Indian equity benchmarks continued their trade in red in late morning session with volatility as investors feared the geopolitical situation could drag on after the US and Iran talks failed. Heavy selling pressure in IT and TECK stocks also added pressure on domestic indices. Continued selling pressure from Foreign Institutional Investors (FIIs) weighted on markets, as exchange data showed that FIIs offloaded equities worth Rs 1,918.99 crore on Tuesday. Traders failed to take any sense of relief with reports that the government extended interest subvention benefits to micro and small enterprises exporting 167 specific iron and steel product categories, to support the trading community, which is reeling under the impact of global uncertainties. On the global front, Asian markets were trading mixed after President Donald Trump extended the ceasefire with Iran at Pakistan's request while awaiting a ‘unified proposal’ from Tehran. However, the US military was keeping its blockade of Iranian ports.

The BSE Sensex is currently trading at 78676.86, down by 596.47 points or 0.75% after trading in a range of 78442.30 and 79031.03. There were 10 stocks advancing against 20 stocks declining on the index.

The top gaining sectoral indices on the BSE were Utilities up by 1.87%, Power up by 1.64%, FMCG up by 1.08%, Capital Goods up by 0.78% and Industrials up by 0.57%, while IT down by 3.79%, TECK down by 2.93%, Telecom down by 0.26% and Auto down by 0.14% were the few losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 2.93%, NTPC up by 2.16%, Reliance Industries up by 0.73%, Asian Paints up by 0.65% and Ultratech Cement up by 0.61%. On the flip side, HCL Technologies down by 9.87%, Tech Mahindra down by 5.17%, Infosys down by 3.76%, TCS down by 2.13% and Mahindra & Mahindra down by 1.45% were the top losers.

Meanwhile, amid global uncertainties affecting Indian exporters, the government has extended interest subvention benefits to micro and small enterprises involved in the export of 167 specific categories of iron and steel products, aiming to support the trading community. However, medium-sized enterprises are not eligible for this measure.

In January, the government unveiled a Rs 7,295 crore export support package, which includes a Rs 5,181 crore interest subvention scheme and Rs 2,114 crore collateral support to enhance exporters' access to credit. These both initiatives will be implemented over a six-year period, from 2025 to 2031.

The Directorate General of Foreign Trade (DGFT) has issued a trade notice specifying that these 167 product categories will qualify for interest subvention exclusively for export credit availed by micro and small enterprises. In a separate move, the government has introduced export restrictions on certain grades of Baryte, a mineral used in paints, plastics, and oil and gas drilling, due to the ongoing crisis in West Asia.

The DGFT clarified that the export policy for Baryte (Natural Barium Sulphate) has been revised on a grade-specific basis. Grade A and Grade B Baryte are now categorized as restricted, while Grade CDW remains in the free category. Products in the restricted category will require an export license from the Directorate.

The CNX Nifty is currently trading at 24428.15, down by 148.45 points or 0.60% after trading in a range of 24352.90 and 24515.95. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Tata Consumer products up by 2.97%, Nestle up by 2.86%, Hindustan Unilever up by 2.64%, NTPC up by 2.08% and Tata Motors Passenger Vehicles up by 1.71%. On the flip side, HCL Technologies down by 9.81%, Tech Mahindra down by 5.21%, Infosys down by 3.72%, TCS down by 2.14% and HDFC Life Insurance down by 1.50% were the top losers.

Asian markets were trading mixed; Taiwan Weighted jumped 277.46 points or 0.74% to 37,882.57, Nikkei 225 surged 167.83 points or 0.28% to 59,517.00, KOSPI rose 24.77 points or 0.39% to 6,413.24 and Shanghai Composite was up by 14.96 points or 0.37% to 4,100.04.

On the other hand, Hang Seng declined 289.48 points or 1.09% to 26,198.00, Straits Times fell 22.11 points or 0.44% to 4,992.85 and Jakarta Composite was down by 15.02 points or 0.2% to 7,544.36.