Asian markets broadly advanced on Tuesday, tracking a strong rally on Wall Street that was fueled by renewed optimism in the artificial intelligence sector and growing hopes for an imminent end to the US government shutdown.
Japanese and South Korean stocks led the gains, with major technology and semiconductor firms posting strong performances.
The positive sentiment, however, did not extend to India, where benchmark indices opened lower.
The rally was most pronounced in the region’s tech-heavy markets. Japan’s benchmark Nikkei 225 index climbed 0.91%, with AI-related stocks among the top movers.
Conglomerate SoftBank added 3.57%, and chipmaker Renesas Electronics jumped 4.35%.
The momentum was even stronger in South Korea, where the Kospi index rose 1.94%, extending its gains for a second day.
Index heavyweights and key players in the AI supply chain, Samsung Electronics and SK Hynix, soared 4.97% and 4.62% respectively.
This followed a powerful session in the US on Monday, where Nvidia stocks jumped 5.8% to lead gains on the S&P 500, and Google parent Alphabet advanced 4%.
In corporate news, shares of Chinese electric vehicle maker Xpeng skyrocketed more than 13%, its second consecutive day of massive gains.
The surge followed the company’s recent unveiling of new robotaxis and humanoid robots powered by its self-developed AI chips.
Elsewhere in Japan, shares of financial conglomerate Orix rose after it announced a partnership with Qatar’s sovereign wealth fund to launch a new $2.5 billion private equity fund.
The fund will invest in Japanese companies, targeting business successions and privatizations.
Indian markets open lower amid consolidation
While most of Asia rallied, Indian stocks opened weaker on Tuesday, with the Sensex and Nifty retreating after a strong performance in October.
Financial stocks led the declines as investors turned cautious, with volatility remaining elevated ahead of the Nifty 50’s weekly derivatives expiry.
At the open, the S&P BSE Sensex fell 0.31%, or 258 points, to 83,277.03, while the NSE Nifty 50 dropped 0.32% to trade below the key 25,500 level.
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