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Asia markets live updates: Indian elections, Australia GDP

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 rising after a heavy sell-off in the previous session as investors assessed India’s election results.

India’s Nifty 50 index gained 1.98% and the BSE Sensex added 2%.

The Nifty had plunged 5.93% on Tuesday, while 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.

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

Australia’s S&P/ASX 200 closed 0.41% higher at 7,759.40.

However, Japan’s Nikkei 225 dropped 0.89% to close at 38,490.17, while the broader Topix shed 1.41% to end at 2,748.22.

South Korea’s Kospi ended 1.03% higher at 2,689.50, while the smaller-cap Kosdaq rose 0.58% to close at 850.75.

Hong Kong’s Hang Seng index traded 0.06% lower, while mainland China’s CSI 300 index dipped 0.58% to close at 3,594.79.

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.

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