Asian Stocks Showed Gains Following Wall Street Rally; India’s Stock Market Hits All-time Highs
In today’s trading, Asian stocks started the month of June mostly higher, driven by a Wall Street rally spurred by a report indicating stable inflation in the US.
India’s Sensex surged to 2.8% to 76,059.59 compared to its previous close of 73,961.31, then soared reaching a new record high of 76,738.89 following a six-week-long national election, with exit polls predicting Prime Minister Narendra Modi’s third consecutive term.
On the other hand, the Nift 50 opened 807 points higher at 23,337.90 from its previous close of 22,530.70. It climbed 3.6%, hitting a fresh record high of 23,338.70 in early trading.
In addition, Nearly 200 stocks, such as SBI, ICICI Bank, Axis Bank, Bharti Airtel, Larsen and Toubro, Mahindra and Mahindra, NTPC, and Power Grid reached new 52-week highs during intraday trading on the BSE.
Last month, the Nifty 50 and Sensex ended their three-month winning streak, finishing in the negative zone due to increased volatility from election-related uncertainties. The India VIX, the volatility index, surged by 91% in May.
Following the Lok Sabha elections, analysts predict that the Indian market will likely remain in positive movement in the upcoming days, barring unforeseen negative developments.
Meanwhile, Hong Kong’s Hang Seng index surged by 2.3% closing at 18,498.33, while the Shanghai Composite index declined by 0.5% to 3,071.02.
Tokyo’s Nikkei 225 also increased by 1.2% to 38,933.36, and Seoul’s Kospi surged by 2% to 2,2688.46.
In Australia, the S&P/ASX 200 gained 0.8% reaching 7,764.30. Taiwan’s Taiex also gained 1.8%
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