Markets constantly surprise us and remind us that even the best investors can find it challenging to accurately forecast short-term market movements. Much like the year so far, the month of May has also been anomalous in terms of equity market behaviours. Stock markets in India and globally defied the old adage, ‘Sell in May and go Away’ to notch up significant gains during the month. The market move has been particularly confounding considering the prevailing economic environment and the near-term uncertainty around economic recovery as well as a resurgence of the virus.