Asian markets edge up amid steady trades

Most indices manage to hold their recent gains; Japanese stocks pare some of the latest gains

Asian markets ended mixed though most of the indices managed to hold their recent gains with Japan being the notable exception. Weak closing on Wall Street in the previous session and rising crude oil prices in the international market amidst geopolitical tensions in Libya impacted market sentiment. Commodities remained strong even as the US dollar came off its five-month lows against the Euro.




The US markets ended lower in overnight trades and the early trades in Asia were tentative today. The stocks in Japan endured a swift fall in late trades on reports stating that radiation contaminated water was found in Tokyo taps. Gains in last two session also triggered some profit selling and the benchmark Nikkei 225 index dropped 158.85 points, or 1.65% to close at 9,449.47 points.

In Australia, markets were edgy amid weak overnight US cues though gains in commodities supported the sentiments and the benchmark S&P/ASX200 Index went up by 9.00 points, or 0.19% on the day to close at 4,652.40 points.

In China, shares were in a good touch though and banks drove higher amid a drop in money market rates as inflationary pressures were expected to east a little. Bank of China Ltd added 0.61% while the Industrial & Commercial Bank of China Ltd gained 0.9%, making the benchmark Shanghai Composite index close at 2949.07 points, up 29.93 points or 1.03% on the day, gaining for a third session in a row.

In Mumbai, the key benchmark indices logged decent gains, extending Tuesday's advance, on firm global cues. Index heavyweights -- ICICI Bank, Reliance Industries, Infosys Technologies and ITC led the rally. The market sentiment was positive after billionaire investor and international investment icon Warren Buffett said yesterday that he is looking forward to using the enormous cash pile of flagship firm Berkshire Hathaway to acquire companies in India. The sentiment was also boosted by the government tabling two key reforms bills in parliament on Tuesday, 22 March 2011. The BSE 30-share Sensex was up 217.86 points or 1.21% on the day to close at 18,206.16 points.

In other markets, Taiwan Weighted index in Taiwan rose 0.44%, the Straits Times index in Singapore added 0.65% while the Seoul Composite index in South Korea dropped 0.07%. In commodities, crude oil edged higher, extending the gains in the last session. The prices are quoting at $105.10, up 13 cents on the day. Gold futures slid lower initially but carved in impressive gains as the Libya worries supported the yellow metal. The counter currently quotes at $1433.20, up $5.60 per ounce on the day.