May 2026 in numbers: a pause, and a mid-cap record

May in short

After April's sharp rebound, May was quieter and mixed. The Nifty 50 fell 1.9%, from 23,997.55 to 23,547.75. The Nifty Midcap 150 rose 2.6% and set a record close on 27 May, its first new high since January.

Foreign institutions sold ₹55,964 crore of shares, their fifth month of net selling this year, and domestic institutions bought ₹82,669 crore. Gold ended the month essentially where it started; silver rose 4.1%. The rupee touched a new low against the dollar.

Figures compare 30 April with 29 May, the last trading day of May, unless a different date is given.

Stocks

The large companies lagged. The Nifty 50 ended May 10.56% below its 2 January record and spent the month either side of the 10% line: it closed at least 10% below the record on 9 of the 19 sessions. Its high for the month was 24,330.95 on 6 May and its low 23,379.55 on 12 May.

The Midcap 150 closed at 22,884.90 on 27 May, above its 7 January record of 22,606.50, before slipping 1.4% on the last day of the month. The Smallcap 250 is now 8.8% below its September 2024 high.

Of the 124 NSE indices with a published P/E on both days, 71 rose. India VIX eased from 18.46 to 16.19, with a low of 14.98 on 27 May.

Valuations

Two P/E figures moved for reasons other than price. The Midcap 150's P/E fell from 32.26 to 28.79 on 19 May on a 0.8% rise in the index, and the Smallcap 250's rose from 30.03 to 33.14 on 25 May on a 1.2% rise. On each day the earnings NSE divides by changed. So the Midcap 150 ended May cheaper on earnings than in April despite a higher price, and the Smallcap 250 dearer. The Nifty 50's P/E moved with its price, from 20.94 to 20.27.

Funds

Median May return, Direct plan, Growth option, from 30 April NAV to 29 May NAV:

Every mid-cap fund rose in May. Ranges were wide elsewhere: in large-cap funds, from a 2.67% loss to a 4.67% gain in the same month. Mid-cap fund returns in May looks at the category in more depth.

Gold and silver

International spot prices converted to rupees, before import duty and GST. Gold has now been within about 1% of ₹1,41,000 per 10 grams at each of the last three month-ends. The gold-silver ratio looks at how the two metals have moved against each other.

Institutional flows

FIIs were net sellers on 14 of the 19 sessions and DIIs net buyers on 18. For 2026 so far, FII net selling totals ₹2,96,715 crore and DII net buying ₹3,84,337 crore.

The rupee

The dollar rose from about ₹94.92 on 30 April to ₹96.05 on 29 May, a rise of 1.2%. On 20 May it closed at ₹96.57, the rupee's weakest close in our series, which starts in 2016. The rupee at its weakest covers the run-up to it.

What this does not tell you

A record in one index and a 10% gap in another is a reminder that "the market" is many things at once.

P/E jumps on a single day are about the earnings, not the price. Compare the ratio over a month with care when the earnings base has changed.

One month is a short window. The flow figures are provisional, and metal prices exclude duty and GST. Nothing here is advice to buy or sell.

Where to go from here

The live numbers are on NSE index valuations, gold and silver prices and FII and DII data. April's rebound is in April 2026 in numbers.