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Market Update

Nikkei Rebounds as Asia Extends Gains

Asian markets extended gains Tuesday with Japanese markets rebounding from yesterday's losses as the yen grew weaker against the dollar.

Tokyo's benchmark Nikkei index rallied 1.6% as exporters gained ground, and as reports emerged the government may slash corporate taxes.

Elsewhere in the region, Hong Kong's Hang Seng added 0.7%. Australia's S&P/ASX All Ordinaries edged up 0.3% while the BSE Sensex opened 0.1% higher. Mainland China's Shanghai Composite was trading flat at the time of writing, giving up early gains amid choppy trades.

Stocks on the Move

Exporters in Tokyo were riding high on the yen's softness. A weaker yen boosts earnings outlook of export-focused firms.

Among the gainers, Sharp Corp and Panasonic Corp. gained around 3.5% each while ca maker Mazda Motor accelerated 3.7%.

In the resources segment, Kobe Steel and JFE Holdings added 2% each.

Property developers in Hong Kong were on the top of the list of gainers. China Resources Land surged around 4% while Poly Property Group gained 3%.

Metal players extended their rally -- Angang Steel bounced 4.5% and Aluminum Corp. of China enhanced over 3%.

Banks, too, continued to trade in the green for a second straight session. Agricultural Bank of China jumped 3.7%, China Construction Bank improved 1.2% while ICBC tacked on a percent.

In Mumbai, autofirms and IT stocks were among the forerunners. Mahindra & Mahindra accelerated 3.2%, Hero Motocorp drove up 2% while Wipro added 2.5% and Infosys added 2%.

Miners in Sydney moved slightly higher, shedding off early weakness. Rio Tinto rallied 1.2% while Fortescue Metals Group climbed 0.7%.