Indian markets continued their upward momentum in early afternoon session led by gains in IT sector's stocks. Furthermore, reduction in geopolitical tensions contributed to the markets' gains. US President Donald Trump announced temporary halt on strikes targeting Iranian energy infrastructure. Traders ignored the report that HSBC India Manufacturing PMI fell to 53.8 in March 2026 from 56.9 in February, exceeding expectations for a slight easing to 56.8, preliminary estimates showed. This marks the weakest expansion in factory activity since September 2021, as output growth slowed amid softer domestic demand and uncertainty from the Middle East conflict. On the global front, Asian markets were trading mostly in green despite flash survey results from S&P Global showed that Japan's private sector growth cooled in March as growth trajectories slowed across manufacturing and service sectors. The flash composite output index fell to 52.5 in March from a 33-month high of 53.9 in February. 

The BSE Sensex is currently trading at 73509.80, up by 813.41 points or 1.12% after trading in a range of 73084.46 and 74212.47. There were 26 stocks advancing against 4 stocks declining on the index.

The top gaining sectoral indices on the BSE were IT up by 2.17%, Industrials up by 1.78%, Consumer Durables up by 1.67%, Consumer discretionary up by 1.49% and TECK was up by 1.48%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Interglobe Aviation up by 4.04%, Eternal up by 3.70%, Asian Paints up by 3.04%, Infosys up by 2.71% and Larsen & Toubro up by 2.67%. On the flip side, Power Grid down by 1.31%, ITC down by 0.17% and Bharti Airtel was down by 0.16% 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 22770.10, up by 257.45 points or 1.14% after trading in a range of 22624.20 and 22899.60. There were 44 stocks advancing against 6 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 4.14%, Interglobe Aviation up by 4.08%, Eternal up by 3.64%, Apollo Hospital up by 3.57% and Asian Paints up by 2.98%. On the flip side, Coal India down by 2.52%, Power Grid down by 1.52%, SBI Life down by 0.58%, ITC down by 0.22% and Bharti Airtel down by 0.09% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 564.53 points or 2.32% to 24,947.00, Nikkei 225 surged 501.51 points or 0.96% to 52,017.00, KOSPI increased 148.17 points or 2.67% to 5,553.92, Shanghai Composite strengthened 64.22 points or 1.68% to 3,877.50 and Straits Times was up by 23.41 points or 0.48% to 4,864.71. On the flip side, Taiwan Weighted was down by 110.26 points or 0.34% to 32,612.24.