1. Domestic & Global Market Updates
• Indices Close in Green: Sensex settled at 75,415.35 (+231.99 pts, +0.31%) and Nifty 50 at 23,719.30 (+64.60 pts, +0.27%) on Friday, May 22; Nifty Private Bank surged 1.49% to 26,376.2 as Axis Bank (+2.56%), ICICI Bank (+1.73%) and HDFC Bank (+1%) led gains while Sun Pharma (-2.4%) and Nifty Pharma (-1.27%) were notable underperformers on disappointing operational results.
• FII Outflows Persist: On Friday, May 22, FIIs were net sellers of Rs. 4,440.47 Cr while DIIs remained net buyers of Rs. 6,003.53 Cr, reflecting divergent institutional sentiment; MTD May FII outflows stand at Rs. 32,228.65 Cr against DII inflows of Rs. 56,865.48 Cr, with domestic funds consistently absorbing the FII selling pressure.
• Global Cues Mixed-Positive: US markets closed mildly higher Thursday — S&P; 500 +0.17%, DJIA +0.55%, Nasdaq +0.09%; Asian markets followed suit on Friday — Japan's Nikkei 225 surged 1.83% on softer-than-expected core inflation data, South Korea Kospi +0.38%, Hong Kong Hang Seng +0.68%.
• US-Iran Talks Key Macro Driver: Brent crude futures surged to $104.86/bbl (+2.22%) on May 22 as Iran clarified its intent to retain its enriched uranium stockpile domestically, complicating US-led peace negotiations; Rapidan Energy Group cautioned that a Strait of Hormuz closure through August could trigger a recession rivalling the 2008 Great Recession in severity.
• Foreign Selloff Warning: BofA Global Research warned that foreign institutional selling in Indian equities may extend into 2027, as Asia's AI-driven technology winners offer stronger earnings prospects at cheaper valuations; cumulative FPI outflows from Indian equities have exceeded $22 billion in under three months, exceeding last year's record annual total.
2. Domestic & Global Macro and Broader Economy
• Flash PMI Signals Expansion: India's flash composite PMI held at 58.1 for May, signalling robust private sector activity despite geopolitical headwinds; manufacturing PMI softened modestly while services remained resilient, suggesting consumption-driven growth momentum persists even as oil prices weigh on household budgets.
• CAD Pressure Widens Sharply: HSBC estimates India's current account deficit (CAD) could widen to 2.3% of GDP in FY27 from 0.9% in FY26; Crisil projects the oil trade deficit to balloon with Brent averaging $90-95/bbl; India's copper import bill alone crossed Rs. 1 trillion, driven by EV, renewable energy and electronics demand.
• Fuel Hike Cycle Continues: Oil marketing companies hiked petrol by Rs. 0.87/litre and diesel by Rs. 0.91/litre on May 23, the third round since May 15, bringing cumulative increases close to Rs. 5/litre; CNG prices also rose Rs. 1/kg in the third hike in 10 days, intensifying household inflation concerns and dampening consumer sentiment.
• Rupee at Record Low: The rupee touched an all-time low of 96.96 against the dollar during the week before RBI intervened with a $5 billion buy-sell swap to inject durable liquidity; cumulative rupee depreciation since early 2025 now exceeds 10% versus the US dollar, raising import cost concerns across energy, electronics and pharma sectors.
• India Growth Forecast Trimmed: The UN cut India's 2026 GDP growth forecast to 6.4%, citing global uncertainty and elevated energy costs; India's exports rose 13.8% in April and FDI hit a record $95 billion per Commerce Minister Piyush Goyal, providing partial macro support even as domestic consumption faces headwinds from fuel price hikes.
3. Commodities
• Gold Holds Elevated Levels: Gold (24K MCX) rose Rs. 10 to Rs. 1,59,940 per 10 grams (Rs. 15,994 per gram) on May 22 in Mumbai, Kolkata and Hyderabad; spot gold traded at $4,534.29/oz, logging its second consecutive weekly loss as hawkish inflation expectations and higher oil weighed, while geopolitical risk provided a price floor.
• Silver Range-Bound: Silver edged up Rs. 100 to Rs. 2,85,100 per kg (Delhi/Mumbai) on May 22; spot silver fell 0.5% to $76.32/oz; the metal remains rangebound as US-Iran peace talk uncertainty persists — a peace deal could see silver correct, while prolonged conflict would sustain safe-haven demand.
• Brent Crude Spikes on Iran Uranium Stance: Brent crude futures surged to $104.86/bbl (+2.22%) on May 22 as Iran's refusal to relinquish enriched uranium domestically stalled US-led peace talks; Rapidan Energy Group warns a Strait of Hormuz closure could sustain Brent above $115-120/bbl, significantly inflating India's monthly import bill.
• Precious Metals Complex: Platinum fell 0.3% to $1,959.20/oz and palladium held at $1,377.89/oz; gold and silver ETFs have risen up to 6% this year on West Asia crisis tailwinds, with a peace resolution representing the key downside risk trigger for precious metals.
• Base Metals Pressured: India's copper import bill crossed Rs. 1 trillion as EV, renewable energy and electronics demand outpaces domestic mining and refining capacity; aluminium and zinc face pressure from a strong US dollar and uncertain China demand; natural gas prices have also firmed on West Asian supply risk.
4. Venture Funding and Private Equity
• Scapia Rs. 5,250 Cr ($63M) Series B — Travel Fintech: Travel fintech startup Scapia raised $63 million in a Series B round led by General Catalyst, with Peak XV Partners and Z47 co-investing; the deal makes Scapia the largest-funded Indian startup during the May 18-22 week and underscores fintech's dominance in venture capital deployment. (Source: Inc42, May 21, 2026)
• Mythik $5M — Digital Media Platform: Media startup Mythik raised $5 million from a marquee angel syndicate including Harsh Jain (Dream11), Blume Founder's Fund, Rajat Gupta (ex-McKinsey), and family offices of Bharti Mittal and Patni Group; the deal signals rising institutional appetite for India's digital entertainment and content economy. (Source: Inc42, May 20, 2026)
• Anscer Robotics Rs. 384 Cr ($4.6M) Series A — Industrial Robotics: Industrial automation startup Anscer Robotics secured $4.6 million in a Series A round led by IAN Alpha Fund, with Info Edge Ventures co-investing; the company automates manufacturing and warehousing operations, addressing India's rising labour cost and precision demand in factory automation. (Source: Inc42, May 20, 2026)
• Trackk $3.7M Seed — Investment Technology: Investment tech startup Trackk raised $3.7 million in a seed round led by Lightspeed Ventures, with Info Edge Ventures and angel investors including Gaurav Munjal (Unacademy) and Tanmay Bhatt participating; the platform curates investment opportunities for India's rapidly growing affluent retail investor segment. (Source: Inc42, May 19, 2026)
• Gabit $3.7M — D2C Ecommerce: D2C brand Gabit raised $3.7 million from a consortium of angels including Deepak Gupta, Arnab Basu and Manav Gupta, making ecommerce the segment with the highest deal count for the week; the brand is expanding across premium consumer categories targeting urban millennials and Gen Z. (Source: Inc42, May 22, 2026)
• Sychedelic $3.5M Seed — Wellness Tech: Healthtech startup Sychedelic closed a $3.5 million seed round from Cultadvisors LLP, TurboStart, Ideabaaz and Praveek Ventures; the company targets India's expanding fitness and preventive wellness market, backed by growing post-pandemic consumer focus on structured health programmes. (Source: Inc42, May 20, 2026)
• EndureAir $3.1M — Defence-Grade Drone Technology: Aerial vehicle startup EndureAir secured $3.1 million from the Research, Development and Innovation (RDI) Fund; the government-backed deep-tech investment supports India's drone ecosystem expansion across defence logistics, precision agriculture and emergency response applications. (Source: Inc42, May 20, 2026)
• Cellogen Therapeutics $2.1M — Cell and Gene Therapy: Lifesciences startup Cellogen Therapeutics raised $2.1 million from Kotak Alternate Asset Managers; the company focuses on cell and gene therapy for chronic diseases, with institutional backing from a leading AMC's alternatives arm reflecting growing confidence in early-stage biotech investments. (Source: Inc42, May 18, 2026)
4. Venture Funding and Private Equity (Continued)
• ONO Rs. 10 Cr Pre-Series A — Agritech Market Linkage: Agritech startup ONO closed a Pre-Series A round from Aeravti Ventures and Tremis Capital; the platform facilitates direct market linkage for farmers, bypassing intermediaries to improve price realisation and supply chain efficiency in India's agricultural produce distribution. (Source: Inc42, May 19, 2026)
• Shastra VC $100M Fund III — Deeptech and AI: Shastra VC unveiled its third fund with a corpus of $100 million targeting early-stage deeptech, AI and climate sciences startups; the fund will deploy $500K-$3 million per investment in IP-led startups, reflecting strong LP confidence in India's deep technology innovation pipeline. (Source: Inc42, May 2026)
• Piper Serica Rs. 800 Cr Bharat Tech Fund — Cat II AIF: Asset management firm Piper Serica launched the Bharat Tech Fund, a Category II AIF with a potential corpus of Rs. 800 crore including a Rs. 200 crore greenshoe option; the fund targets Series A and B stage deeptech startups, marking further AMC expansion into venture capital asset classes. (Source: Inc42, May 2026)
• Oxyzo Acquires GoldenPi for Rs. 42.4 Cr — Fixed Income Fintech M&A;: OfBusiness's lending arm Oxyzo received board approval to acquire debt investment and bond distribution platform GoldenPi Technologies via share-swap at Rs. 42.4 crore; the acquisition broadens Oxyzo's product suite to include fixed income distribution and bond marketplace access for SME clients. (Source: Inc42, May 2026)
• Innovaccer Acquires CaduceusHealth for $66M — HealthAI Expansion: Health AI firm Innovaccer acquired US-based CaduceusHealth to expand its Flow software platform into full-stack revenue cycle management for outpatient and ambulatory care; the deal valued CaduceusHealth at $66 million, underlining cross-border M&A; momentum by India-origin technology companies. (Source: Inc42, May 2026)
• CCI Clears Blackstone-Neysa AI Cloud Deal: The Competition Commission of India approved Blackstone's acquisition of a controlling stake in AI cloud startup Neysa as part of the company's previously announced $600 million funding round; co-investors include 360 ONE Asset, TVS Capital, Nexus Venture Partners and Ontario Teachers' Pension Plan, validating India's AI infrastructure investment thesis. (Source: Inc42, May 2026)
• Madison India Capital Exits Pine Labs via Rs. 357 Cr Block Deal: Madison India Capital partially divested its stake in payments platform Pine Labs through a Rs. 357 crore secondary market block deal; the transaction continues the trend of PE fund structured exits via block deals as Pine Labs builds toward a potential capital markets event. (Source: Inc42, May 2026)
5. Mutual Funds, AIF & PMS
• SEBI PMS Framework Comprehensive Review: SEBI's whole-time member announced on May 23 a comprehensive review of the Portfolio Management Services (PMS) framework in consultation with APMI, aimed at re-igniting growth in the segment; a consultation paper with proposed reforms — potentially easing net worth eligibility and expanding product structures — will be released shortly.
• SEBI MF Third-Party Payment Relaxation Proposed: SEBI's May 20 consultation paper proposed calibrated relaxation of restrictions on third-party mutual fund payments via clean and auditable routes; permitted scenarios include employer-managed salary deductions for employee SIPs and distributor commissions paid in the form of MF units rather than cash, easing operational distribution barriers.
• SEBI Consultation on MF Gifting and Donations: SEBI is consulting on frameworks for mutual fund-linked gifting and donation structures, proposing either dedicated social cause MF schemes or embedded donation features within existing schemes; the framework aims to channel India's growing institutional and HNI philanthropy through regulated, tax-efficient fund structures.
• Specialised Investment Funds (SIF) Framework Active: SEBI's SIF framework — which allows mutual funds to use derivatives and long-short positions — is gaining traction with AMCs; Bandhan AMC is among the first preparing an SIF launch, bringing structured product capabilities previously available only to category III AIFs into the broader MF investor base.
• Debt Fund Inflows Rise Amid G-Sec Yield Spike: With the 10-year G-sec yield testing 7.25%, investors are rotating into short-duration and corporate bond funds; net debt fund flows have turned positive as higher yields improve fixed income risk-reward relative to elevated equity valuations, benefitting low-duration and credit risk categories.
• SIP Flows Resilient Above Rs. 25,000 Cr: Despite the equity market correction of 9-10% from January peaks, monthly SIP inflows have remained above Rs. 25,000 crore; the sustained retail investor commitment to systematic investing has provided a meaningful buffer against FII outflows, reinforcing the structural depth of India's domestic mutual fund ecosystem.
• AMC Market Share Shift — Mid-Size Gainers: A May 2026 analysis showed mid-sized AMCs gaining market share as performance differentiation widened during the correction; equity scheme AUMs contracted 4-5% from January peaks, but AMCs with consistent risk-adjusted performance attracted net inflows while laggards saw redemption pressure, accelerating competitive dynamics.
• Gold-Linked MF Products Gaining Traction: With MCX gold at Rs. 1,59,940 per 10g, gold-linked mutual fund products and gold fund-of-funds have seen increased investor interest; the category's rising AUM reflects both price appreciation and incremental inflows as investors seek portfolio hedges against geopolitical risk and rupee depreciation.
6. Debt Markets, Fixed Income & Bond Yields
• G-Sec Yield Tests 7.25% — New Threshold: India's 10-year benchmark G-sec yield is testing the 7.25% level, having risen steadily from ~6.80% pre-West Asia crisis; elevated crude-driven inflation expectations, rising fiscal slippage risk and heavy government borrowing supply are collectively pushing yields higher, partially nullifying the 125 bps of RBI rate cuts delivered since early 2025.
• India-US Yield Spread Narrows Significantly: As India's G-sec yields rise while US Treasuries also firmed, the traditional India-US 10-year spread has compressed; the narrowing spread reduces India's relative attractiveness for carry-trade inflows and adds to FPI debt outflow risk, with the spread needing to widen for meaningful foreign bond inflows to return.
• RBI Rs. 2 Trillion OMO to Manage Liquidity: The RBI announced Rs. 2 trillion in open market operations (OMO) bond purchases alongside $10 billion in forex buy-sell swaps to inject durable liquidity; the dual-tool approach aims to keep the WACR within the repo-reverse repo corridor and prevent system liquidity from tightening as advance tax outflows approach.
• Corporate Bond Market — NCD Issuances Active: Corporate bond issuance activity remains robust, with AAA-rated 3-year bonds trading at 7.4-7.5%; NBFCs, housing finance companies and infrastructure entities are actively tapping the market with NCD issuances, locking in medium-term funding before yields rise further on supply pressure.
• Yield Curve Steepening Risk: Bond market analysts expect further yield curve steepening as the government's FY27 gross borrowing programme of Rs. 14.8 lakh crore front-loads supply in the April-September period; with the RBI maintaining a neutral stance and limited room for further rate cuts amid crude-led inflation, the long end of the curve faces significant supply pressure.
7. Banking: Deposit and Credit Growth, Interest Rates
• Gold Loans Lead Retail Credit Growth: Gold loans have emerged as the fastest-growing retail credit segment as banks and NBFCs pivot toward secured assets amid elevated interest rates; rising MCX gold prices (Rs. 1,59,940/10g) have boosted collateral values, enabling higher loan-to-value ratios and expanding borrower eligibility across urban and semi-urban markets.
• MCLR at 8.4% — Rate Cut Transmission Incomplete: The one-year median MCLR of banks stands at 8.4%, with transmission of the RBI's cumulative 125 bps rate cuts since early 2025 still incomplete; the lag in MCLR transmission compresses borrower relief while banks protect net interest spreads amid rising deposit mobilisation costs.
• FY27 Credit Growth Target 13-14.5%: Banks are targeting 13-14.5% credit growth in FY27, moderating from 16.08% in FY26; elevated oil prices, slower consumption from fuel hikes and tighter real estate lending standards are expected to dampen personal loan and vehicle finance disbursements in the coming quarters.
• Deposit Rate Competition Intensifies: Small finance banks and mid-sized private banks are offering FD rates of 8-9% for select tenures to shore up CASA ratios amid intense deposit mobilisation pressure; the competitive rate environment is compressing NIMs by 10-15 basis points for FY27, while lending rate repricing lags.
• RBI Surplus Transfer Bolsters GoI Fiscal Position: The RBI approved a record Rs. 2.87 lakh crore surplus transfer to the central government for FY25-26 — the largest in RBI history; the transfer provides critical fiscal headroom as fuel subsidies and infrastructure spending pressures mount in the wake of the West Asian oil shock.
8. Corporate Earnings & Sector News
• Info Edge Q4FY26 PAT Rs. 309 Cr (+21% YoY): Info Edge (India) reported Q4FY26 net profit of Rs. 309 crore, a 21% year-on-year increase, driven by strong performance across its recruitment, real estate and education verticals; the stock closed higher on May 22 as the results reaffirmed digital classifieds' resilience amid macroeconomic headwinds.
• 3M India Q4FY26 PAT Surges 202% YoY: 3M India reported a 202% year-on-year surge in Q4FY26 net profit, declaring a dividend of Rs. 506 per share; the strong performance reflects robust demand across industrial, healthcare and consumer segments, with margin expansion driven by operational efficiencies and favourable product mix.
• JSW Cement Q4FY26 — Stock Up 7% on Strong Beat: JSW Cement's Q4FY26 results significantly beat analyst estimates, driving the stock up 7% on May 22; the company's strong operational metrics — including improved realisations and controlled input costs — positioned it as a standout performer in the infrastructure-linked cement sector.
• Colgate-Palmolive India Q4FY26 PAT Flat — GST Impact: Colgate-Palmolive India's Q4FY26 net profit came in flat year-on-year, impacted by a one-time GST-related charge; while underlying volume growth remained positive in oral care, the charge compressed reported earnings and highlighted the ongoing complexity of GST compliance in FMCG distribution structures.
• Vaibhav Global Q4FY26 PAT Rs. 91 Cr (+167% YoY): Jewellery and lifestyle products company Vaibhav Global reported Q4FY26 net profit of Rs. 91 crore, surging 167% year-on-year, on the back of strong demand recovery in its US and UK direct-to-consumer channels and improved operational leverage across its digital retail platform.
9. Real Estate, Logistics & Data Centers
• WeWork India Records Peak Occupancy Q4FY26: WeWork India reported record co-working occupancy in Q4FY26, with its stock hitting a 20% upper circuit on May 21; the result reflects robust GCC and SME demand for flexible workspace solutions as commercial office take-up reaches post-pandemic highs across Bengaluru, Mumbai and Hyderabad.
• Smartworks 8.15 Lakh Sqft Mumbai Mega-Lease: Co-working operator Smartworks secured 8.15 lakh square feet of office space in Mumbai's Vikhroli from Hiranandani Group's Regalia Office Parks Pvt Ltd; the facility is set to be operational in Q4 CY2026, significantly expanding Smartworks' Mumbai footprint to serve GCC and large enterprise clients.
• STT Global Rs. 500 Cr MMR Data Center Acquisition: Singapore's STT Global Data Centres acquired 24 acres in the Mumbai Metropolitan Region (MMR) for a Rs. 500 crore greenfield data center project, underscoring rising hyperscaler and enterprise demand for large-format Tier-1 DC capacity in Western India amid AI workload expansion.
• SM REIT Framework Driving New Entrants: SEBI's SM REIT framework is attracting new applications from real estate developers and alternative asset managers targeting the next regulatory window; investor interest in SM REITs is building around projected 6-7% distribution yields, offering a regulated, income-focused real estate product distinct from mainboard REITs.
• Puravankara Q4FY26 PAT Rs. 111 Cr (+226% YoY): Real estate developer Puravankara reported Q4FY26 PAT of Rs. 111 crore, a 226% jump year-on-year, driven by project completions and improved residential pricing across Bengaluru and Mumbai; the result reflects a broader sector trend of listed residential developers delivering on their FY26 pre-sales completion commitments.
10. Government Policies & New Schemes
• PM Modi Invited to White House — US-India Energy Deal: US Secretary of State Marco Rubio invited Prime Minister Modi to meet President Trump at the White House following Rubio's New Delhi visit; the US affirmed it wants to sell India as much energy as it can buy, signalling expanded long-term energy cooperation agreements as India seeks to diversify from West Asian crude.
• India Exports +13.8% in April, FDI Hits Record $95 Bn: Commerce Minister Piyush Goyal announced India's merchandise exports rose 13.8% year-on-year in April 2026, maintaining a high-growth trajectory, while FDI inflows hit a record $95 billion; Goyal is also visiting Canada next week to advance FTA negotiations and attract investment.
• Cotton Import Duty Removal Under Active Consultation: India is in the advanced stage of consultation with industry on removing import duties on cotton, aiming to boost raw material availability for the textile sector; the move would address supply constraints caused by a 50% surge in cotton prices linked to global disruption and domestic production shortfalls.
• Council of Ministers Review — First 2026 Meeting: PM Modi chaired the first full Council of Ministers meeting of 2026 on May 22, reviewing the functioning of all ministries, key decisions and future plans; the meeting — attended by all cabinet ministers and ministers of state — coincided with speculation of a cabinet reshuffle and macro pressure management strategy.
• India Secures Fertiliser Deals with 28 Countries: India is finalising long-term fertiliser supply agreements with 28 countries to insulate against West Asian supply disruptions and ensure food security; the government also released draft rules for rural employment programme reforms on May 23 ahead of a nationwide rollout.
11. Interviews & Expert Opinions
• Vipul Bhowar, Waterfield Advisors — Rotate to Pharma Exports: Vipul Bhowar, Senior Director and Head of Equities at Waterfield Advisors, advised investors to trim exposure to heavy crude consumers and pivot toward export-heavy sectors, particularly pharma and IT, which benefit from a depreciating rupee; he noted that the market correction has improved medium-term risk-reward in quality exporters. (Source: Business Standard, May 23, 2026)
• BofA Global Research — India Equity Selloff to Extend Into 2027: BofA Global Research analysts flagged that foreign institutional selling in Indian equities may stretch into 2027 as Asia's AI-driven technology winners — particularly in South Korea, Taiwan and Japan — offer stronger earnings growth prospects at more attractive valuations than India; the note advised selective exposure to domestic cyclicals. (Source: Business Standard, May 22, 2026)
• Harsh Gupta Madhusudan, Ionic Asset — India Pessimism Overdone: Harsh Gupta Madhusudan, Fund Manager at Ionic Asset (by Angel One), dismissed growing pessimism around India's economic outlook, stating he has never seen so much pessimism regarding India in twenty years of studying macro and markets; he emphasised India's structural growth drivers remain intact despite the oil shock and currency pressure. (Source: BusinessToday, May 19, 2026)
• Rajeev Thakkar, PPFAS Mutual Fund — Investors Shouldn't Panic: Rajeev Thakkar, CIO and Director at PPFAS Mutual Fund (managing Rs. 1.4 lakh crore), stated the macro situation is far from alarming and India's long-term fundamentals remain intact; he noted the headwinds from expensive energy, currency weakness and gold curbs are temporary and that long-term investors should not panic. (Source: BusinessToday, May 19, 2026)
• Rapidan Energy Group — Hormuz Closure Risks 2008-Scale Recession: Rapidan Energy Group research stated that a closure of the Strait of Hormuz through August raises the risk of an economic downturn approaching the scale of the 2008 Great Recession; for India specifically, the group flagged elevated risk to current account, fiscal deficit and growth trajectory from sustained crude above $100/bbl. (Source: Business Standard, May 22, 2026)
12. Sector-Specific News, Impact & Stock Outlook
• Private Banking — Sectoral Outperformer on May 22: Nifty Private Bank (+1.49%) was the top-performing sectoral index on May 22, led by Axis Bank (+2.56%), ICICI Bank (+1.73%) and HDFC Bank (+1%); the sector's resilience amid FII selling reflects domestic institutional confidence in financial sector fundamentals, robust credit growth and improving asset quality at major private banks.
• Energy Sector — OMC Under-Recovery Persists Despite Hikes: Despite three rounds of petrol/diesel price hikes since May 15 (cumulative ~Rs. 5/litre), state-owned oil marketing companies continue to absorb daily under-recovery losses of approximately Rs. 750 crore as Brent crude holds above $104/bbl; shares of BPCL, HPCL and IOC remain under pressure pending a more durable crude price correction.
• FMCG — Fuel Hike Impact on Consumption Volumes: Analysts project the Rs. 5/litre cumulative fuel price hike will shave 0.3-0.5 percentage points off urban and semi-urban FMCG volume growth in Q1FY27; companies with high exposure to discretionary categories and rural distribution — including HUL, Dabur and Godrej Consumer — face near-term pressure on volume guidance and distribution cost structures.
• IT Sector — Earnings Subdued as AI Reshapes Demand: Despite Nifty IT's 25%+ YTD decline attracting selective value buyers, the fundamental outlook remains subdued; US-based enterprise clients are reducing discretionary application development spending as AI productivity tools compress traditional headcount-based IT demand; Infosys and Wipro management flagged slower deal-conversion timelines in BFSI and retail verticals during Q4 commentary.
• Cement — Infrastructure Demand Offsets Input Cost Headwinds: JSW Cement's strong Q4FY26 results (+7% stock gain on May 22) highlight the cement sector's resilience driven by robust government infrastructure capex; while Brent-linked energy and logistics costs remain elevated, volume growth from national highway, housing and urban infrastructure projects is sustaining realisations across major players.
DISCLAIMER: This newsletter is prepared by JRL Research for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results.