Indian markets continued to trade with hefty losses in early afternoon session as US- Iran tensions escalated. Besides, traders were cautious about India’s Consumer Price Index (CPI) data, which going to be out later in a day. Traders took a note of the Crisil Ratings’ report stating 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. Meanwhile, investors overlooked reports that the India-UK free trade agreement, finalized in July last year, is reportedly expected to take effect from the second week of May.  On the global front, Asian markets were trading mixed as the failure of U.S.-Iran negotiations heightened concerns of a prolonged conflict in the Middle East. 

The BSE Sensex is currently trading at 76712.22, down by 838.03 points or 1.08% after trading in a range of 75868.32 and 76753.43. There were 5 stocks advancing against 25 stocks declining on the index.

The top gaining sectoral indices on the BSE were Utilities up by 1.62%, Power up by 1.28%, Telecom up by 0.79%, Capital Goods up by 0.10% and Metal was up by 0.01%, while Auto down by 1.69%, Energy down by 1.49%, Oil & Gas down by 1.48%, IT down by 1.22% and Bankex was down by 1.10% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.56%, Bharti Airtel up by 1.02%, ICICI Bank up by 0.46%, Bharat Electronics up by 0.41% and Sun Pharma up by 0.02%. On the flip side, Maruti Suzuki down by 4.12%, Reliance Industries down by 2.66%, Bajaj Finance down by 2.40%, HDFC Bank down by 2.27% and Interglobe Aviation down by 2.27% were the top losers.

Meanwhile, in a bid to protect their economic interests amid regional turmoil, Commerce and Industry Minister Piyush Goyal has held virtual talks with Saudi Arabia's Trade Minister Majid bin Abdullah Al Qassabi, on ways to strengthen supply chains disrupted due to ongoing West Asia conflict, after holding talks with his counterparts from the UAE, Bahrain and Kuwait. All these countries are members of the Gulf Cooperation Council (GCC) with which India is negotiating a free trade agreement (FTA). 

The two sides reaffirmed their commitment to strengthening bilateral trade and expressed optimism for early progress in the India-GCC FTA negotiations. Both leaders noted that the strain conflict has put on regional supply chains and stressed the need for an early recovery through coordinated efforts to ensure smooth trade flows. Goyal expressed optimism that the recently announced ceasefire would pave the way to lasting peace and security in the region. The meeting underscored the shared commitment to further deepening the India-Saudi Arabia economic partnership.  

Meanwhile, the joint US-Israel attacks on Iran have caused severe disruptions in the movement of ships in international waters, particularly to the West Asian nations. The conflict has posed challenges for exporters to ship goods to the Gulf region, with which India had a bilateral trade of $178 billion in 2024-25 ($56.87 billion exports and $121.67 billion imports). The major sectors which are under stress due to the West Asia crisis include petroleum products, chemicals and plastics, engineering goods, rice, pharma and gems and jewellery. The six countries in this region are the UAE, Saudi Arabia, Oman, Bahrain, Qatar and Kuwait.

The CNX Nifty is currently trading at 23804.65, down by 245.95 points or 1.02% after trading in a range of 23555.60 and 23822.85. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Adani Enterprises up by 2.79%, HDFC Life Insurance up by 2.79%, NTPC up by 1.66%, Max Healthcare up by 1.09% and Bharti Airtel up by 0.94%. On the flip side, Eicher Motors down by 4.20%, Maruti Suzuki down by 4.06%, Reliance Industries down by 2.70%, Bajaj Finance down by 2.41% and HDFC Bank down by 2.32% were the top losers.

Asian markets were trading mixed; Nikkei 225 slipped 424.11 points or 0.75% to 56,500.00, Hang Seng declined 232.54 points or 0.9% to 25,661.00, KOSPI dropped 50.25 points or 0.87% to 5,808.62 and Straits Times was down by 11.17 points or 0.22% to 4,978.24. Shanghai Composite strengthened 2.34 points or 0.06% to 3,988.56, Taiwan Weighted added 39.46 points or 0.11% to 35,457.29 and Jakarta Composite was up by 58.39 points or 0.78% to 7,516.89.