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Emerging-market equities experienced a rally, driven by AI-related stocks in Hong Kong and China, following Alibaba's report of surging AI revenue. Alibaba's shares jumped significantly, boosting the MSCI EM Index. Meanwhile, the Indonesian rupiah saw the largest gain against the dollar in Asia as Bank Indonesia intervened to stabilize the currency amid political concerns.
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Mumbai stock market is set for a change. Derivative contracts will now expire on different days. National Stock Exchange contracts move to Tuesdays. Bombay Stock Exchange contracts will expire on Thursdays. This shift follows regulator Securities and Exchange Board's directive. Traders anticipate increased activity earlier in the week. The change aims to reduce market volatility.
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Indian equities rebounded strongly on Monday, fueled by encouraging GDP data after a three-day losing streak. The NSE Nifty closed up 0.8% and the BSE Sensex rose 0.7%. However, concerns remain about potential US tariffs, a weaker rupee, and modest earnings growth, which could limit further market gains. Foreign investors continued selling, while domestic investors provided support.
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