India stocks steady after massive declines as investors digest election results; broader Asia markets mixed

India stocks steady after massive declines as investors digest election results; broader Asia markets mixed


Indian Prime Minister Narendra Modi gestures as he arrives at Bharatiya Janata Party (BJP) headquarters in New Delhi, India, June 4, 2024. 

Adnan Abidi | Reuters

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.

The Nifty 50 index edged 0.61% higher and the BSE Sensex added 0.75%.

The Nifty 50 plunged 5.93% on Tuesday, and the Sensex lost 5.74%, 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.

Elsewhere, first-quarter gross domestic product from Australia came in at 1.1% year-over-year, slightly below a Reuters poll expectation of 1.2%.

Australia’s S&P/ASX 200 edged 0.45% higher.

However, Japan’s Nikkei 225 dropped 1.07%, while the broader Topix shed 1.42%.

South Korea’s Kospi rose 1.13%, while the smaller-cap Kosdaq rose 0.45%.

Hong Kong’s Hang Seng index rose 0.33%, while mainland China’s CSI 300 index dipped 0.33%.

Overnight in the U.S., the Dow Jones Industrial Average rose as Wall Street sought its footing after an uneven start to the month.

The 30-stock Dow climbed 0.36%, while the S&P 500 added 0.15% and the Nasdaq Composite advanced 0.17% to 16,857.05.

Treasury yields were notably lower, with the rate on the benchmark 10-year note slipping about 7 basis points.

— CNBC’s Brian Evans and Jesse Pound contributed to this report.



Source

Canada rescinds Digital Services Tax after Trump cuts off U.S. trade talks
World

Canada rescinds Digital Services Tax after Trump cuts off U.S. trade talks

U.S. President Donald Trump is greeted by Prime Minister of Canada Mark Carney, as he arrives at the G7 leaders’ summit in Kananaskis, Alberta, Canada June 16, 2025. Stefan Rousseau | Via Reuters Canada has walked back on its digital services tax “in anticipation” of a mutually beneficial comprehensive trade arrangement with the United States, […]

Read More
China’s manufacturing activity contracts for a third month amid deflation woes
World

China’s manufacturing activity contracts for a third month amid deflation woes

Workers producing garments at a textile factory that supplies clothes to fast fashion e-commerce company Shein in Guangzhou in southern China’s Guangdong province. Jade Gao | Afp | Getty Images China’s manufacturing activity contracted for a third straight month in June, an official survey showed on Monday, fueling hopes for more stimulus to cushion the […]

Read More
Asia-Pacific markets rise as investors parse a slew of data releases
World

Asia-Pacific markets rise as investors parse a slew of data releases

Aerial view of Seoul downtown city skyline with vehicle on expressway and bridge cross over Han river in Seoul city, South Korea. Mongkol Chuewong | Moment | Getty Images Asia-Pacific markets rose Monday as investors parsed a slew of data points, including South Korea and Japan’s industrial output figures for May and China’s purchasing managers’ […]

Read More