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NEWS U CAN USE
May 15, 2026
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The Week that was…
11th May to 15th May
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Indian Economy
•India’s Consumer Price Index (CPI)–based inflation rose to 3.48% in Apr 2026 from 3.40% in
Mar 2026, primarily due to higher food prices. Consumer food price inflation climbed to
4.20% in Apr 2026, compared to 3.87% in Mar 2026.
•Uttar Pradesh approved a Rs. 33,000 crore thermal power expansion project (Meja Stage
II) to add around 2,400 MW capacity, aimed at meeting rising power demand and
strengthening energy security.
•India’s wholesale price index (WPI)-based inflation climbed to a 42-month high of 8.30%
YoY in Apr 2026, accelerating from 3.88% in Mar 2026, primarily driven by a sharp rise in
fuel and power prices due to the West Asia crisis.
•India’s merchandise trade deficit widened to $28.38 billion in Apr 2026, compared with
$27.10 billion in Apr 2025. Exports increased 13.79% YoY to $ 43.56 billion, while imports
rose 10.03% YoY to $ 71.94 billion over the same period.
•India’s unemployment rate rose marginally to 5.2% in Apr 2026, up from 5.1% in Mar 2026,
indicating a slight softening in employment conditions while remaining largely stable
overall.
•According to the commerce ministry data, India’s gold imports rose around 82% YoY to
$5.62 billion in Apr 2026, while silver imports surged 157% to $411 million, driven by
higher prices, though a recent hike in customs duty is likely to moderate future imports.
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4
Domestic Equity Market Indices
Indices
15-May-26
1 Week Return
YTD Return
BSE Sensex
75,237.99 -2.70% -11.71%
Nifty 50
23,643.50 -2.20% -9.51%
BSE Mid
-Cap 45,999.70 -3.19% -2.03%
BSE Small
-Cap 52,138.31 -3.59% 1.19%
Source: Refinitiv Values as on May 15, 2026
•Domestic equity markets declined after
recording gains over the previous two
weeks, with the benchmark indices BSE
Sensex and Nifty 50 falling by 2.70%
and 2.20%, respectively.
•Domestic equity markets fell as a lack
of progress in U.S.–Iran peace talks
pushed crude oil prices higher. The two
countries failed to reach an agreement,
keeping the Strait of Hormuz largely
constrained and raising doubts about
the durability of a fragile ceasefire,
which led to increases in domestic
petrol and diesel prices, thereby
intensifying inflationary pressures.
However, losses were partially capped
by optimism following the meeting
between the U.S. President and his
Chinese counterpart, which raised
hopes of improved economic
cooperation.
Ratios
BSE Sensex
Nifty 50
BSE Mid Cap
BSE Small
Cap
P/E
20.36 20.59 30.19 30.10
P/B
4.03 3.24 5.01 3.84
Dividend Yield
1.30 1.38 0.74 0.61
Source: NSE, BSE Values as on May 15, 2026
Indian Equity Market
NSE Advance/Decline Ratio
Date Advances
Declines
Advance/Decline Ratio
11-May-26 1,082 2,495 0.43
12-May-26 664 2,860 0.23
13-May-26 2,118 1,409 1.50
14-May-26 1,782 1,666 1.07
15-May-26 1,409 2,183 0.65
Source: NSE
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5
Sectoral Indices
Indices Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
57,424.65 -4.23% -1.68%
BSE Bankex
60,489.34 -2.99% -4.60%
BSE CD
58,162.92 -3.95% -2.27%
BSE CG
76,826.42 -4.12% 4.20%
BSE FMCG
18,825.55 -0.91% 5.27%
BSE HC
47,193.13 1.41% 9.16%
BSE IT
26,964.26 -5.67%
-11.22%
BSE Metal
43,385.85 1.50% 4.96%
BSE Oil & Gas
26,833.85 -2.12% -0.34%
Source:BSE
Values as on May 15, 2026
•On the BSE sectoral front, BSE Realty plunged
7.82% due to unfavorable macroeconomic
conditions, as rising crude oil prices increased
inflation concerns, leading to expectations of
higher interest rates. BSE IT fell 5.67% primarily
due to concerns over Artificial Intelligence (AI)-
led disruption, as OpenAI’s aggressive
expansion into enterprise AI deployment raised
fears that traditional outsourcing models could
face structural challenges, potentially impacting
revenue, margins, and pricing power. This was
further compounded by weak global demand,
subdued discretionary spending.
Indian Derivatives Market Review
•Nifty May 2026 Futures stood at 23,643.90, a premium of 0.40 points above the spot closing
of 23,643.50.
•The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,207.63 lakh crore as against Rs. 1,319.34 lakh crore for the week to May 08.
•The Put-Call ratio stood at 1.03 compared with the previous week’s close of 0.98.
•The Nifty put-call ratio stood at 0.53 compared with the previous week’s close of 0.51.
Indian Equity Market (contd.)
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7.00
7.02
7.04
7.06
7.08
11-May 12-May 13-May 14-May 15-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
5.24 5.18 5.08 5.51
91 Day T
-Bill 5.42 5.30 5.25 5.45
06.36% 2031, (5 Yr GOI)
6.84 6.69 6.52 6.18
06.48% 2035, (10 Yr GOI)
7.06 6.98 6.87 6.49
Source: Refinitiv Values as on May 15, 2026
•Bond yields rose as stalled U.S.–Iran
peace talks pushed crude oil prices
higher, intensifying concerns over India’s
inflation and fiscal outlook. Yields rose
further driven by an uptick in U.S.
Treasury yields, with losses exacerbated
by continued weakness in the rupee,
which plunged to record lows.
•However, the downside was partially
capped following reports that India may
significantly reduce taxes on foreign
investors in domestic bonds, in an effort
to align with global standards and boost
capital inflows.
•Yield on the 10-year benchmark paper
(6.48% GS 2035) rose by 8 bps to close at
7.06% from the previous week’s close of
6.98%.
Domestic Debt Market
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9
14
19
24
0.00
2.00
4.00
6.00
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 15-May-26 08-May-26
Yield in %
Change in bps
Source: Refinitiv
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Maturity G-
Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 6.05 7.63 158
3 Year 6.52 7.57 105
5 Year 6.87 7.57 70
10 Year 7.06 7.78 72
Source: Refinitiv Values as on May 15, 2026
•Yields on gilt rose between 4 to 24 bps across the
maturities.
•Corporate bond yields increased between 5 to 17
bps across the curve, barring 15 year paper that was
unchanged.
•Difference in spread between AAA corporate bond
and gilt contracted between 3 to 11 bps across the
segments, barring 7 year paper that expanded by 1
bps, while 4 & 6 year papers remained steady.
Domestic Debt Market (Spread Analysis)
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8
•The Employees’ Provident Fund Organisation will soon automate final withdrawal claims and
account transfers, enabling faster, form-free settlements with direct credit to subscribers’
bank accounts.
•India has banned sugar exports until Sep 30, 2026, shifting the policy from restricted to
prohibited to safeguard domestic availability and prevent a sharp decline in closing stocks,
amid concerns over lower production and tighter supply conditions.
•The Union Cabinet has approved higher Minimum Support Prices for 14 kharif crops for the
2026–27 marketing season, ensuring support prices remain at least 50% above production
costs, with an estimated total payout of about Rs. 2.6 lakh crore to farmers; key increases
include paddy MSP raised to Rs. 2,441 per quintal, while the largest hikes were seen in
sunflower seed, cotton, nigerseed and sesamum, as part of the government’s effort to
ensure remunerative prices and encourage cultivation of pulses, oilseeds and nutri-cereals.
•The government has allowed venture capital, private equity, infrastructure and pension
funds to directly bid for highway projects under the PPP model, expanding eligibility beyond
traditional construction firms; the move, implemented through revised BOT bidding norms,
aims to attract long-term capital, improve project execution and boost private investment in
the road sector, while maintaining participation of existing developers with separate
evaluation criteria based on financial strength.
Regulatory Updates in India
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9
•India has increased import duties on gold and silver to 15% from 6% and on platinum to
15.4% from 6.4%, effective May 13, 2026, to conserve foreign exchange, stabilise the
current account and protect macroeconomic stability amid global uncertainty driven by
the West Asia crisis.
•SEBI has proposed expanding intraday borrowing by mutual funds beyond redemptions to
include trade settlements, forex and derivative obligations, allowing borrowing even
beyond receivables to better manage intraday liquidity mismatches, while mandating
same-day repayment and keeping costs on asset management companies.
•AMFI has extended the deadline for mutual fund distributors to submit GST invoices from
Apr 15 to Apr 25 (for May 2026 payouts), providing relief amid delays in commission
payouts that had impacted timely compliance.
Regulatory Updates in India (contd..)
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•U.S. existing home sales edged up 0.2% to an annual rate of 4.02 million in Apr 2026,
following a 2.9% decline to a revised rate of 4.01 million in Mar 2026, according to the
National Association of Realtors.
•U.S. industrial production rose by 0.7% in Apr 2026, following a revised 0.3% decline in Mar
2026, according to the Federal Reserve.
•The U.S. Consumer Price Index (CPI) rose by a seasonally adjusted 0.6% in Apr 2026, taking
the YoY pace to 3.8%, according to the Bureau of Labor Statistics. Excluding food and
energy, core CPI increased by 0.4% for the month and 2.8% annually.
•U.K. gross domestic product increased 0.6% QoQ in the first quarter of 2026, following a
0.2% expansion in the fourth quarter, according to the Office for National Statistics.
•Eurozone gross domestic product (GDP) grew by 0.1% QoQ in the first quarter of 2026, in
line with estimates, but slower than the 0.2% expansion recorded in the fourth quarter. On
a YoY basis, GDP growth eased to 0.8% from 1.3%, according to Eurostat.
•Germany’s consumer price inflation rose to 2.9% in Apr 2026 from 2.7% in Mar 2026,
according to Destatis.
•Japan’s producer price index for final demand rose by 1.4% in Apr 2026, after climbing by
an upwardly revised 0.7% in Mar 2026, according to the Labor Department.
•China’s consumer price inflation rose to 1.2% in April 2026 from 1.0% in March 2026,
according to the National Bureau of Statistics.
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Global News/Economy
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11
Global Indices
Indices
15
-May-
26
1-Week
Return
YTD
Return
Russell 3000
3,923.58 0.56% 5.66%
Nasdaq 100
29,125.20 -0.38% 15.35%
FTSE 100
10,195.37 -0.37% 2.66%
DAX Index
23,950.57 -1.59% -2.20%
Nikkei Average
61,409.29 -2.08% 21.99%
Straits Times
4,989.08 1.36% 7.38%
Source: Refinitiv
Value as on May 15,
2026
U.S.
•U.S. equity markets mostly fell as
weakness in technology-oriented stocks
and higher oil prices weighed on
sentiment. However, declines were
limited by continued optimism around
artificial intelligence themes and easing
geopolitical concerns.
Europe
•European equity markets mostly declined as rising oil prices and renewed U.S.–Iran
tensions weighed on investor sentiment. Political uncertainty in the U.K. further pressured
risk appetite, while most sectors and major regional markets traded firmly in negative
territory amid concerns over inflation and geopolitical stability.
Asia
•Asian equity markets mostly fell as the recent tech-led rally lost momentum, while oil
prices extended their surge amid fresh doubts over the U.S.–Iran ceasefire. Markets also
declined after U.S. Treasury yields reached one-year highs, prompting investors to raise
expectations of a Federal Reserve rate hike this year.
Global Equity Markets
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4.30
4.35
4.40
4.45
4.50
4.55
4.60
4.65
11-May 12-May 13-May 14-May 15-May
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
•Yields on the 10-year U.S. Treasury rose
by 23 bps to close at 4.60% from the
previous week’s close of 4.36%.
•U.S. Treasury prices fell as a spike in oil
prices, driven by ongoing energy
disruptions in the Middle East, along
with inflation concerns and
expectations of a stronger economy, led
investors to reassess the outlook for
interest rates.
•Additionally, prices declined after
producer prices rose more than
economists had expected in Apr 2026,
and some Federal Reserve policymakers
warned of potential interest rate hikes if
price pressures continue to intensify.
Global Debt (U.S.)
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7.00
8.00
9.00
10.00
11.00
12.00
15-Apr-26 1-May-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($/Barrel)
115.62 104.17
Gold ($/Oz)
4,538.02 4,714.41
Gold (Rs/10 gm)
157,752 150,519
Silver ($/Oz)
75.95 80.32
Silver (Rs/Kg)
268,147 255,478
Source: Refinitiv Value as o
n May 15,
2026
Gold
•Gold prices fell ($/Oz) as the Strait of
Hormuz blockade is likely to persist
following the U.S.–China summit, which
ended without any indication of possible
Chinese intervention to end the Gulf war.
Additionally, prices declined after strong
U.S. inflation data dampened expectations
of near-term interest rate cuts.
Brent Crude
•Brent crude oil prices rose after the U.S.–
China summit ended without any
announcement regarding China engaging
with Iran to help end the Gulf war, leaving
the Strait of Hormuz blockade likely to
continue.
Baltic Dry Index
•The index rose over the week due to
improved capesize and panamax activities.
Commodities Market
05-Jan-24
15-May-26
10.99%
-3.74%
-5.44%
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9.60
9.80
10.00
10.20
10.40
15-Apr-26 1-May-26
USD GBP Euro JPY
Source: Refinitiv
Currency Prices ( in terms of INR)
Rebased to 10
Currency Movement
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Movement of Rupee vs Other Currencies
Currency
Last Closing*
1-Wk Ago
US Dollar
95.93 94.44
Pound Sterling
128.09 128.31
EURO
111.63 110.92
100 Yen
60.54 60.24
Source: Refinitiv Figures in INR , *Value as on May
15,
2026
Rupee
•The Indian rupee weakened against the U.S.
dollar as elevated crude oil prices and inflation
concerns added downward pressure.
Euro
•The euro weakened against the U.S. dollar as
market expectations for the Federal Reserve’s
monetary policy continue to shift toward the
possibility of further rate hikes.
Pound
•The British pound fell against the U.S. dollar as
market expectations for the Federal Reserve’s
monetary policy continue to shift toward the
possibility of further rate hikes.
Yen
•The Japanese yen fell against the U.S. dollar as
market expectations for the Federal Reserve’s
monetary policy continue to shift toward the
possibility of further rate hikes.
Currencies Markets
25-Jan-24
15-May-26
1.58%
0.50%
0.64%
-0.17%
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15
The Week that was…
11th May to 15th May
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16
The Week that was (May 11 – May 15)
Date Events
Present
Value
Previous
Value
Monday,
May 11, 2026
• China Consumer Price Index (YoY) (Apr)
1.20% 1.00%
• U.S. Existing Home Sales (MoM) (Apr)
4.02M 4.01M
Tuesday,
May 12, 2026
• India Inflation Rate YoY APR
3.48% 3.40%
• Germany Harmonized Index of Consumer Prices (YoY) (Apr)
2.90% 2.90%
• U.S. Consumer Price Index (YoY) (Apr)
3.80% 3.30%
Wednesday,
May 13, 2026
• Eurozone Employment Change (QoQ) (Q1) Prel
0.10% 0.20%
• U.S. Producer Price Index (MoM) (Apr)
1.40% 0.70%
Thursday,
May 14, 2026
• U.K. Gross Domestic Product (QoQ) (Q1) Prel
0.60% 0.20%
• U.S. Retail Sales (MoM) (Apr)
0.50% 1.60%
• U.S. Initial Jobless Claims
211K 199K
Friday,
May 15, 2026
• Japan Producer Price Index (MoM) (Apr
2.30% 1.00%
• U.S. Industrial Production (MoM) (Apr)
0.70% -0.30%
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17
The Week Ahead
18th May to 22nd May
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18
The Week Ahead
Day Event
Monday,
May 18, 2026
•
China Retail Sales (YoY) (Apr)
•
China Industrial Production (YoY) (Apr)
•
Germany German Buba Monthly Report
Tuesday,
May 19, 2026
•
U.K. Claimant Count Change (Apr)
•
U.K. Employment Change (3M) (Mar)
Wednesday,
May 20, 2026
•
People’s Bank of China Interest Rate Decision
•
U.K. Consumer Price Index (MoM) (Apr)
•
Eurozone Core Harmonized Index of Consumer Prices (MoM) (Apr)
Thursday,
May 21, 2026
•
Germany Producer Price Index (MoM) (Apr)
•
Eurozone HCOB Manufacturing PMI (May) Prel
•
U.S. Initial Jobless Claims
Friday,
May 22, 2026
•
U.K. GfK Consumer Confidence (May)
•
U.K. Retail Sales (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
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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
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19
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