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Indian equity benchmarks traded flat with a positive bias in late morning session, on the back of positive cues from other Asian markets. Traders got some support, as following India's merchandise exports crossing the USD 400 billion mark in the current financial year, Prime Minister Narendra Modi said India's growing exports are a symbol of the strength of the country's industry, MSMEs, manufacturing capacity and agriculture sector.

However, gains were limited and trade was volatile, as worries persist over the street, after Commerce and Industry Minister Piyush Goyal said that the government is in continuous dialogue with exporters to address the problems and challenges that are emerging due to the ongoing Russia-Ukraine war and could lead to some kind of disruption in trade. Besides, a top official of mobile phone industry body said that more needs to be done for improving ease of doing business, especially change in the mindset of revenue authorities which continue to be unfriendly at times.

On the global front, Asian markets were trading mostly in green, after the manufacturing sector in Japan continued to expand in March, and at a faster pace, the latest survey from Jibun Bank showed on Thursday with a manufacturing PMI score of 53.2. That's up from 52.7 in February and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The BSE Sensex is currently trading at 57746.26, up by 61.44 points or 0.11% after trading in a range of 57138.51 and 57827.99. There were 22 stocks advancing against 7 stocks declining, while 1 stock remained unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.44%, while Small cap index was up by 0.40%.

The top gaining sectoral indices on the BSE were Metal up by 1.69%, TECK up by 0.97%, Healthcare up by 0.94%, Basic Materials up by 0.93% and Energy up by 0.80%, while Consumer Durables down by 0.99% and Bankex down by 0.87% were the only losing indices on BSE.

The top gainers on the Sensex were Dr. Reddy's Lab up by 3.61%, Tata Steel up by 1.43%, Ultratech Cement up by 1.28%, Sun Pharma up by 1.24% and NTPC up by 1.24%. On the flip side, Kotak Mahindra Bank down by 2.54%, Titan Co down by 1.45%, ICICI Bank down by 1.32%, HDFC Bank down by 1.28% and Maruti Suzuki down by 0.31% were the top losers.

Meanwhile, Union Minister of Commerce and Industry Piyush Goyal has stated that India’s merchandise exports rose by 37 per cent to $400.8 billion in 2021-22 until March 21, 2022 as against $292 billion in 2020-21, on healthy performance by sectors such as petroleum products, engineering, gems and jewellery, and chemicals. He said this is far higher than the previous record of $330.07 billion achieved in 2018-19.

The minister further indicated that exports of engineering rose by 46.5 per cent to $107.8 billion, petroleum by 141.4 per cent to $59.6 billion, chemicals and cotton yarn by 32.3 per cent to $28.2 billion, fabrics by 56.5 per cent to 14.8 billion and plastic by 31.4 per cent to $31.4 billion during April-March 21, 2022. He said higher engineering exports, apparel and garment export, etc. indicate that the misconception of India being a major exporter of primary commodities is gradually changing.

Goyal said that the achievement of $400 billion exports was the result of a concerted, collective effort by every sector, every stakeholder in the nation. He also said the achievement of the lucrative export target showed the world that inspite of facing numerous challenges, with sheer grit, determination, capability and talent, India would surmount all obstacles. He said there was a detailed strategy in place, including specific targets set - country-wise, product-wise & EPC-wise, monitoring and course correction, behind the achievement of the export target. He added that a policy shift in the approach envisaged in the Districts as Exports Hub initiative has been adopted to boost local production and make Districts active stakeholders in driving export growth of local products/services.

The CNX Nifty is currently trading at 17258.05, up by 12.40 points or 0.07% after trading in a range of 17091.15 and 17291.75. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Dr. Reddy's Lab up by 3.50%, Hindalco up by 2.49%, Coal India up by 2.35%, Tata Steel up by 1.44% and Ultratech Cement up by 1.38%. On the flip side, Kotak Mahindra Bank down by 2.74%, Titan Co down by 1.56%, HDFC Bank down by 1.55%, ICICI Bank down by 1.25% and Eicher Motors down by 0.81% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 816.05 points or 3% to 28,040.16, Hang Seng increased 264.80 points or 1.21% to 22,154.08, Taiwan Weighted strengthened 171.66 points or 0.98% to 17,731.37, Straits Times advanced 14.09 points or 0.42% to 3,364.26, KOSPI rose 25.05 points or 0.92% to 2,735.05 and Shanghai Composite gained 11.17 points or 0.34% to 3,271.03. On the flip side, Jakarta Composite lost 4.70 points or 0.07% to 6,996.12.

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