New Delhi, June 2 -- The Indian stock market has now slipped to the seventh slot in the global market cap rankings, losing its spot to South Korea, as its underperformance continues with no immediate signs of reversal. Last week, Taiwan had overtaken India as the fifth most valuable global market.

According to Bloomberg data, the total market cap of Korea-listed companies has jumped to $5 trillion, while India's has declined to $4.8 trillion. The sustained AI trade has powered the Korean stock market's 85% valuation surge this year.

Semiconductor giants Samsung Electronics Co. and SK Hynix Inc, among the newly minted members of the $1 trillion valuation club, together account for a significant share of the Kospi index, signaling high le...