Asia-Pacific markets mixed as investors digest India election results
Istanbul, June 5 (Hibya) - Asia-Pacific markets were mixed on Wednesday, with stocks in India stabilizing after a heavy sell-off in the previous session as investors assessed India’s election results.
Australia’s S&P/ASX 200 edged 0.45 percent higher. However, Japan’s Nikkei 225 dropped 1.07 percent, while the broader Topix shed 1.42 percent. South Korea’s Kospi rose 1.13 percent, while the smaller-cap Kosdaq rose 0.45 percent.
Hong Kong’s Hang Seng index rose 0.33 percent, while mainland China’s CSI 300 index dipped 0.33 percent.
India's Nifty 50 index edged 0.61 percent higher and the BSE Sensex added 0.75 percent. The Nifty 50 plunged 5.93 percent on Tuesday, and the Sensex lost 5.74 percent, marking their sharpest fall since 2020 after Prime Minister Narendra Modi’s Bharatiya Janata Party fell short of an outright majority in the lower house of parliament.
The All India Market Capitalization index, tracked on the Bombay Stock Index, lost over 31.06 trillion rupees, or about $371 billion, on June 4.
Modi is still set for a third term in power after the BJP-led National Democratic Alliance secured 294 seats, more than the 272 needed for the coalition to form the government.
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