Indian equity benchmarks made an optimistic start on Thursday tracking positive global cues and on value buying, but soon trimmed some of their gains and were trading marginally higher in early deals. Some support came with report that India and the United Arab Emirates are likely to firm up two significant agreements to boost cooperation in areas of liquefied petroleum gas (LPG) and strategic petroleum reserves during Prime Minister Narendra Modi's visit to the Gulf nation on May 15. Though, some cautiousness prevailed among market participants amid continued foreign fund outflows, as foreign institutional investors (FIIs) offloaded shares worth Rs 4,703.15 crore on Wednesday. On the sectoral front, sugar stocks were in focus as the government reportedly banned sugar exports with immediate effect until September 30, 2026, or until further orders, to rein in local prices.
On the global front, Asian markets were trading mostly higher powered by AI fervour that pushed South Korea's SK Hynix to the brink of joining the trillion-dollar club, while all the eyes on a high-stakes summit between US President Donald Trump and China's Xi Jinping. Trump heads into a series of meetings with China's Xi in Beijing, aiming to secure economic wins, maintain a fragile trade truce, and navigate flashpoints such as the Iran war and arms sales to Taiwan.
The BSE Sensex is currently trading at 74774.99, up by 166.01 points or 0.22% after trading in a range of 74767.81 and 75079.80. There were 18 stocks advancing against 12 stocks declining on the index.
The top gaining sectoral indices on the BSE were Metal up by 1.80%, Basic Materials up by 1.27%, Healthcare up by 1.20%, Utilities up by 1.02% and Power up by 0.51%, while IT down by 1.72%, Realty down by 1.02%, Auto down by 0.50%, TECK down by 0.49% and Capital Goods down by 0.35% were the top losing indices on BSE.
The top gainers on the Sensex were Bharti Airtel up by 1.78%, Eternal up by 1.32%, Tata Steel up by 1.16%, NTPC up by 1.14% and Asian Paints up by 1.08%. On the flip side, HCL Technologies down by 1.82%, TCS down by 1.79%, Tech Mahindra down by 1.57%, Infosys down by 1.50% and Maruti Suzuki down by 0.79% were the top losers.
Meanwhile, expressing confidence over India’s export growth, Commerce and Industry Minister Piyush Goyal has aimed to take the country’s goods and services exports to the $1 trillion mark in the current fiscal year (FY27). In FY26, exports reached an all-time high of $863.11 billion, registering a 4.6% year-on-year increase despite global economic uncertainties, including high US tariffs, the ongoing Russia-Ukraine war, and the West Asia crisis. Merchandise exports grew 0.93%, rising to $441.78 billion in FY26 from $437.70 billion in FY25. Services exports also surged to an all-time high of $421.32 billion in FY26, up from $387.55 billion in FY25, recording a growth of 8.71%.
Goyal said that increasing exports from $863 billion to $1 trillion requires an additional $137 billion, which translates to a 16-17% growth. He added that India is opening doors and providing preferential market access for Indian goods and services through a number of free trade agreements (FTAs). Since 2021, India has finalized nine FTAs, with Mauritius, the UAE, Australia, Oman, New Zealand, the EU, the UK, and the European Free Trade Association (EFTA) bloc. A framework for an interim trade agreement with the US has also been finalized. He noted that of the total, four FTAs are already operational, and another five will become operational in the next 12 months. Trade pacts with Mauritius, the UAE, Australia, and the EFTA bloc have been operationalized so far.
Further, he said that India is also negotiating FTAs with several other countries, and highlighted meetings with ministers from Chile and the Maldives, as agreements with both are likely to be completed before the end of this year. Moreover, India is in active dialogue with Canada, Israel, the Gulf Cooperation Council (GCC), and the Russia-led Eurasian Economic Union (EAEU). The country is also planning to start talks with Mexico and will soon initiate discussions with the Southern African Customs Union (SACU). Additionally, he said India is working to expand the Mercosur (Argentina, Brazil, Paraguay, Uruguay) preferential trade agreement (PTA) into a more robust trading arrangement.
He said that the world is looking to work and trade with India as the country provides huge market and a talented workforce. On FTA utilisation, he said the commerce ministry on May 13, 2026 held a virtual meeting with over 1,100 participants, including industry associations, to apprise them of the benefits of these agreements. The exercise is aimed at increasing awareness among small and micro units in the remotest corners of India to improve utilisation of the benefits under free trade agreements.
The CNX Nifty is currently trading at 23492.65, up by 80.05 points or 0.34% after trading in a range of 23490.20 and 23589.20. There were 33 stocks advancing against 17 stocks declining on the index.
The top gainers on Nifty were Cipla up by 5.85%, Adani Enterprises up by 4.97%, Hindalco up by 2.20%, JSW Steel up by 1.93% and Bharti Airtel up by 1.91%. On the flip side, TCS down by 1.84%, HCL Technologies down by 1.78%, Tech Mahindra down by 1.58%, Infosys down by 1.50% and Shriram Finance down by 1.19% were the top losers.
Asian markets were trading mostly in green; Taiwan Weighted rose 272.23 points or 0.66% to 41,646.73, Hang Seng advanced 101.56 points or 0.38% to 26,490.00, Nikkei 225 gained 85.89 points or 0.14% to 63,358.00 and KOSPI increased 70.45 points or 0.9% to 7,914.46. On the other hand, Shanghai Composite fell 43.38 points or 1.02% to 4,199.19 and Straits Times was down by 20.42 points or 0.41% to 4,983.54.
