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Market Update

Asian Markets Score High; Sensex Soars 3.7%

Asian markets extended gains Tuesday, following a positive lead from Wall Street overnight, as concerns about Syria and Fed's tapering plans eased.

Also boosting sentiment was Chinese economic data released Tuesday, which depicted a better-than-expected performance of the country’s industrial and retail sectors during August.

Markets opened in the green tracking gains on Wall Street overnight, where stocks notched higher on heels of some positive economic reports from China and Japan, and as a U.S.-led strike against Syria seemed less likely.

Meanwhile, Friday's not-so-encouraging employment figures spurred up speculations that the Fed might not have strong reasons to start scaling back its monetary stimulus policies as soon as this month.

Leading the gains, Mumbai's Sensex, which opened after a three-day long weekend, soared 3.7% at close even as the Indian rupee gained ground against the dollar.

Reserve Bank of India's new governor had recently introduced a spate of measures to stabilize the falling rupee.

Japan's Nikkei bounced 1.5%, Australia's S&P/ASX All Ordinaries gained 0.4% while China's Shanghai Composite and Hong Kong's Hang Seng were up 1.2% and 1% respectively.

Stocks on the Move

Tokyo equities opened higher on the back of a weaker yen. Among the top gainers, Komatsu jumped 6.4% on expectations of record operating profit in its parts business.

Sony Corp. gained 2.1% amid plans to launch Play Station4 on February 22nd 2014 in Japan.

Financials were among other top scorers. Daiwa Securities vaulted nearly 5% while Nomura Holdings added 2.3%.

General contractors were in good demand after Tokyo won the bid to host 2020 Summer Olympics. Hitachi Construction enhanced 7.5%, Mistubishi Fudosan Co. rallied 2.5% while Shimizu Corp. rose 5.6%.

Airlines stocks were also among the high-fliers in today's trade. Japan Airlines Co. took off more than 3% while StarFlyer Inc. added around 2%.

Hong Kong-listed airlines also scored robust gains. Air China Ltd. bounced 6.2% while China Eastern Airlines surged 6%. Cathay Pacific was up a modest 1.7%.

Some property developers added to the gains. Poly Property Group climbed 3.7% and China Resources Land improved over 3%.

Metal firms Angang Steel and Jiangxi Copper traded around 5% and 3% higher.

In Mumbai, auto stocks raced ahead, with Tata Motors leading the rally with a gain of 10%, followed by Hero MotoCorp(up 7.2%) and Mahindra & Mahindra (+5.4%).

Some defensive picks such as FMCG firms and pharmaceuticals also found support. ITC scored over 6%, Hindustan Unilever added 6% while Sun Pharma improved nearly 4%.

Banks were other smart gainers on the 30-share benchmark index.

Among Sydney-listed banks, NAB tacked on around a percent, Westpac Banking improved 1.5% while ANZ climbed 0.6%.

Miners Rio Tinto and BHP Billiton were up 1.5% and 0.7% respectively.