Indian equity benchmarks made negative start on Tuesday but soon recovered and hovering around neutral lines amid mixed cues from Asian peers, elevated crude oil prices and ongoing uncertainty over the Strait of Hormuz in the backdrop of the unresolved US-Iran conflict. Markets are trading flat with positive bias at this point of trade led by buying in Tata Steel, Kotak Mahindra Bank and M&M. Some support came after India and New Zealand inked a ‘once-in-a-generation’ trade pact, giving duty-free access to 100 per cent of domestic exports, including textiles, leather footwear, and gems and jewellery, in the island nation. Though, upside remained capped as some cautiousness came amid foreign fund outflows. Foreign Institutional Investors (FIIs) extended their selling streak and offloaded equities worth Rs 1,151.48 crore on April 27. Market participants also remained on sidelines ahead of monthly Nifty F&O expiry later in the day. Besides, traders adopted a wait-and-watch approach ahead of the release of India's Index of Industrial Production (IIP) data for March later in the day. 

On the global front, Asian markets were trading mixed as investors await the outcome of the Bank of Japan’s policy meeting. Higher crude oil prices also weighed on sentiments as the crucial waterway, the Strait of Hormuz, remained shut while the US examined Iran’s proposal to end the war, contingent on Washington ending the blockade.

The BSE Sensex is currently trading at 77386.42, up by 82.79 points or 0.11% after trading in a range of 76973.54 and 77400.97. There were 18 stocks advancing against 12 stocks declining on the index.

The top gaining sectoral indices on the BSE were Telecom up by 1.38%, Energy up by 1.08%, Utilities up by 0.83%, Oil & Gas up by 0.77% and Industrials up by 0.58%, while Realty down by 0.61%, Bankex down by 0.37%, IT down by 0.24% and FMCG down by 0.10% were the few losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 1.69%, Kotak Mahindra Bank up by 1.33%, Mahindra & Mahindra up by 1.19%, Bharat Electronics up by 1.03% and NTPC up by 0.80%. On the flip side, Eternal down by 1.76%, Trent down by 0.94%, Ultratech Cement down by 0.90%, Infosys down by 0.88% and HCL Technologies down by 0.77% were the top losers.

Meanwhile, with an aim to strengthen India’s global economic partnerships, India and New Zealand have inked a free trade agreement (FTA) at Bharat Mandapam, New Delhi. The Agreement was signed by Union Minister of Commerce and Industry Piyush Goyal and New Zealand’s Minister for Trade and Investment Hon. Todd McClay. The FTA provides duty-free access for 100% of India's exports to New Zealand, covering all tariff lines or produce categories, and is expected to significantly boost MSMEs and employment by enhancing competitiveness in labour-intensive sectors such as textiles, apparel, leather, footwear, gems and jewellery, engineering goods, and processed foods. Earlier, New Zealand maintained peak tariffs of up to 10% on key Indian exports, including ceramics, carpets, automobiles, and auto components.

With zero-duty market access from entry into force as New Zealand's other trade partners, Indian products will be fully competitive in that country, enjoying a level playing field. Significantly, India also secured duty-free inputs for its manufacturing sector, including wooden logs, coking coal, and waste and scraps of metals, lowering production costs and enhancing the global competitiveness of the Indian industry. On the other hand, India has offered tariff liberalisation on 70.03% of tariff lines covering 95% of bilateral trade value, while keeping 29.97% of tariff lines excluded to protect India's sensitive sectors.

The products that are kept in exclusion are mainly -- dairy (milk, cream, whey, yoghurt, cheese etc.), animal products (other than sheep meat), agricultural products (onions, chana, peas, corn, almonds), sugar, artificial honey, animal, vegetable or microbial fats and oils, arms and ammunition, gems and jewellery, copper and articles thereof (cathodes, cartridges, rods, bars, coils), aluminium and articles thereof (ingots, billets, wire bars) among others. On 30% of tariff lines of New Zealand, India will provide duty elimination on goods such as wood, wool, sheep meat, and leather-raw hides. Similarly, 35.60% of tariff lines are subject to phased elimination over 3, 5, 7, and 10 years, including petroleum oil, malt extract, vegetable oils, selected electrical and mechanical machinery, and peptones.

New Zealand products which enjoy tariff reductions include wine, pharmaceutical drugs, polymers, aluminum, iron and steel articles, and goods that only 0.06% fall under tariff rate quotas, including Manuka honey, apples, kiwi fruit, and albumins, including milk albumin. The FTA also includes a commitment to facilitate $20 billion in investment into India. A rebalancing clause is incorporated into the Agreement to provide a framework for addressing any shortfall in investment delivery, thereby ensuring robust and tangible economic outcomes. 

India-New Zealand bilateral trade has shown strong growth in recent years, with bilateral merchandise trade in FY 2024-25 standing at $1.3 billion registering a growth of 49% over the trade in previous year. With the FTA now signed, eliminating tariffs, enhancing services access, securing $20 billion in investment, and establishing robust institutional frameworks, the India-New Zealand FTA is expected to boost bilateral trade significantly in the coming years, create employment opportunities, expand exports, and strengthen a deeper and more resilient economic partnership between the two countries.

The CNX Nifty is currently trading at 24128.30, up by 35.60 points or 0.15% after trading in a range of 23999.25 and 24133.75. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Coal India up by 4.53%, Adani Enterprises up by 2.21%, ONGC up by 1.99%, Tata Steel up by 1.70% and Grasim Industries up by 1.41%. On the flip side, Eternal down by 1.65%, Trent down by 1.25%, Ultratech Cement down by 1.17%, Infosys down by 0.91% and Tata Consumer Products down by 0.90% were the top losers.

Asian markets were trading mixed; Nikkei 225 slipped 542.36 points or 0.9% to 59,995.00, Hang Seng declined 183.65 points or 0.71% to 25,742.00, Jakarta Composite fell 48.89 points or 0.69% to 7,057.63 and Shanghai Composite weakened 2.87 points or 0.07% to 4,083.47. On the other hand, Taiwan Weighted rose 101.94 points or 0.26% to 39,718.57, KOSPI increased 58.35 points or 0.87% to 6,673.38 and Straits Times was up by 15.33 points or 0.31% to 4,908.06.