Stock market outlook, May 1 -- "Sell in May and go away" - the old stock market adage is once again under the spotlight as the month of May kicks off. With the Indian stock market benchmark index Sensex posting a robust 9% gain over the past two months, investors are wondering: Does the saying still hold water this year?

While strong buying by foreign institutional investors and supportive macroeconomic policies have fueled a stock market rebound, real concerns like unresolved tariff disputes, India-Pakistan tensions and risks of earnings downgrades still linger, prompting worries of a possible trend reversal in May.

According to the historical trend on Dalal Street, this adage doesn't hold true for the Indian stock market, as Nifty has...