Indian equity benchmarks continued to trade in red in morning session as global risk sentiment deteriorated following a spike in oil prices and rising geopolitical tensions after US-Iran talks failed and Washington announced a blockade in the Strait of Hormuz. Traders remained cautious as Crisil Ratings stated that the ongoing tensions in West Asia likely to affect India’s remittance inflows, as nearly one-third of these funds come from the diaspora in Gulf Cooperation Council (GCC) countries. It said a decline in remittances, driven by reduced incomes among overseas Indians, could adversely impact the current account deficit (CAD). Traders overlooked report stating the India-UK free trade agreement, signed in July last year, is likely to come into force from the second week of May. On the global front, Asian markets were trading mostly lower as investors weigh a U.S. naval blockade on Iran’s ports after talks between Washington and Tehran failed to produce an agreement to end the conflict in the Middle East.

The BSE Sensex is currently trading at 76445.89, down by 1104.36 points or 1.42% after trading in a range of 75868.32 and 76505.16. There was 1 stock advancing against 29 stocks declining on the index.

The few gaining sectoral indices on the BSE were Utilities up by 0.79% and Power up by 0.35%, while Auto down by 2.15%, Bankex down by 1.82%, Oil & Gas down by 1.63%, Energy down by 1.47% and PSU down by 1.43% were the top losing indices on BSE.

The lone gainer on the Sensex was NTPC up by 0.55%. On the flip side, Maruti Suzuki down by 3.79%, Interglobe Aviation down by 2.94%, SBI down by 2.61%, Bajaj Finance down by 2.34% and HDFC Bank down by 2.22% were the top losers.

Meanwhile, the India-UK free trade agreement, finalized in July last year, is reportedly expected to take effect from the second week of May. On July 24, 2025, India and the UK entered into the Comprehensive Economic and Trade Agreement (CETA), under which 99 percent of Indian exports will enter the British market at zero duty, while tariffs on British products, such as cars and whisky, will be reduced in India.

The two countries have also signed the Double Contributions Convention (DCC) pact to ensure temporary workers would not have to duplicate social levies in either country. Both pacts are likely to be implemented in parallel. CETA aims to double the $56 billion trade between the two economies by 2030.

While India has opened its market to various consumer goods, like chocolates, biscuits, and cosmetics, it will gain greater access to export products, such as textiles, footwear, gems and jewellery, sports goods, and toys. Under the agreement, tariffs on Scotch whisky will drop from 150% to 75% immediately, and then decrease further to 40% by 2035.On automobiles, India will reduce import duties from as high as 110% to 10% over five years under a gradually liberalised quota system. In return, Indian manufacturers will be granted access to the UK market for electric and hybrid vehicles within a quota framework.

The CNX Nifty is currently trading at 23723.55, down by 327.05 points or 1.36% after trading in a range of 23555.60 and 23738.55. There were 3 stocks advancing against 47 stocks declining on the index.

The few gainers on Nifty were HDFC Life Insurance up by 1.90%, Adani Enterprises up by 1.73% and NTPC up by 0.49%. On the flip side, Eicher Motors down by 3.99%, Maruti Suzuki down by 3.65%, Interglobe Aviation down by 2.85%, Shriram Finance down by 2.69% and SBI down by 2.50% were the top losers.

Asian markets were trading mostly lower; Nikkei 225 slipped 478.11 points or 0.84% to 56,446.00, Taiwan Weighted lost 75.17 points or 0.21% to 35,342.66, Shanghai Composite weakened 4.44 points or 0.11% to 3,981.78, KOSPI dropped 60.63 points or 1.03% to 5,798.24, Hang Seng declined 262.54 points or 1.01% to 25,631.00 and Straits Times fell 20.17 points or 0.4% to 4,969.24.

On the flip side, Jakarta Composite gained 34.23 points or 0.46% to 7,492.73.