Indian stocks soared to extend gains on Tuesday, with auto companies leading after Monday’s federal budget didn’t raise excise duties and as February sales increased.
Most other regional markets also advanced, with stocks in Shanghai and Hong Kong advancing after two separate surveys showed China’s manufacturing activity continued to expand in February, albeit at a smaller pace.
Japan’s Nikkei Stock Average advanced 1.2%, Taiwan’s Taiex finished 1.5% higher and India’s Sensex climbed 3.5%. China’s Shanghai Composite Index rose 0.5% and Hong Kong’s Hang Seng Index gained 0.3% after Chinese manufacturing PMI data were announced. China’s official manufacturing PMI slowed to 52.2 in February from 52.9 in January, while the HSBC PMI for February fell to 51.7 from 54.5 in January.