Asian Stock Market Rebounds On Bargain Hunting, Tech Concerns Persist; Sensex And Nifty 50 Hits Record Highs

In today’s trading session, Asian markets mostly showed gains after recent dips, as investors shrugged off another challenging day for tech giants on Wall Street, which has sparked fears of a market correction following a series of record highs. 

Additionally, investors are closely monitoring Tokyo, where Japan’s top currency official has cautioned that authorities are prepared to intervene around the clock to support the yen, hovering near three-decade lows against the dollar. 

India’s Sensex and Nifty 50 hit record highs, driven by strong trends in Asian markets and gains in blue-chip bank stocks. Sensex climbed 541.25 points to 77,882.33 while Nifty went up by 130.8 points to 23,668.65. Positive economic indicators, such as India’s current account surplus, have also fueled the bullish sentiment. 

Axis Bank, HDFC Bank, ICICI Bank, UltraTech Cement, State Bank of India, and Kotak Mahindra Bank were the top gainers among the Sensex constituents. On the other hand, Adani Ports, Power Grid, Tata Steel, and Asian Paints were among the low performers. 

According to the Reserve Bank of India, India achieved a current account surplus of $5.7 billion, or 0.6% of GDP, in the March quarter — the first surplus in ten quarters. This positive economic indicator is expected to ease pressure on the rupee and attract increased foreign institutional investor (FII) inflows once there is clarity on Federal Reserve rate cuts, remarked V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.  

Meanwhile, Tokyo’s Nikkei 225 is up by 0.5% closing at 39,001.39. Hong Kong’s Hang Seng index increased by 0.5% to 18,120.43 while the Shanghai Composite surged by 0.1% closing at 2,965.17.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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