Market Update
The Sensex outperformed markets in the Asian region with bank and tech stocks driving gains for the benchmark.
Trading was thin in most markets ahead of the Easter break beginning tomorrow.
The Nikkei ended flat. The Shanghai Composite slipped 0.3% while the Hang Seng was up 0.3%. The Sensex gained 1.6% and the All Ordinaries added 0.6%.
Earlier, data showed foreign direct investment in China fell 1.47% in March to $12.24 billion.
In Japan, data showed household confidence rose less-than-expected to an annual rate of 37.5 from 38.3 in the preceding month.
In other news, Bank of Japan Governor Haruhiko Kuroda said the bank was willing to make policy adjustments if needed.
S&P said in an interview with Thomson Reuters the agency may upgrade India’s outlook if the government that is elected next month addresses some of the country’s fiscal and economic challenges.
Stocks on the Move
A slightly softer yen helped some exporters' stocks. However, Sony fell 0.8% after it said it would sell its entire stake in videogame maker Square Enix for 15.3 billion yen, or $147 million, as reported by Dow Jones Newswires. Enix shares jumped 5.6%.
Newspaper reports also moved some shares as Canon gained 1.3% on a Nikkei article that the company is set to report a 50% increase in first-quarter operating report.
Rakuten surged at the market open also on a Nikkei article but gave up all its gains and ended down 0.4%.
Banks were higher in Hong Kong, supported in part by a decision to cut reserve requirement ratios for certain country-level rural banks. China Construction Bank Corp. advanced 1.1% while China Merchants Bank was up 1.6%. AgBank gained 0.6%.
CITIC Pacific fell 2.8% on news its parent – state-owned CITIC Group – would transfer most of its assets to the company for 226.9 billion yuan in cash and shares.
In Mumbai, Hindalco was the top gainer, up 4.4%, followed by Tata Motors, up 4.2%, and ICICI Bank, up 3.3%.
BHEL gained 3.1% while SBI rose 3%. Tata Power was up 2.6% while Wipro added 2.4% ahead of its results later this evening.
Axis Bank, Hero MotoCorp, M&M, and ITC were all up over 2%.
RIL, Gail India, ONGC, Sun Pharma, SSLT, Tata Steel, HDFC, and Infosys were all up in a range between 1.1% and 1.9%.
TCS gained 1% after reporting healthy profits and providing stronger growth forecasts.
Woodside Petroleum climbed a percent after the company reported a 16% rise in first-quarter production and said it remains in talks with the Israeli government to buy part of a giant offshore natural gas discovery – the Leviathan gas field.
Santos was down 0.2% after it said production was up just 1% from a year earlier and stuck to its previous output guidance for the year.
Electronics retailer Dick Smith ended 1.8% higher after it said it sees its New Zealand operations returning to growth and would open more stores there.