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NEWS U CAN USE
May 22, 2026
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The Week that was…
18th May to 22nd May
2
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Indian Economy
•According to the Solvent Extractors' Association of India, India’s edible oil imports rose 3%
to 166.51 lakh tonnes in FY26 from 161.82 lakh tonnes a year ago, mainly driven by a sharp
surge in duty-free imports from Nepal, whose exports more than doubled to 7.36 lakh
tonnes, highlighting continued reliance on overseas supplies.
•According to the RBI report, credit card transactions in India rose over 2.6 times between
2021 and 2025, with volumes increasing from 216 crore to 570 crore and transaction value
rising from Rs. 8.9 lakh crore to Rs. 23.2 lakh crore, reflecting an annual growth of about
27%, while debit card usage declined sharply from 408.7 crore to 133.6 crore in volume
and from Rs. 7.4 lakh crore to Rs. 4.5 lakh crore in value, indicating a shift towards credit
cards and digital payments.
•According to the Ministry of Commerce & Industry, the combined Index of Eight Core
Industries rose 1.7% YoY in Apr 2026, following a 1.2% rise in Mar 2026. Cement posted
the strongest growth at 9.4%, followed by steel at 6.2%, while coal and fertilizer output
declined by 8.7% and 8.6%, respectively.
•According to the RBI data, net FDI into India rose sharply to $7.65 billion in FY26 from
$959 million a year ago, supported by higher gross inflows and increased reinvested
earnings, though elevated repatriation and outward investment capped the overall rise.
•India’s toffee exports have surged 166% over the past 12 years, rising from Rs.49.68 crore
in FY14 to Rs.132 crore in FY26.
3
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4
Domestic Equity Market Indices
Indices
22-May-26
1 Week Return
YTD Return
BSE Sensex
75,415.35 0.24% -11.51%
Nifty 50
23,719.30 0.32% -9.22%
BSE Mid
-Cap 46,606.57 1.32% -0.74%
BSE Small
-Cap 52,400.27 0.50% 1.70%
Source: Refinitiv Values as on May 22, 2026
•Domestic equity markets rebounded
after declining in the previous week,
with the benchmark indices BSE Sensex
and Nifty 50 rising by 0.24% and 0.32%,
respectively.
•Domestic equity markets advanced,
supported by constructive global cues
amid expectations of easing tensions in
the Middle East. The upward
momentum was further bolstered by a
decline in crude oil prices following
signs of progress in U.S.–Iran talks.
•However, gains were limited by signals
of potential domestic monetary policy
tightening and a weakening growth
outlook, which continued to weigh on
overall macroeconomic sentiment.
Ratios
BSE Sensex
Nifty 50
BSE Mid Cap
BSE Small
Cap
P/E
20.35 20.44 30.50 32.14
P/B
4.04 3.25 5.08 3.86
Dividend Yield
1.28 1.36 0.74 0.61
Source: NSE, BSE Values as on May 22, 2026
Indian Equity Market
NSE Advance/Decline Ratio
Date Advances
Declines
Advance/Decline Ratio
18-May-26 965 2,499 0.39
19-May-26 2,264 1,160 1.95
20-May-26 1,787 1,622 1.10
21-May-26 2,010 1,462 1.37
22-May-26 1,821 1,592 1.14
Source: NSE
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5
Sectoral Indices
Indices Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
57,290.42 -0.23% -1.99%
BSE Bankex
60,904.45 0.69% -5.44%
BSE CD
57,857.79 -0.52% -4.66%
BSE CG
78,316.91 1.94% 1.26%
BSE FMCG
18,550.97 -1.46% -2.06%
BSE HC
47,267.53 0.16% 8.68%
BSE IT
28,065.42 4.08% -4.90%
BSE Metal
43,350.38 -0.08% 2.13%
BSE Oil & Gas
27,123.88 1.08% -1.07%
Source:BSE
Values as on May 22, 2026
•On the BSE sectoral front, BSE IT climbed 4.08%
primarily due to the weakness in the Indian
rupee, which improved investor sentiment
toward export-oriented companies as a large
share of their revenues is dollar-denominated,
thereby boosting earnings prospects.
•BSE FMCG fell 1.46% due to concerns over
slowing consumption and a weakening growth
outlook. Rising crude oil prices and geopolitical
tensions increased input cost pressures,
prompting price hikes that risked dampening
demand.
Indian Derivatives Market Review
•Nifty May 2026 Futures stood at 23,744.00, a premium of 24.70 points above the spot
closing of 23,719.30.
•The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,247.09 lakh crore as against Rs. 1,207.63 lakh crore for the week to May 15.
•The Put-Call ratio stood at 0.89 compared with the previous week’s close of 1.03.
•The Nifty put-call ratio stood at 0.47 compared with the previous week’s close of 0.53.
Indian Equity Market (contd.)
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7.04
7.06
7.08
7.10
7.12
7.14
18-May 19-May 20-May 21-May 22-May
Yield in %
10 -Yr Benchmark Bond ( % )
Source: CCIL
6
Debt Indicators
(%)
Current
Value
1-
Wk
Ago
1-
Mth
Ago
6-
Mth
Ago
Call Rate
5.37 5.24 5.34 5.52
91 Day T
-Bill 5.55 5.42 5.22 5.38
06.36% 2031, (5 Yr GOI)
6.94 6.84 6.60 6.23
06.48% 2035, (10 Yr GOI)
7.09 7.06 6.91 6.52
Source: Refinitiv Values as on May 22, 2026
•Bond yields rose as markets priced in the
likelihood of rising interest rates and
assessed the economic implications of a
prolonged U.S.–Iran conflict.
•The upward trend intensified following a
media report suggesting that the RBI
may consider rate hikes to support the
rupee, further strengthening
expectations of tighter monetary policy.
•Yields rose further after a lower-than-
anticipated surplus transfer from the RBI
to the government reignited concerns
over fiscal pressures.
•Yield on the 10-year benchmark paper
(6.48% GS 2035) rose by 3 bps to close at
7.09% from the previous week’s close of
7.06%.
Domestic Debt Market
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3
12
21
30
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 22-May-26 15-May-26
Yield in %
Change in bps
Source: Refinitiv
7
Maturity G-
Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 6.16 7.82 166
3 Year 6.80 7.75 95
5 Year 6.94 7.64 70
10 Year 7.09 7.8 71
Source: Refinitiv Values as on May 22, 2026
•Yields on gilt rose between 2 to 16 bps across the
maturities, barring 6 year paper that fell by 1 bps.
•Corporate bond yields increased between 2 to 25
bps across the curve.
•Difference in spread between AAA corporate bond
and gilt expanded up to 15 bps across the
segments, barring 4, 7 & 10 year papers that
contracted by 1 or 4 bps.
Domestic Debt Market (Spread Analysis)
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8
•India has notified fuel standards for petrol blended with up to 30% ethanol (E30), with the
Bureau of Indian Standards introducing specifications for E22, E25, E27, and E30 blends,
marking a step beyond the ongoing E20 programme and supporting the next phase of
ethanol adoption to reduce oil imports and boost the biofuels ecosystem.
•PFRDA has set up a panel to explore the inclusion of new asset classes in NPS investments,
aiming to deliver more stable, long-term returns while reducing volatility; it is also
evaluating assured pension schemes and a unified pension framework for the private sector.
•National Company Law Appellate Tribunal ruled that NCLT cannot directly order a Serious
Fraud Investigation Office (SFIO) probe, clarifying that such authority rests with the Central
government, and referred the matter to the Ministry of Corporate Affairs for appropriate
action while upholding findings of fraudulent transactions.
•GSTN has introduced a voluntary e-way bill closure feature allowing businesses to digitally
record completion of goods delivery, creating an end-to-end transaction trail and improving
traceability, data integrity, and accountability; the move may eventually become mandatory
to curb malpractices and enhance reconciliation.
•The RBI approved a record surplus transfer of Rs. 2.87 lakh crore to the government for
FY26, driven by strong income growth, robust forex operations, and balance sheet
expansion. The payout was about 7% higher than last year, while maintaining the
contingency buffer at 6.5% of the balance sheet.
Regulatory Updates in India
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9
•According to a Whole Time Member of SEBI, the regulator is examining a proposal to
introduce a specialised category of distributors similar to mutual fund distributors to sell
bonds, aimed at widening retail participation and simplifying access to debt investments.
•SEBI has mandated fund houses to publish detailed monthly disclosures on SIP inflows and
SIFs, including granular data on SIP activity (new, matured, discontinued accounts and
inflows) and category-wise SIF metrics, to enhance transparency and provide deeper
visibility into investor flows, participation and industry trends.
Regulatory Updates in India (contd..)
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•The U.S. consumer sentiment index for May 2026 was revised downward to 44.8 from a
preliminary reading of 48.2, according to the University of Michigan.
•U.S. initial jobless claims dipped to 209,000 in the week ended May 16, 2026, a decrease of
3,000 from the previous week's revised level of 212,000, according to the Labor
Department.
•U.K. consumer price inflation slowed to 2.8% in Apr 2026 from 3.3% in Mar 2026, according
to the Office for National Statistics.
•The People's Bank of China maintained its loan prime rates unchanged for the twelfth
consecutive month, as widely expected, on May 20, 2026. The one-year loan prime rate was
kept at 3.0%, while the five-year LPR, the benchmark for mortgage rates, remained at
3.50%.
•China’s industrial production rose 4.1% YoY in Apr 2026, as reported by the National
Bureau of Statistics.
•Japan’s gross domestic product expanded by a seasonally adjusted 0.5% QoQ in the first
quarter of 2026, according to the Cabinet Office.
•Japan posted a merchandise trade surplus of 301.9 billion yen in Apr 2026, according to
the Ministry of Finance.
•Japan’s consumer prices rose 1.4% YoY in Apr 2026, according to the Ministry of Internal
Affairs and Communications.
10
Global News/Economy
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11
Global Indices
Indices
22
-May-
26
1-Week
Return
YTD
Return
Russell 3000
3,941.99 0.47% 6.16%
Nasdaq 100
29,481.64 1.22% 16.76%
FTSE 100
10,466.26 2.66% 5.39%
DAX Index
24,888.56 3.92% 1.63%
Nikkei Average
63,339.07 3.14% 25.82%
Straits Times
5,068.15 1.58% 9.08%
Source: Refinitiv
Value as on May 22,
2026
U.S.
•U.S. equity markets rose as Treasury
yields eased, resulting in a winning week
for Wall Street despite heightened
volatility. Markets gained further support
from easing inflation concerns and
optimism surrounding geopolitical
developments, while a favorable earnings
backdrop helped them recover from
recent weakness.
Europe
•European equity markets rose amid optimism about a potential end to the U.S.-Iran
conflict, as negotiations between the two nations showed “some progress.” Gains were
extended as improving sentiment around a possible U.S.-Iran peace agreement boosted
risk appetite.
Asia
•Asian equity markets closed on a mixed note. Markets were supported by rising hopes for a
diplomatic resolution to the Middle East conflict. With Iran reviewing the latest proposal
from the U.S. and Pakistan acting as a mediator, investors are hopeful that the three-
month conflict may end soon with a peace deal.
Global Equity Markets
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4.52
4.54
4.56
4.58
4.60
4.62
4.64
4.66
4.68
18-May 19-May 20-May 21-May 22-May
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
•Yields on the 10-year U.S. Treasury fell
by 3 bps to close at 4.57% from the
previous week’s close of 4.60%.
•U.S. Treasury prices rose after the U.S.
President said that deal talks with Iran
were in their final stage.
•Additionally, prices increased following
reports that the United States and Iran
have neared a final draft of a peace
deal.
Global Debt (U.S.)
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7.00
8.00
9.00
10.00
11.00
12.00
22-Apr-26 8-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($/Barrel)
110.83 115.62
Gold ($/Oz)
4,508.73 4,538.02
Gold (Rs/10 gm)
157,549 157,752
Silver ($/Oz)
75.49 75.95
Silver (Rs/Kg)
266,292 268,147
Source: Refinitiv Value as o
n May 22,
2026
Gold
•Gold prices fell due to concerns over crude
oil inventories and the prolonged delay in
reopening the Strait of Hormuz, which
heightened inflation-related fears.
Brent Crude
•Brent crude oil prices fell as the U.S. and
Iran signaled progress toward a deal. Prices
also declined after the U.S. President
stated that the war with Iran would end
“very quickly.”
Baltic Dry Index
•The index fell over the week due to
sluggish capesize and panamax activities.
Commodities Market
05-Jan-24
22-May-26
-4.14%
-0.65%
-0.61%
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9.80
9.90
10.00
10.10
10.20
10.30
10.40
22-Apr-26 8-May-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
95.96 95.93
Pound Sterling
128.79 128.09
EURO
111.39 111.63
100 Yen
60.31 60.54
Source: Refinitiv Figures in INR , *Value as on May
22,
2026
Rupee
•The Indian rupee weakened against the U.S.
dollar amid sustained pressure from global
financial conditions and geopolitical
uncertainty.
Euro
•The euro fell against the U.S. dollar as hawkish
Fed expectations and Middle East uncertainty
weighed on sentiment.
Pound
•The British pound rose against the U.S. dollar as
optimism over a potential Iran deal lifted
sentiment.
Yen
•The Japanese yen fell against the U.S. dollar as
hawkish Fed expectations and Middle East
uncertainty weighed on sentiment.
Currencies Markets
25-Jan-24
22-May-26
0.03%
-0.38%
-0.22%
0.55%
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15
The Week that was…
18th May to 22nd May
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16
The Week that was (May 18 – May 22)
Date Events
Present
Value
Previous
Value
Monday,
May 18, 2026
• China Industrial Production (YoY) (Apr)
4.10% 5.70%
• China Retail Sales (YoY) (Apr)
0.20% 1.70%
Tuesday,
May 19, 2026
• U.K. Employment Change (3M) (Mar)
148K 25K
• U.S. Pending Home Sales (MoM) (Apr)
1.40% 1.50%
• Japan Gross Domestic Product (QoQ) (Q1) Prel
0.50% 0.20%
Wednesday,
May 20, 2026
• India Infrastructure Output YoY APR
1.70% 1.20%
• People's Bank of China Interest Rate Decision
3.00% 3.00%
Thursday,
May 21, 2026
• Eurozone HCOB Composite PMI (May) Prel
47.50 48.80
• U.K. S&P Global Manufacturing PMI (May) Prel
53.7 53.70
• U.S. Initial Jobless Claims
209K 212K
Friday,
May 22, 2026
• U.K. GfK Consumer Confidence (May)
-23 -25
• U.K. Retail Sales (MoM) (Apr)
-1.30% 0.60%
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17
The Week Ahead
25th May to 29th May
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18
The Week Ahead
Day Event
Tuesday,
May 26, 2026
•
Japan Leading Economic Index (Mar)
•
Japan Housing Price Index (MoM) (Mar)
•
U.S. Consumer Confidence (May)
Wednesday,
May 27, 2026
•
U.S. Redbook Index (YoY)
•
U.S. Richmond Fed Manufacturing Index (May)
Thursday,
May 28, 2026
•
India Industrial Production YoY APR
•
India Manufacturing Production YoY APR
•
Eurozone Consumer Confidence (May)
•
Eurozone Industrial Confidence (May)
•
U.S. Initial Jobless Claims
Friday,
May 29, 2026
•
Germany Unemployment Change (Apr)
•
Germany Harmonized Index of Consumer Prices (YoY) (May) Prel
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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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19
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