In May 2026, the Nifty 50 declined 1.87% (499 points) and the Bank Nifty fell 1.14% (624 points). After a strong rebound in April, both indices faced resistance near their 50-day EMA and closed below their 200-day EMA for the third consecutive month. Investor sentiment remained subdued as no final agreement was reached between the US and Iran, while fresh US strikes in Iran late in May reignited concerns over the Strait of Hormuz and global energy supplies. The Indian rupee weakened to a record low of 96.96 against the US dollar. Although Brent crude prices corrected from around $115 to $92 per barrel, elevated oil prices continued to pressure India’s import bill. In a notable policy signal, Prime Minister Narendra Modi urged citizens to conserve foreign exchange by reducing discretionary overseas travel and gold purchases. On the sectoral front, Metals (+4.74%), Pharma (+4.63%), and Healthcare (+3.18%) outperformed, while Consumer Durables was the biggest laggard, declining 6.25%. FIIs remained net sellers with outflows of ₹55,963 crore, while DIIs provided support with net purchases of ₹82,669 crore.
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