Tuesday, 25 June 2024
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Japan’s Nikkei reaches a 33-year high as tech stocks soar

  • The Nikkei share average in Japan achieved its highest level since March 1990.
  • The Topix index as a whole increased by 0.93%.
  • Indian stocks started the day higher at 21,650, and the Index continued to rise.

Driven by a surge in companies tied to chips, the Nikkei share average in Japan achieved its highest level since March 1990. The index reached a 33-year high of 33,858.63, up 1.44% from there. The Topix index as a whole increased by 0.93%.

After a Wall Street rise in technology stocks, which included gains from chipmakers Nvidia and Advanced Micro Devices, the Nikkei soared. Nintendo shares, Tokyo Electron, Advantest, and DeNA were among the top performers. The index increased by about 200 points as Tokyo Electron surged 4.27% and Advanced Micro Devices increased by 7.06%.

Sensex and Nifty

This year saw a 7.83% increase in DeNA’s plans for an equity-method affiliate firm and Nintendo’s unveiling of a new game system. In 2023, the Nikkei recorded its best year in ten years, helped by hopes for improved governance.

A sharp dip in oil prices led to a decline in energy shares, and the mining stock sub-index of the Tokyo Stock Exchange fell 1.55%. The Nikkei reached its highest point since Japan’s asset price bubble burst in 1989 after gaining an extra 1.6% since the last trading day of the previous year.

Indian stocks started the day higher at 21,650, and the Index continued to rise. Nevertheless, the Index dropped to 21,544.85 with gains of 31.85 points due to a decrease in financial companies.

The top-gaining sectors were auto, pharmaceutical, and real estate. The PSU Banking sector and BankNifty both finished the day in the red. The Index is bouncing between 21,500 and 21,800, and clarity can be obtained by a breakout in either direction. On January 9, benchmark indices closed higher for a second straight day, with the Nifty closing at 21,550.

The Nifty’s top gainers included Hero MotoCorp, Adani Ports, SBI Life Insurance, Apollo Hospitals, and Adani Enterprises. 0.5–2.5 percent growth was seen in each of the following sectors: real estate, auto, healthcare, capital goods, metal, and power. In contrast to the Smallcap index, which rose 0.3%, the BSE Midcap index finished flat.

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