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NEWS U CAN USE
May 08, 2026
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The Week that was…
04th May to 08th May
2
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Indian Economy
•The Manufacturing Purchasing Managers’ Index (PMI) rose to 54.7 in Apr 2026 from 53.9 in
Mar 2026. While output and new orders continued to expand, growth remained subdued
compared with levels seen over the past three-and-a-half years.
•The total gross Goods and Services Tax (GST) revenue hit an all-time high, growing by 8.7%
YoY to Rs. 2.43 lakh crore in Apr 2026, compared with Rs. 2.23 lakh crore in Apr 2025.
•India’s coffee exports rose around 27% YoY to 1.74 lakh tonnes in Jan–Apr 2026, led by
strong demand for robusta and instant coffee, while arabica shipments declined.
•India’s Services Purchasing Managers’ Index (PMI) hit 5-month high to 58.8 in Apr 2026,
compared to 57.5 in Mar 2026, helped by stronger domestic demand, higher ecommerce
activity, and improved new order inflows. The composite PMI increased to 58.2 in Apr 2026
from 57.0 in Mar 2026.
•The government’s wheat and rice reserves held in Food Corporation of India (FCI) godowns
stood at about 604 lakh tonnes as of Apr 1, 2026, nearly three times the buffer
requirement of 210 lakh tonnes, ensuring ample availability for welfare schemes, with
stocks of both grains well above prescribed norms.
•Capital expenditure by Central Public Sector Enterprises surged 63% YoY to Rs. 81,107
crore in Apr 2026, marking a strong start to FY27 and reflecting continued government
focus on infrastructure-led growth.
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4
Domestic Equity Market Indices
Indices
08-May-26
1 Week Return
YTD Return
BSE Sensex
77,328.19 0.54% -9.26%
Nifty 50
24,176.15 0.74% -7.48%
BSE Mid
-Cap 47,515.56 3.00% 1.20%
BSE Small
-Cap 54,082.10 4.62% 4.96%
Source: Refinitiv
Values as on May 08,
2026
•Domestic equity markets rose for the
second consecutive week, with the
benchmark indices BSE Sensex and
Nifty 50 gaining 0.54% and 0.74%,
respectively.
•Domestic equity markets advanced as
investors responded positively to a
series of corporate earnings
announcements for Q4FY26 and
encouraging vehicle sales data for Apr
2026 from leading automobile
manufacturers. Sentiment was
supported by a decline in crude oil
prices on expectations that a peace
deal could soon be reached. However,
gains were limited by sustained foreign
fund outflows and rising tensions in
West Asia, as Iran’s actions regarding
the Strait of Hormuz and activation of
its air defense systems heightened
concerns of a broader regional conflict.
Ratios
BSE Sensex
Nifty 50
BSE Mid Cap
BSE Small
Cap
P/E
20.93 21.00 31.47 32.16
P/B
4.15 3.31 5.17 3.97
Dividend Yield
1.19 1.29 0.75 0.58
Source: NSE, BSE Values as on May 08, 2026
Indian Equity Market
NSE Advance/Decline Ratio
Date Advances
Declines
Advance/Decline Ratio
04-May-26 2,211 1,292 1.71
05-May-26 1,657 1,827 0.91
06-May-26 2,633 904 2.91
07-May-26 2,445 1,097 2.23
08-May-26 1,635 1,901 0.86
Source: NSE
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5
Sectoral Indices
Indices Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
59,963.44 4.88% 4.55%
BSE Bankex
62,353.82 1.05% -0.55%
BSE CD
60,554.32 2.46% 5.76%
BSE CG
80,125.20 3.78% 15.38%
BSE FMCG
18,997.65 0.57% 7.77%
BSE HC
46,534.89 4.30% 10.54%
BSE IT
28,584.66 0.63% -5.95%
BSE Metal
42,743.64 1.30% 7.29%
BSE Oil & Gas
27,413.86 -0.97% 3.27%
Source:BSE
Values as on May 08, 2026
•On the BSE sectoral front, BSE Auto rallied
4.88% following strong Apr 2026 sales data,
which showed the highest-ever monthly retail
volumes with around 13% YoY growth across
most segments.
•BSE Healthcare gained 4.30%, driven by strong
March quarter (Q4FY26) earnings that boosted
investor confidence. The rally was supported by
broad-based buying momentum following
robust revenue and profit growth, reflecting
healthy demand trends and improved
operational performance across the sector.
Indian Derivatives Market Review
•Nifty May 2026 Futures stood at 24,234.60, a premium of 58.45 points above the spot
closing of 24,176.15.
•The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,319.34 lakh crore as against Rs. 1,108 lakh crore for the week to Apr 30.
•The Put-Call ratio stood at 0.98 compared with the previous week’s close of 0.88.
•The Nifty put-call ratio stood at 0.51, compared with the previous week’s close.
Indian Equity Market (contd.)
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6.85
6.90
6.95
7.00
7.05
4-May 5-May 6-May 7-May 8-May
Yield in %
10 -Yr Benchmark Bond ( % )
Source: CCIL
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Debt Indicators
(%)
Current
Value
1-
Wk
Ago
1-
Mth
Ago
6-
Mth
Ago
Call Rate
5.18 5.29 5.08 5.39
91 Day T
-Bill 5.30 5.30 5.37 5.47
06.36% 2031, (5 Yr GOI)
6.69 6.74 6.49 6.16
06.48% 2035, (10 Yr GOI)
6.98 7.01 6.93 6.47
Source: Refinitiv Values as on May 08, 2026
•Bond yields fell amid optimism that a
potential U.S.–Iran peace deal could ease
crude oil prices, improve risk sentiment,
and reduce inflationary pressures.
However, gains were limited as market
participants trimmed holdings in
anticipation of upcoming supply of new
10-year government securities and
refrained from taking on additional risk
ahead of the weekend, amid ongoing
U.S.–Iran tensions.
•Yield on the 10-year benchmark paper
(6.48% GS 2035) fell by 3 bps to close at
6.98% from the previous week’s close of
7.01%.
•Data from Reserve Bank of India showed
that India's foreign exchange reserves
decreased to $690.69 billion for the
week ended May 01, 2026 compared
with $698.49 billion a week earlier.
Domestic Debt Market
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-11
-5
1
7
13
5.00
6.00
7.00
8.00
3 Mths 6 Mths 1 Yr 5 Yrs 10 Yrs 20 Yrs 30 Yrs
India Yield Curve Shift (%) (W-o-W)
Change in bps 08-May-26 30-Apr-26
Yield in %
Change in bps
Source: Refinitiv
7
Maturity G-
Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 5.86 7.51 165
3 Year 6.39 7.4 101
5 Year 6.69 7.41 72
10 Year 6.98 7.73 75
Source: Refinitiv Values as on May 08, 2026
•Yields on gilt fell between 3 to 11 bps across the
maturities.
•Corporate bond yields fell up to 9 bps across the
curve, barring 15 year paper that increased by 6 bps,
while 2 year paper was unchanged.
•Difference in spread between AAA corporate bond
and gilt expanded between 2 to 10 bps across the
segments, barring 5 & 6 year papers that contracted
by 1 & 4 bps, respectively.
Domestic Debt Market (Spread Analysis)
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8
•The Department for Promotion of Industry and Internal Trade (DPIIT) has issued an updated
SOP to streamline FDI application processing, setting a 12-week timeline for decisions
(excluding time taken by applicants), introducing a fully paperless and online process via the
National Single Window System, defining strict inter-ministerial timelines, routing
investments from border-sharing countries to the Ministry of External Affairs for clearance,
and aiming to improve ease of doing business through faster, transparent, and time-bound
approvals.
•The Ministry of Statistics and Programme Implementation has asked states to shift the Gross
State Domestic Product base year to 2022–23 to improve data accuracy and comparability.
•Government raised the Fair and Remunerative Price (FRP) for sugarcane by Rs. 10 to Rs. 365
per quintal for the 2026–27 season, a 2.81% increase, aimed at improving farmer returns,
benefiting about one crore growers, and supporting the sugar sector.
•Labour Ministry notified final rules for the Wage Code and Industrial Relations Code, paving
the way for their implementation, including provisions for statutory floor wages, reskilling
funds, and clearer workplace norms.
•SEBI has mandated that Investment Advisers (IAs) and Research Analysts (RAs) can display
past performance to clients only if it is verified through the Past Risk and Return Verification
Agency (PaRRVA). PaRRVA becomes operational on May 4, 2026, and IAs/RAs must register
with it by Aug 3, 2026 to continue using past performance data.
Regulatory Updates in India
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9
•SEBI has proposed to expand the scope of online bond platform providers by allowing
them to offer IFSCA-regulated products through GIFT City, including access to overseas-
listed debt securities, along with permitting the distribution of tax-saving 54EC bonds with
proper disclosures; it also plans to align compliance norms with stockbrokers, aiming to
broaden product offerings, remove regulatory gaps, and improve investor access to both
domestic and global fixed-income opportunities.
•AMFI has advised mutual fund distributors to update their GST details promptly, noting
that failure to do so could limit commission payments to base brokerage, with the GST
component released only upon submission of valid registration and invoices.
Regulatory Updates in India (contd..)
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•U.S. factory orders rose 1.5% in Mar 2026, following an upwardly revised 0.3% increase in
Feb 2026, according to the Commerce Department.
•U.S. nonfarm payroll employment increased by 115,000 jobs in Apr 2026, following a surge
of 185,000 jobs in Mar 2026 revised upward, according to the Labor Department.
•The U.S. consumer sentiment index fell to 48.2 in May 2026 from 49.8 in Apr 2026,
according to preliminary data released by the University of Michigan.
•U.S. private-sector employment rose by 109,000 jobs in Apr 2026, following a downwardly
revised increase of 61,000 jobs in Mar 2026, according to payroll processor ADP.
•The U.K. Services Purchasing Managers' Index rose to 52.7 in Apr 2026 from an 11-month
low of 50.5 in Mar, according to survey data from S&P Global.
•U.K. the number of mortgages approved in Mar 2026 rose to 63,531 from 62,708 in the
previous month, according to the Bank of England.
•The Eurozone’s composite output index fell to 48.8 in April 2026 from 50.7 in the previous
month, according to a survey by S&P Global.
•Singapore’s retail sales grew 4.8% YoY in Mar 2026, moderating from the sharp 8.3%
rebound recorded in February 2026, as per the Department of Statistics.
•China’s services Purchasing Managers' Index rose to 52.6 in April 2026 from 52.1 in the
previous month, according to survey results published by S&P Global.
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Global News/Economy
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11
Global Indices
Indices
0
8-May-
26
1-Week
Return
YTD
Return
Russell 3000
3,901.56 2.96% 5.07%
Nasdaq 100
29,234.99 5.50% 15.78%
FTSE 100
10,233.07 -1.26% 3.04%
DAX Index
24,338.63 0.19% -0.62%
Nikkei Average
62,713.65 5.38% 24.58%
Straits Times
4,921.90 0.19% 5.93%
Source: Refinitiv
Value as on May 08
, 2026
U.S.
•U.S. equity markets mostly rose as
optimism around a potential U.S.-Iran
peace agreement boosted risk appetite.
Cooling crude oil prices and a strong
earnings backdrop supported broad-
based gains, with technology-oriented
stocks leading the advance and pushing
key benchmarks to fresh record closing
levels.
Europe
•European equity markets mostly declined as investors turned cautious after a strong rally
earlier in the week. Uncertainty surrounding the durability of Middle East peace efforts
and tighter monetary policy signals from a regional central bank weighed on sentiment,
triggering broad-based declines across major markets and sectors.
Asia
•Asian equity markets rose as investors expressed hopes for a peace deal between the
United States and Iran. Markets also gained following broadly positive cues from Wall
Street overnight, as tumbling crude oil prices after U.S. efforts to unblock traffic in the
Strait of Hormuz boosted sentiment and eased supply concerns.
Global Equity Markets
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4.30
4.32
4.34
4.36
4.38
4.40
4.42
4.44
4.46
4-May 5-May 6-May 7-May 8-May
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
•Yields on the 10-year U.S. Treasury fell
by 2 bps to close at 4.36% from the
previous week’s close of 4.38%.
•U.S. Treasury prices rose as oil prices
plunged on reports that the United
States and Iran were nearing an
agreement on a one-page
memorandum to end the war in the Gulf
region.
•Prices rose further after a stronger-
than-expected payrolls report slightly
dampened expectations of a Federal
Reserve rate hike this year, while
investors remained focused on whether
a U.S. ceasefire with Iran would hold.
Global Debt (U.S.)
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7.00
8.00
9.00
10.00
11.00
12.00
8-Apr-26 24-Apr-26
Global Commodity Movement
Gold Spot ($/Oz) Silver Spot ($/Oz) Brent ($/bbl)
Global Commodity Prices
Rebased to 10
Source: Refinitiv
13
Performance of various commodities
Commodities
Last Closing*
1-Week Ago
Brent Crude($/Barrel)
104.17 136.08
Gold ($/Oz)
4,714.41 4,613.62
Gold (Rs/10 gm)
150,519 149,777
Silver ($/Oz)
80.32 75.34
Silver (Rs/Kg)
255,478 239,833
Source: Refinitiv
Value as on May 08
, 2026
Gold
•Gold prices rose as investors awaited Iran's
response to the U.S. proposal to halt the
war and reopen the Strait of Hormuz.
Prices were further supported by
expectations of smoother oil and energy
transit through the Strait.
Brent Crude
•Brent crude oil prices fell as optimism grew
around a possible U.S.–Iran deal to end the
conflict. Prices were further weighed down
by expectations of a potential peace
agreement between the two countries.
Baltic Dry Index
•The index rose over the week due to
improved capesize and panamax activities.
Commodities Market
05-Jan-24
08-May-26
-23.45%
2.18%
6.62%
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9.60
9.80
10.00
10.20
10.40
10.60
8-Apr-26 24-Apr-26
USD GBP Euro JPY
Source: Refinitiv
Currency Prices ( in terms of INR)
Rebased to 10
Currency Movement
14
Movement of Rupee vs Other Currencies
Currency
Last Closing*
1-Wk Ago
US Dollar
94.44 95.24
Pound Sterling
128.31 128.20
EURO
110.92 111.07
100 Yen
60.24 59.28
Source: Refinitiv Figures in INR , *Value as on
May 08,
2026
Rupee
•The Indian rupee strengthened against the U.S.
dollar, supported by a decline in crude oil
prices.
Euro
•The euro rose against the dollar as investors
pinned their hopes on a resolution to the U.S.-
Iran conflict.
Pound
•The British pound strengthened against the U.S.
dollar as investors pinned their hopes on a
resolution to the U.S.-Iran conflict.
Yen
•The Japanese yen strengthened against the U.S.
dollar as investors pinned their hopes on a
resolution to the U.S.-Iran conflict.
Currencies Markets
25-Jan-24
08-May-26
-0.85%
1.62%
-0.13%
0.09%
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15
The Week that was…
04th May to 08th May
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16
The Week that was (May 04 – May 08)
Date Events
Present
Value
Previous
Value
Monday,
May 04, 2026
• Germany HCOB Manufacturing PMI (Apr)
51.40 51.20
• Eurozone HCOB Manufacturing PMI (Apr)
52.20 52.20
• Eurozone Sentix Investor Confidence (May)
-16.40 -19.20
Tuesday,
May 05, 2026
• U.S. ISM Services PMI (Apr)
53.60 54.00
• U.S. New Home Sales (MoM) (Feb)
0.635M 0.583M
• U.S. JOLTS Job Openings (Mar)
6.866M 6.922M
Wednesday,
May 06, 2026
• India HSBC Composite PMI Final APR
58.20 57.00
• India HSBC Services PMI Final APR
58.80 57.50
Thursday,
May 07, 2026
• U.S. Initial Jobless Claims
200K 189K
• Eurozone Retail Sales (YoY) (Mar)
1.20% 1.30%
• U.S. Nonfarm Productivity (Q1) Prel
0.80% 1.80%
Friday,
May 08, 2026
• Germany Industrial Production (MoM) (Mar)
-0.70% -0.50%
• U.S. Nonfarm Payrolls (Apr)
115K 185K
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17
The Week Ahead
11th May to 15th May
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18
The Week Ahead
Day Event
Monday,
May 11, 2026
•
China Consumer Price Index (YoY) (Apr)
•
U.S. Existing Home Sales Change (MoM) (Apr)
Tuesday,
May 12, 2026
•
India Inflation Rate YoY APR
•
U.S. Consumer Price Index (MoM) (Apr)
•
Germany Harmonized Index of Consumer Prices (YoY) (Apr)
Wednesday,
May 13, 2026
•
Eurozone Employment Change (QoQ) (Q1) Prel
•
Eurozone Industrial Production s.a. (MoM) (Mar)
•
U.S. Producer Price Index (MoM) (Apr)
Thursday,
May 14, 2026
•
India WPI Inflation YoY APR
•
U.K. Gross Domestic Product (QoQ) (Q1) Prel
•
U.K. Manufacturing Production (MoM) (Mar)
•
U.S. Retail Sales (MoM) (Apr)
Friday,
May 15, 2026
•
Japan Producer Price Index (MoM) (Apr)
•
U.S. Industrial Production (MoM) (Apr)
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The information herein is meant only for general reading purposes and contains all factual and statistical information pertaining to Industry and
markets which have been obtained from independent third party sources and which are deemed to be reliable. The information provided cannot be
considered as guidelines, recommendations or as a professional guide for the readers. It may be noted that since Nippon Life India Asset
Management Limited (NAM India) has not independently verified the accuracy or authenticity of such information or data, or for that matter the
reasonableness of the assumptions upon which such data and information has been processed or arrive data; NAM India does not in any manner
assures the accuracy or authenticity of such data and information. Some of the statements & assertions contained in these materials may reflect NAM
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19
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