Starting the new fiscal year (2026-27) on a high note, Indian equity benchmarks closed over one and half per cent higher on Wednesday, in tandem with a sharp rally in global markets on hopes of a potential de-escalation in the ongoing West Asia conflict. A drop in crude oil prices also boosted the market sentiment.  

Some of the important factors in trade:

RBI extends export credit relief amid West Asia crisis: The Reserve Bank of India (RBI) has extended the enhanced export credit period of up to 450 days for pre-shipment and post-shipment finance for disbursals made till June 30, citing continued logistical disruptions due to the ongoing West Asia crisis. 

Govt reports 8.8% growth in GST collection for March: The government data has showed that total Gross Goods and Services Tax (GST) collection increased to over Rs 2,00,064 crore in March 2026 as compared to Rs 1,83,845 crore in March 2025, a growth of 8.8%, aided by tax mop-ups from domestic sales as well as imports. 

CBIC rolls out series of reforms to strengthen, streamline E-commerce exports: The Central Board of Indirect Taxes and Customs (CBIC) has rolled out a series of comprehensive reforms to strengthen and streamline E-Commerce exports as well as broader courier-based imports and exports with effect from April 1, 2026. 

Bank credit to industry rises 13.5% in February: The Reserve Bank of India (RBI) data showed bank credit to industry grew at faster pace of 13.5 per cent on the fortnight ending February 28, compared with 7.5 per cent in the year-ago period.  

Global front: European markets were trading higher amid optimism about a de-escalation in the Middle East war. Asian markets settled higher on Wednesday following the broadly positive cues from Wall Street overnight on renewed hopes that the Iran war, which is in its fifth week, could soon end. 

Finally, the BSE Sensex rose 1186.77 points or 1.65% to 73,134.32 and the CNX Nifty was up by 348.00 points or 1.56% to 22,679.40. 

The BSE Sensex touched high and low of 73,964.58 and 72,971.68, respectively. There were 25 stocks advancing against 5 stocks declining on the index. 

The top gaining sectoral indices on the BSE were Industrials up by 3.40%, Capital Goods up by 3.29%, Consumer Discretionary up by 2.79%, PSU up by 2.75% and Basic Materials up by 2.72%, while Healthcare down by 0.23% was the lone losing index on BSE.

The top gainers on the Sensex were Trent up by 6.74%, Interglobe Aviation up by 6.01%, Adani Ports &SEZ up by 5.47%, Bharat Electronics up by 4.54% and SBI up by 3.89%. On the flip side, Sun Pharma down by 1.64%, NTPC down by 1.64%, Power Grid Corporation down by 1.13%, Ultratech Cement down by 0.29% and Bharti Airtel down by 0.13% were the top losers.

Meanwhile, citing ongoing logistical disruptions stemming from the West Asia crisis, the Reserve Bank of India (RBI) has extended the enhanced export credit period of up to 450 days for both pre-shipment and post-shipment finance on disbursements made until June 30, 2026. It had initially introduced this measure in November 2025 amid the US tariff wars. The directions have come into force with immediate effect and apply to all regulated entities engaged in export financing, including commercial banks, co-operative banks, non-banking financial companies involved in factoring, and all-India financial institutions.

The RBI noted that it has been receiving representations from various stakeholders highlighting difficulties in adhering to export proceeds realisation timelines due to geopolitical uncertainties and supply chain disruptions. The RBI also clarified that the earlier relaxation - extending the period for realisation and repatriation of the full export value of goods, software, and services from nine months to 15 months from the date of export - will remain in effect. 

The central bank said the measures are intended to ease the debt-servicing burden arising from geopolitical tensions and to ensure the continuity of viable export-oriented businesses. It added that it will continue to closely monitor the situation and take appropriate action as needed.

CNX Nifty touched high and low of 22,941.30 and 22,618.60, respectively. There were 40 stocks advancing against 10 stocks declining on the index.   

The top gainers on Nifty were Trent up by 6.86%, Interglobe Aviation up by 6.07%, Adani Ports &SEZ up by 5.63%, Bharat Electronics up by 4.83% and Adani Enterprises up by 4.72%. On the flip side, Dr. Reddy's Lab down by 3.78%, HDFC Life Insurance down by 3.12%, Cipla down by 2.00%, Apollo Hospitals Enterprise down by 1.54% and Sun Pharma down by 1.50% were the top losers.

European markets were trading higher; UK’s FTSE 100 increased 194.18 points or 1.87% to 10,370.63, France’s CAC rose 143.86 points or 1.81% to 7,960.80 and Germany’s DAX gained 521.36 points or 2.25% to 23,201.40. 

Asian markets settled higher on Wednesday tracking Wall Street’s gains overnight on optimism regarding a de-escalation in the Middle East after US President Donald Trump stated that the US could end military attacks on Iran within two to three weeks, even without a formal agreement. Iranian President Masoud Pezeshkian stated that Tehran had the necessary will to end the conflict, provided that safeguards are in place to prevent renewed hostilities. Chinese and Hong Kong shares soared as the yuan strengthened against the US dollar. Moreover, Japanese shares gained after the Bank of Japan's quarterly tankan survey showed business sentiment among large Japanese manufacturers improved in the three months to March, a sign that increasing economic uncertainty from the Middle East conflict has yet to hit morale.