Indian equity benchmarks trimmed some of their initial gains but continued to trade higher with gains of over half percent in morning deals, tracking firm cues from global markets. Traders took support as the government restored full benefits under the RoDTEP scheme to exporters amidst the ongoing West Asia crisis disrupting global trade. However, gains remain capped as some concern came with data released by S&P Global showed India’s private sector growth slowed to its weakest pace in nearly three-and-a-half years in March, as softer domestic demand and rising cost pressures weighed on economic activity. The HSBC Flash India Composite PMI Output Index fell to 56.5 in March from 58.9 in February, marking the slowest expansion since October 2022. On the global front, Asian markets were trading higher tracking firm cues from global markets after US President Donald Trump announced a temporary halt on strikes targeting Iranian energy infrastructure.

The BSE Sensex is currently trading at 73221.36, up by 524.97 points or 0.72% after trading in a range of 73084.46 and 74212.47. There were 25 stocks advancing against 5 stocks declining on the index.

The top gaining sectoral indices on the BSE were Bankex up by 1.08%, Industrials up by 0.92%, Oil & Gas up by 0.82%, Metal up by 0.75% and Auto up by 0.71%, while Utilities down by 0.68%, Power down by 0.36% and FMCG down by 0.07% were the top losing indices on BSE.

The top gainers on the Sensex were Interglobe Aviation up by 2.38%, Kotak Mahindra Bank up by 2.33%, Asian Paints up by 1.93%, Larsen & Toubro up by 1.91% and Eternal up by 1.89%. On the flip side, Power Grid Corporation down by 2.55%, Bharti Airtel down by 0.63%, ITC down by 0.45%, NTPC down by 0.11% and Maruti Suzuki down by 0.02% were the top losers. 

Meanwhile, at a time when West Asia crisis disrupting global trade, the government of India has restored full benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to exporters till March 31. The Directorate General of Foreign Trade (DGFT) in a notification informed that RoDTEP rates and value caps have been restored with effect from February 23, 2026, to March 31, 2026, for all eligible export products. Last month, the government had halved the rate of duty benefits under the RoDTEP Scheme, after which the exporting community expressed disappointment and had sought reconsideration of the decision. RoDTEP Scheme, launched in 2021, provides for a refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods, and not being reimbursed under any other mechanism at the Centre, state or local level. Refunds under the scheme range from 0.3% to 3.9%. 

In 2025-26, the budget allocation under the scheme was Rs 18,232 crore, while it was proposed to increase to Rs 21,709 crore in 2026-27, but was allocated Rs 10,000 crore. Last year, the exporting community was struggling with the high US tariffs and is now facing challenges from the West Asian crisis triggered by the joint attack of the US and Israel on Iran last month. The conflict has drove up the sea and air freight rates as well as the insurance premiums. The conflict has posed challenges for maritime logistics, including shifts in routing and transit patterns. These have affected logistics costs and shipping schedules for export consignments moving to or through the region. 

In February, the country’s merchandise exports declined marginally by 0.81% year-on-year to $36.61 billion, while the trade deficit narrowed to $7.1 billion from the previous month. Though, India’s merchandise exports declined marginally in February, the real impact of the conflict will be reflected in the March data as the war began on February 28. Considering the evolving geopolitical situation and its implications for maritime trade, the commerce ministry said that the government has decided to restore the rates and value caps under the scheme. The move is aimed at providing timely support to Indian exporters facing elevated freight costs and war-related trade risks arising from disruptions in the Gulf and the wider West Asia maritime corridor.

The CNX Nifty is currently trading at 22667.90, up by 155.25 points or 0.69% after trading in a range of 22624.20 and 22899.60. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 3.13%, Apollo Hospital up by 2.91%, Interglobe Aviation up by 2.42%, Kotak Mahindra Bank up by 2.20% and Eicher Motors up by 2.10%. On the flip side, Coal India down by 3.13%, Power Grid Corporation down by 2.60%, Bharti Airtel down by 0.61%, SBI Life Insurance down by 0.60% and ITC down by 0.52% were the top losers. 

Asian markets were trading higher; Nikkei 225 surged 354.51 points or 0.69% to 51,870.00, Taiwan Weighted added 166.4 points or 0.51% to 32,888.90, Shanghai Composite strengthened 25.68 points or 0.67% to 3,838.96, KOSPI increased 126.91 points or 2.35% to 5,532.66, Hang Seng advanced 372.53 points or 1.53% to 24,755.00 and Straits Times rose 9.98 points or 0.21% to 4,851.28.