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Market Update

Nikkei Shines in Downbeat Asia

The Nikkei bucked the trend as Asian markets ended with losses Thursday, tracking overnight declines on Wall Street after minutes from the Fed's October policy meeting showed policy makers are still considering winding down the stimulus in the coming months.

The Nikkei gained 1.9%. The Shanghai Composite ended flat while the Hang Seng declined 0.5%. The Sensex dropped 2% and the All Ordinaries was off 0.4%.

The Nikkei gained after the Bank of Japan kept policy steady in its latest review at 0.10% as expected and said the economy continues to recover moderately.

Earlier today, HSBC's closely watched November flash manufacturing PMI for China showed a reading of 50.4, easing from 50.9 in October.

Stocks on the Move

Sony gained 1.4% while Panasonic gained 2.3%. Olympus scaled up 2.8%.

In autos, Honda accelerated 3.4%.

Chinese stocks retreated for the first time after gaining strongly since the beginning of the week - brought on by policy reforms announced last week Friday.

ICBC declined 0.4% while China Construction Bank Corp. was down 1.1%.

SSLT led losses in Mumbai, down 3.9%, followed by HDFC, down 3.6%, and L&T, down 2.9%.

BHEL, NTPC, Sun Pharma, ITC, Tata Power, Jindal Steel, ONGC, ICICI Bank, Bajaj Auto, and SBI all ended lower in a range between 2% and 2.7%.

BHP Billiton ended flat while BlueScope Steel strengthened 1.1%.