Indian markets remained under selling pressure in early afternoon session weighed down by sustained foreign outflows and weak cues from other Asian markets. Uncertainty surrounding the West Asia conflict continued to weigh on sentiment. Traders were worried that higher crude oil prices could increase inflation. Investors overlooked the report that the HSBC Flash India Manufacturing PMI surged from 53.9 in March to 55.9 in April, while HSBC Flash India Services PMI Business Activity Index rose to 57.9 in April from March’s final reading of 57.5. Besides, the HSBC Flash India PMI Composite Output Index - a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors - was up from a final reading of 57.0 in March to 58.3 in April, indicating a sharp rate of growth that was substantial relative to its long-run average.

On the global front, Asian markets were trading mostly in red as Japan's private sector growth moderated in April as the slower rise in services activity offset a rebound in manufacturing output. The flash composite output index fell to 52.4 in April from 53.0 in March.

The BSE Sensex is currently trading at 77830.82, down by 685.67 points or 0.87% after trading in a range of 77693.06 and 78178.54. There were 8 stocks advancing against 22 stocks declining on the index.

The top gaining sectoral indices on the BSE were Healthcare up by 1.48%, Power up by 0.82%, Capital Goods up by 0.71%, Industrials up by 0.31% and Utilities was up by 0.09%, while Auto down by 1.89%, Consumer Durables down by 1.31%, Consumer Disc down by 1.28%, Bankex down by 1.01% and Realty was down by 0.81% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 1.31%, Adani Ports up by 0.85%, TCS up by 0.50%, Power Grid up by 0.39% and Bharti Airtel up by 0.34%. On the flip side, Mahindra & Mahindra down by 2.67%, Bajaj Finance down by 2.51%, Bajaj Finserv down by 2.38%, Trent down by 2.33% and Kotak Mahindra Bank down by 1.91% were the top losers.

Meanwhile, with an aim of advancing the India-Japan AI Cooperation Initiative, India and Japan have held discussions on strategic cooperation proposed to promote co-creation, enhance policy convergence and encourage development of solutions in industrial domains to foster a robust, innovative and trustworthy AI ecosystem. Discussions took place in the India-Japan Artificial Intelligence (AI) Strategic Dialogue held on April 21 in Mumbai. The dialogue was co-chaired by Amit A Shukla, Joint Secretary (Cyber Diplomacy); and Hanada Takahiro, Deputy Assistant Minister for Cyber Security, Ministry of Foreign Affairs of Japan. 

Both sides also explored avenues to strengthen international mobility of AI talent and expand joint research through exchanges and collaborative projects. They deliberated on international cooperation in AI governance, policy formulation and engagement in multilateral fora. Further, they emphasized that the cooperation in this field constitutes a central pillar of the India-Japan Joint Vision for the Next Decade. Besides, both countries reaffirmed their commitment to jointly navigate the challenges and opportunities over the next decade in the field of AI, to help attain respective domestic goals, and to bring the next generation closer together.

Moreover, India and Japan have agreed to convene the next round of AI Strategic Dialogue in Japan at mutually convenient dates. The AI Strategic Dialogue advances the India-Japan AI Cooperation Initiative, announced by the prime ministers of India and Japan during the visit of Prime Minister Narendra Modi to Japan in August 2025. Meanwhile, the dialogue was attended by stakeholder ministries, departments and agencies from both governments and included a component that brought together representatives from the government and the AI industry from both nations.

The CNX Nifty is currently trading at 24215.55, down by 162.55 points or 0.67% after trading in a range of 24134.80 and 24310.20. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Dr. Reddy's Lab up by 6.82%, Cipla up by 4.22%, JIO Financial up by 3.67%, Adani Enterprises up by 2.28% and Sun Pharma up by 1.33%. On the flip side, SBI Life down by 3.10%, Mahindra & Mahindra down by 2.65%, Bajaj Finance down by 2.56%, Bajaj Finserv down by 2.46% and Trent down by 2.44% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 385.86 points or 0.65% to 59,200.00, Hang Seng declined 169.24 points or 0.65% to 25,994.00, Taiwan Weighted lost 164.32 points or 0.44% to 37,714.15, Jakarta Composite plunged 103.16 points or 1.39% to 7,438.45, Straits Times fell 45.83 points or 0.92% to 4,956.89 and Shanghai Composite was down by 12.66 points or 0.31% to 4,093.60. On the flip side, KOSPI increased 57.88 points or 0.89% to 6,475.81.