India Market Weekly (May 22, 2026)

Research evidence excerpt

India Market Weekly (May 22, 2026)

India | Equity Strategy EquityMayResearch22, 2026

STRATEGY NOTEIndia Market Weekly (May 22, 2026)

The MSCI India was up 0.6% WoW. It underperformed the EM Index by

56bps and the AxJ Index by 56bps. IT and Realty were top outperformers, Exhibit 4 - MSCI India Index

while FMCG and Utilities were the top underperformers. The INR was up 28902885 2887

28800.3% against the USD this week. Ten-year G-Sec bond yields were up 3bps

2875 2878 2879

2870WoW at 7.09%. Jefferies India Model Portfolio underperformed MSCI India

2865by 32bps this week. 28652860 2869 2868

Exhibit 1 - MSCI India performance vs. regional indices . 15th May 18th May 19th May 20th May 21st May 22nd May

Source: Bloomberg, Jefferies

50 (%) 44

40 27 Research highlights of the 30

20 week: 10 8 8 6 10 2 1 1 1 1 1 0 2 India Strategy: INR Pressure - The

0 Downside of SIPs

(10) (1) (4) (0) (7) (3) (7) (8)

(20) India Strategy: JEI#41: Apr'26 - Still

(30)

(29) Holding Up (40)

Korea Taiwan AxJ EM India USA Japan ASEAN China IndiaKothariConsumer:(Augmont)Experton GoldCall Policywith MrShiftKetan MSCI MSCI Indonesia Singapore MSCI MSCI MSCI MSCI MSCI AWL Agri Business (BUY) Strategic Reset, MSCI MSCI

Scale-driven Upside; Assuming Coverage MSCI 1W 3M MSCI

.Source: Bloomberg, Jefferies. *in local currency at Buy

Exhibit 2 - MSCI India top OPFers and top UPFers over the week

Top Outperformers Top Underperformers Afcons Infrastructure (HOLD) Weakness

Tata Communications Ltd PI Industries Ltd to persist – downgrade to Hold

Siemens Energy India Avenue Supermarts Ltd

GE Vernova T&D India Jubilant Foodworks Ltd

Hitachi Energy Ltd Bosch Ltd

Grasim Industries Ltd Rail Vikas Nigam Ltd

.

Exhibit 3 - Sectoral Performance

15 (%) 12 11 10

4 4

5 2 2 1 3 1 1 1 0

(0) (1) (1) (1) (2) (5)