While analysing the performance of Asian markets, Indian benchmark indexes kicked off the week with the negative opening as both the benchmark indexes traded lower. Markets continue to trade lower as banking and finance stocks suffered some losses post the central bank’s tightening guidelines about the lending rules. National stock exchange (NSE) Nifty 50 index initiated the session flat at 19,730, with S&P Bombay Stock Exchange (BSE) Sensex opening the day at 65,775. By the end of the day, BSE Sensex was at ~65,655.15, which exhibits a fall of ~0.21% and Nifty 50 closed at ~19,694.0.
Talking about stock movers, in the Nifty stocks, Divislab led the gains as the scrip increased ~2.11% which was followed by gains in Coal India and HCL Technology of 1.32% and 1.26%, respectively. Among the 13 sectors, Nifty IT led the gains which increased by ~1% as L&T Technology and LTI Mindtree gained by ~2.3% and 1.57%, respectively.
While investors are keen on the performance of Asian markets, US market traded higher. In the US, the markets extended gains on Monday, and the dollar retreated against the global counterparts. The treasury yields ended lower, as investors continue to focus on protecting the strong November rally.
Treasury yields ended lower post the solid auction of $16 billion in new 20-year bonds. The auction saw bids to the tune of more than $41 billion, with foreign investors snapped-up ~74% of entire sale. All eyes were on the shares of the tech giant Microsoft after the company announced that OpenAI founder Sam Altman will join Microsoft and manage its AI-related growth strategies. The company’s shares touched the fresh all-time high of $377.44, which exhibits a rise of ~2.05%.
In Japan, Nikkei Stock Average’s increased to the fresh 33-year high. This stemmed from an inflow of capital from the global and overseas investors due to strong earnings, lesser interest rates and projections that its economy continues to emerge from deflation. Retailers implemented price increases so that higher costs can be absorbed. Japanese investors continue to see rush of foreign-demand-focused companies improving forecasts. Experts believe that strong fundamentals of Japanese companies are now confirmed.
Japanese stocks saw strong performance and they been standout performers for 2023 YTD. Nikkei average went up by ~29% between the end of last year and this Friday’s close, surpassing the gains of ~18% for S&P 500, and gains of ~7% for Stoxx Europe 600.
Finally, Chinese markets ended their trading session higher as benchmark Hang Seng Index went up by ~1.86% to touch ~17,778.07.