Indian equity benchmarks made a strong opening on Thursday, magnifying their previous session’s gains, tracking firm global cues after sentiments remained positive on hopes of an end to war in Iran. Sensex and Nifty soon trimmed some of their gains but were trading higher in early delas on account of buying in Metal, Basic Materials and IT stocks. Some support came as Commerce Secretary Rajesh Agrawal said India and the UK FTA, signed in July last year, is likely to come into force from May. Though, upside remained capped as the government data showed the country's merchandise exports dropped 7.44% to $38.92 billion in March. Imports too dipped by 6.51% to $59.59 billion in March, reflecting disruptions in major trade routes like the Strait of Hormuz due to the conflict in West Asia. Also, the government data showed the unemployment rate (UR) for individuals aged 15 and older rose slightly to 5.1% in March from 4.9% in February, mainly due to high joblessness in urban areas.

On the global front, most of the Asian markets were trading in green as investors' sentiment improved on expectations of a deal between United States and Iran to end the war and restore operations at the Strait of Hormuz.

The BSE Sensex is currently trading at 78420.06, up by 308.82 points or 0.40% after trading in a range of 78325.77 and 78730.32. There were 20 stocks advancing against 10 stocks declining on the index.

The top gaining sectoral indices on the BSE were Metal up by 1.94%, Basic Materials up by 1.10%, IT up by 1.03%, Utilities up by 0.86% and PSU up by 0.63%, while Realty down by 0.40%, Telecom down by 0.30%, Healthcare down by 0.29%, FMCG down by 0.20% and Energy down by 0.11% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 1.63%, Larsen & Toubro up by 1.55%, Infosys up by 1.54%, Bajaj Finance up by 1.52% and TCS up by 1.24%. On the flip side, Sun Pharma down by 0.63%, Hindustan Unilever down by 0.49%, HCL Technologies down by 0.49%, Reliance Industries down by 0.45% and Bharti Airtel down by 0.37% were the top losers.

Meanwhile, expressing optimism over India’s progress in global trade pacts, Commerce Secretary Rajesh Agrawal has said that India and the UK Free Trade agreement (FTA), signed in July 2025, is likely to come into force from May 2026. India and the UK signed the Comprehensive Economic and Trade Agreement (CETA), under which 99 per cent of Indian exports will enter the British market at zero duty, while tariffs on British products, such as cars and whisky, will be reduced in India.

He also expressed hope that FTA with Oman would come into force by June 1. India and Oman signed an FTA in December 2025. It will provide duty- free access to 98 per cent of India's exports including textiles, agri and leather goods in Oman. On the other hand, India will reduce tariffs on Omanese products such as dates, marbles and petrochemical items.

He further said that the country’s FTA with New Zealand to be signed on April 27, 2026. The two countries had announced the conclusion of negotiations for the trade deal on December 2, 2025, with the goal of doubling bilateral trade to $5 billion over the next five years. The pact would provide tariff-free access for Indian goods in the New Zealand market and attract up to $20 billion in investment over the next 15 years.

He highlighted that the ‘mother of all trade deals’ - the India-EU FTA - is expected to be signed within this calendar year. He noted ‘We will try to get it into operation before the end of this financial year. That is the ambition with which we are working’. He said once all these pacts come into operation, Indian businesses will see an increased opportunity for exports. On the proposed trade pact with Canada, he said the next round of negotiations will be held in May 2026.

The CNX Nifty is currently trading at 24301.95, up by 70.65 points or 0.29% after trading in a range of 24299.05 and 24400.95. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 2.71%, JSW Steel up by 1.83%, Tata Steel up by 1.66%, Infosys up by 1.51% and Bajaj Finance up by 1.49%. On the flip side, Tata Consumer Products down by 0.85%, HCL Technologies down by 0.66%, Coal India down by 0.60%, Bharti Airtel down by 0.59% and Nestle down by 0.50% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 1305.76 points or 2.25% to 59,440.00, Hang Seng rose 407.68 points or 1.55% to 26,355.00, Taiwan Weighted strengthened 272 points or 0.74% to 36,994.14, KOSPI increased 109.40 points or 1.8% to 6,200.79 and Shanghai Composite added 21.43 points or 0.53% to 4,048.64. On the other hand, Jakarta Composite fell 8.36 points or 0.11% to 7,615.23 and Straits Times was down by 1.07 points or 0.02% to 5,020.13.