The first sentence is correct. The only way the second would be correct is if you say "It's cloudy, it may be raining"... but this is not something a native would normally say as they would likely know if it is actually raining or not.
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Guren FirippuI understand the first sentence is right.Right.
Guren FirippuHow about the second sentence?No, but you can make it right. It's cloudy. There may be rain.
Guren FirippuThank you everyone for the responses and clarifications. What really made me confused is the similarity of its sentence structure to "I can hear someone coming, it may be him."You can do that with "rain", but not as you did in your sentence.