On May 15, Indian stock markets experienced a downturn, with the Nifty 50 closing at 23,646, down 0.18%, and the Sensex at 75,210, down 0.25%. This decline was influenced by strong selling pressure in financial and metal stocks, overshadowing gains in the IT and select consumer goods sectors. Over the week, both indices recorded losses of 2.22% and 2.65%, marking an end to two consecutive weeks of gains. The Indian rupee further weakened to a record low of 96.14 against the US dollar, impacted by a stronger dollar and elevated crude oil prices, along with significant selling from foreign portfolio investors (FPIs), who have sold over ₹2.20 lakh crore worth of Indian stocks in 2026 alone.

Among the notable losers, shares of Nava plummeted 10.7% to ₹628 following disappointing Q4 results, while HUDCO and Muthoot Finance saw declines of 7.5% and 6.2%, respectively. The metal sector also faced heavy selling, with Hindustan Copper dropping 6% and other major companies like Vedanta and Tata Steel declining by 1.7% to 2.3%. The market remains cautious amid fears of prolonged high interest rates from the US Federal Reserve.