equipment have also seen large share-price gains.

Some smaller companies have risen faster than large companies because investors expect stronger growth from them.

New share offerings, called IPOs, have attracted a lot of money.

Analysts say the market looks weak on the surface but still has active areas underneath.