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Asian shares advanced on Tuesday, supported by a tech-driven Wall Street rally, and a rebound in Chinese markets a day after weak data heightened investor concerns about the world's second-largest economy.

The dollar was under pressure as weak U.S. factory data tempered expectations about any near-term interest rate increases.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.76% on Tuesday. It is up about 5% since its 12-month low hit on Oct. 5, largely in line with a similar rally in world shares following a strong opening to the U.S. earnings season.

 

·         Indian stocks gain amid IT boost, hit record high in session

The NSE Nifty 50 index was up 0.4% at 18,542, while the S&P BSE Sensex rose 0.38% to 61,997.66 by 0530 GMT. Earlier in the session, the NSE hit a record high of 18,604.45.

 

·         Nikkei ends higher on tech boost; corporate outlook in focus

Japan’s Nikkei closed higher on Tuesday, boosted by heavyweight technology stocks that tracked Nasdaq’s gains, even as concerns prevailed ahead of the domestic earnings season starting next week.

The Nikkei share average ended up 0.65% at 29,215.52, while the broader Topix edged up 0.36% to 2,026.57 after briefly turning negative earlier in the session.

 

·         Shares of China’s Xiaomi jump 5% on news it will mass produce its own electric cars in 2024

In mainland China, the Shanghai composite edged 0.7% higher by the afternoon while the Shenzhen component was up 0.926%. Hong Kong’s Hang Seng index climbed 1.18%.

 

·         European markets muted following global gains

European stocks were little changed on Tuesday, struggling to grab the baton amid positive global sentiment.

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​The pan-European Stoxx 600 inched 0.1% higher in early trade, with tech stocks adding 0.8% while telecoms fell 0.6%.