Asian Stock Market Showed Mixed Performance Following US Jobs Report; Sensex, Nifty 50 Hit Another Record High
In today’s trading, Asian markets were mixed following a stronger-than-expected jobs report on Friday. Meanwhile, the Sensex hit another record high, while the Nifty 50 hit a new all-time high. Gains in major index heavyweights including Reliance Industries, Ultratech Cement, Grasim Industries, and Cipla drove the rally.
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The Indian stock market reached record highs in early trading, with Sensex surpassing 77,000, and the Nifty 50 climbing above 23,400, amid positive sentiment. This bullish moment followed Narendra Modi’s swearing-in as India’s Prime Minister for a third consecutive term on Sunday.
Leading the gains among sectors were Nifty PSU Bank, Nifty Realty, Nifty Oil & Gas, Nifty Pharma, and Nifty Auto, while Nifty IT traded showed a decrease.
Market sentiment improvised as concerns over political stability and policy continuity eased following the swearing-in of the new government led by Prime Minister Narendra Modi over the weekend. Yesterday, Narendra Modi took the oath as Prime Minister of India for a third consecutive term. In addition, 71 ministers in the new coalition government were administered the oath of secrecy and office by President Droupadi Murmu.
Indian Stock market participants will now focus on the composition of the council of ministers in the new NDA government, as well as key global domestic factors. These include the US Federal Reserve policy outcome, the Bank of Japan’s interest rate decision, and the inflation data from both India and the US this week, for further indications on the direction of the markets.
In Tokyo, the Nikkei 225 index rose by 0.5% to 38,872.19 after government data on Monday revealed that Japan’s economy contracted at an annualized rate of 1.8% in January-March compared to the previous quarter, an improvement from the previously reported 2% decline.
Meanwhile, South Korea’s Kospi fell by 0.7% to 2,705.06. Stock markets in China, Hong Kong, Australia, and Taiwan were closed for trading due to holidays.
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