Rallying in-line with the sentiment across the rest of the global markets, the Asian markets ended Tuesday’s session higher. The sentiment in the region also improved after the Singapore government raised its economic forecast for 2009 to reflect a stronger performance in the second quarter.
Japan’s Nikkei 225 average opened sharply higher and moved sideways for the rest of the session, as bargain hunting triggered by the positive lead from Wall Street helped the index snap a nine-session losing streak and close up 211.48 points or 2.34% at 9,262.
Brokerages led the market gains, while exporters also rose in reaction to the weakening of the yen against the dollar. NEC Electronics closed up about 10% on reports that the company is planning to ramp up the output of microcontrollers.
Australia’s All Ordinaries opened unchanged and spiked sharply in early trading before flattening out. The index ended up 120.80 points or 3.23% at 3,859. Most sectors, barring defensive healthcare stocks, ended higher.
Miners BHP Billiton and Rio Tinto advanced sharply in the session. The four major banks, namely the Commonwealth Bank, National Australia Bank, ANZ Bank and Westpac also saw solid gains.
Hong Kong’s Hang Seng Index opened higher and moved sideways thereafter before seeing incremental buying interest in late trading. At the close of trading, the index was up 631.10 points or 3.665 at 17,886. Forty-one of the forty-two index components ended the session higher, with Hong Kong & China Gas ending unchanged.
The Indian market closed sharply higher and closed near the day's high on Tuesday, helped by firm overseas cues. Short covering by speculators and reports that monsoon rains will intensify in the coming days also influenced trading. The BSE Sensex opened higher at 13,549 and rose to a high of 13,903 before finishing at 13,854, up 453 points or 3.38% from its previous close.
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