Indian markets ended passing week with cut of over 2% each, amid elevated global crude oil prices as disruptions around the Strait of Hormuz continued. Additionally, higher domestic CPI and WPI inflation data, and foreign fund outflows added to market uncertainty. Some cautiousness also came as the rupee touched a historic low of Rs 96 against the US dollar. Some of the major developments during the week are: CPI based retail inflation rises to 3.48% in April: Retail inflation rate based on All India Consumer Price Index (CPI) with base year 2024 rose marginally to 3.48% (Provisional) in the month of April 2026 as compared to 3.40% (Final) in the preceding month, mainly due to an uptick in food prices. April sees sharp acceleration in WPI inflation: India's wholesale price index (WPI) inflation accelerated in April 2026 to 8.30% as compared to 3.88% in March 2026, due to a sharp rise in prices of crude petroleum, natural gas and mineral oils amid geopolitical conflict in West Asia affecting supply chains. Moody’s sees slower growth for India at 6% in 2026: Moody's Ratings has cut India’s GDP growth forecast for 2026 by 0.8 percentage points to 6%, following growth of 7.5% in 2025, on subdued private consumption, weaker capital formation, and slowing industrial activity amid rising energy costs. Crisil cuts India’s FY27 GDP forecast to 6.6%: Crisil has projected that India’s real GDP growth to slow to 6.6% in FY27, down from 7.6% in FY26, citing high crude and commodity prices, weaker global growth, and a below-normal monsoon. CPI inflation is projected to rise to 5.1%. Domestic passenger vehicle dispatches up 25% in April: The industry body - Society of Indian Automobile Manufacturers (SIAM) has said that domestic passenger vehicle dispatches from companies to dealers stood at 4,37,312 units in April 2026, marking a 25.4% increase over 3,48,847 units in April 2025. BSE movement for the week The Bombay Stock Exchange (BSE) Sensex declined 2090.20 points or 2.70% to 75,237.99 during the week ended May 15, 2026. On the sectoral front, S&P BSE Realty was down by 501.44 points or 7.82% to 5,908.99, S&P BSE Information Technology was down by 1,620.40 points or 5.67% to 26,964.26, S&P BSE Auto was down by 2,538.79 points or 4.23% to 57,424.65, S&P BSE Consumer Discretionary Goods & Services was down by 400.56 points or 4.22% to 9,090.20 and S&P BSE Capital Goods was down by 3,298.78 points or 4.12% to 76,826.42 were the top losers, while S&P BSE Metal was up by 642.21 points or 1.50% to 43,385.85 and S&P BSE Healthcare was up by 658.24 points or 1.41% to 47,193.13 were the only gainers on the BSE. NSE movement for the week The Nifty slipped 532.65 points or 2.20% to 23,643.50. On the National Stock Exchange (NSE), Nifty IT was down by 1677.30 points or 5.71% to 27,716.90, Nifty Next 50 lost 2215.35 points or 3.10% to 69,280.25, Bank Nifty was down by 1600.20 points or 2.89% to 53,710.35, and Nifty Mid Cap 100 decreased 1343.75 points or 2.17% to 60,567.15. FII transactions during the week Foreign Institutional Investors (FIIs) were net sellers in equity segment in the week, with gross purchases of Rs 76,752.39 crore and gross sales of Rs 89,569.50 crore, leading to a net outflow of Rs 12,817.11 crore. They also stood as net sellers in the debt segment with gross purchases of Rs 4,722.25 crore against gross sales of Rs 6,676.84 crore, resulting in a net outflow of Rs 1,954.59 crore. In hybrid segment, FIIs stood as net buyers, with gross purchases of Rs 2,098.81 crore and gross sales of Rs 1,055.23 crore, leading to a net inflow of Rs 1,043.58 crore. Industry and Economy Expressing confidence over India’s export growth, Commerce and Industry Minister Piyush Goyal has aimed to take the country’s goods and services exports to $1 trillion mark in FY27. In FY26, exports reached an all-time high of $863.11 billion, registering a 4.6% Y-o-Y increase despite global economic uncertainties. He said increasing exports from $863 billion to $1 trillion requires additional $137 billion, which translates to 16-17% growth. He added that India is opening doors and providing preferential market access for Indian goods and services through a number of FTAs. Since 2021, India has finalized nine FTAs, with Mauritius, the UAE, Australia, Oman, New Zealand, the EU, the UK, and the EFTA bloc. A framework for an interim trade pact with US has also been finalized. Outlook for the coming week Indian markets ended lower in the passing week, tracking higher crude oil prices and an all-time low in Indian rupee following an escalation in geopolitical tensions. In the coming week, on the economy front, investors will be eyeing Infrastructure Output data to be release on May 20, and HSBC Flash India PMI data to be out on May 21. Besides, bank loan growth data, deposit growth, and Foreign Exchange Reserves data are scheduled to be release on May 22. In the ongoing result season, traders will be eyeing earnings of prominent companies, including IOC, JSW Cement, Bharat Electronics, BPCL, Zydus Lifesciences, PI Industries, Grasim Industries, Apollo Hospitals, ITC, GAIL India, Aurobindo Pharma, Rail Vikas Nigam, Sun Pharmaceutical Industries and Hindalco Industries etc. On the global front, investors would be eyeing few economic data from world’s largest economy, United States (US), starting with Redbook and Pending Home Sales on May 19, followed by API and EIA Crude Oil Stock, and FOMC Minutes on May 20, Housing Starts, Initial Jobless Claims, Philadelphia Fed Manufacturing Index and S&P Global Composite PMI Flash on May 21, Michigan Consumer Sentiment and Baker Hughes Oil Rig Count on May 22. Top Gainers - Adani Enterprises up by 8.05% was the top gainer on Nifty for the week - Adani Enterprises traded with traction after SBI Mutual Fund acquired 0.45% stake in the company through an open market transaction worth around Rs 1,435 crore. SBI Mutual Fund bought 58,92,423 shares of the company in a block deal on NSE at Rs 2,435.60 per share.
- Tata Consumer Products up by 7.15% was another top gainer on Nifty for the week - Tata Consumer Products traded higher after its Q4 numbers beat street expectations. The company has reported 21.53% rise in its consolidated net profit at Rs 419.08 crore for Q4FY26 as compared to Rs 344.85 crore for the same quarter in the previous year.
Top Losers - State Bank of India (SBI) down by 11.79% was the top loser of the week on Nifty - SBI came under pressure after its fourth quarter numbers failed to meet street estimates. The bank has reported marginal rise in its consolidated net profit at Rs 19,642.87 crore for Q4FY26 as compared to Rs 19,600.46 crore for the same quarter in the previous year.
- Shriram Finance down by 7.66% was another top loser of the week on Nifty - Shriram Finance came under pressure along with other Non-Banking Financial Companies (NBFCs) stocks as investors turned cautious after Reserve Bank of India (RBI) cancelled the Certificates of Registration (CoR) of 150 NBFCs under Section 45-IA (6) of the RBI Act, 1934.
Technical viewpoints During the week, CNX Nifty touched the highest level of 24,253.80 on May 11 and lowest level of 23,262.55 on May 13. On the last trading day, the Nifty closed at 23,643.50 with weekly loss of 532.65 points or 2.20 percent. For the coming week, 23,186.10 followed by 22,728.70 are likely to be good support levels for the Nifty, while the index may face resistance at 24,177.35 and further at 24,711.20 levels. US Market The U.S. markets traded higher during week following a key meeting between U.S. and China. Iran was a major topic of discussion between President Trump and Chinese President Jinping, with two sides agreeing that Strait of Hormuz must remain open. Some of the major developments during the week are: Jobless claims in U.S. climb in the week ended May 9: Initial jobless claims climbed to 211,000, an increase of 12,000 from the previous week's revised level of 199,000. U.S. retail sales increase in line with estimates in April: Retail sales climbed by 0.5 percent in April after jumping by a downwardly revised 1.6 percent in March. Street had expected retail sales to grow by 0.5 percent. Import prices in U.S. jump in April: Import prices shot up by 1.9 percent in April after climbing by an upwardly revised 0.9 percent in March. Street had expected import prices to jump by 1.0 percent. U.S. business inventories increase slightly more than expected in March: Business inventories climbed by 0.9 percent in March after rising by 0.4 percent in February. Street had expected business inventories to grow by 0.8 percent. Producer prices in U.S. jump 1.4% in April: The Labor Department said its producer price index for final demand jumped by 1.4 percent in April after climbing by an upwardly revised 0.7 percent in March. European Market European markets exhibited mixed performance during passing week, amid concerns about inflation and a lack of any positive outcome from US-China trade talks. Trump's tougher stance on the Middle East issue has raised fears that the US could resume strikes on Iran. Some of the major developments during the week are: Eurozone industrial output logs steady growth: Industrial output grew 0.2 percent on a monthly basis in March, matching the growth rate seen in February. Production was forecast to grow 0.3 percent. French inflation accelerates on energy prices: The final data from the statistical office INSEE showed that consumer price inflation rose to 2.2 percent in April, in line with the flash estimate, and up from 1.7 percent in March. Eurozone GDP growth confirmed at 0.1%: Gross domestic product posted a quarterly growth of 0.1 percent in the first quarter, matching the initial estimate but slower than the 0.2 percent expansion seen in the fourth quarter. Germany wholesale prices rise most since 2023: Wholesale prices increased 6.3 percent on a yearly basis in April, following March's 4.1 percent increase. German ZEW economic confidence improves: The ZEW indicator of economic sentiment rose to -10.2 in May from -17.2 in the previous month. The score was forecast to fall to -19.1. Asian Market Asian markets traded mostly in red during the passing week, amid concerns over the re-escalation of the Middle East conflict after ship attacks and seizures near the Strait of Hormuz. Some of the major developments during the week are: Japan producer prices rise 4.9% in April: Japan’s producer prices rose 4.9 percent y-o-y in April 2026, accelerating from an upwardly revised 2.9 percent increase in the prior month and exceeding market estimates of 3 percent. Japan posts record current account surplus in March: Japan’s current account surplus increased to JPY 4,681.5 billion in March 2026 from JPY 3,625.3 billion in the same month a year earlier, surpassing market expectations of JPY 3,879 billion. Japan household spending falls in March: Household spending in Japan fell 2.9 percent y-oy- in March 2026, deepening from a 1.8 percent drop in the prior month and missing market estimates of a 1.3 percent decline. China's CPI rises 1.2% in April: China’s consumer price index (CPI), a main gauge of inflation, accelerated to 1.2 percent in April 2026 from 1.0 percent in the previous month, exceeding market expectations of 0.8 percent. South Korea export prices surge in April: South Korea’s export prices surged 40.8 percent Y-o-Y in April 2026, the largest since 1998, and accelerating from a 29.5 percent increase in March, reflecting price pressures across external sector.
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