India’s Nifty plummets 3.5% to lead Asia markets lower as election vote counting kicks off

Soegeefx AppsAsia MarketIndia’s Nifty plummets 3.5% to lead Asia markets lower as election vote counting kicks off

Shreyashi Sanyal

India stocks slumped to lead Asia markets lower Tuesday, as the country started counting votes for its 2024 general election.

The world’s most populous country started counting votes at 8 a.m. local time, with Prime Minister Narendra Modi projected to win a rare third consecutive term as per the exit polls.

The Nifty 50 index was down 3.5% while BSE Sensex fell 1.5%, after the main stocks gauges in India hit record highs on Monday.

Over the weekend, local exit polls projected Modi and his Bharatiya Janata Party-led alliance winning a decisive majority in the lower house of the parliament.  

Japan’s Nikkei 225 fell 0.22%, while the broader Topix dipped 0.24%.

South Korea’s Kospi shed 0.47% and the smaller-cap Kosdaq reversed earlier declines to rise 0.8%.

Hong Kong’s Hang Seng index edged 0.31% higher, while the CSI 300 index added 0.4%.

In Australia, the S&P/ASX 200 index was down 0.19%.

.N225 Nikkei 225 Index *NIKKEI 38821.27 -101.76 -0.26
.HSI Hang Seng Index *HSI 18441.59 38.55 0.21
.AXJO S&P/ASX 200 *ASX 200 7746.5 -14.5 -0.19
.SSEC Shanghai *SHANGHAI 3077.89 -0.6 -0.02
.KS11 KOSPI Index *KOSPI 2670.1 -12.42 -0.46
.FTFCNBCA CNBC 100 ASIA IDX *CNBC 100 9664.25 -39.34 -0.41

Overnight, U.S. stock index futures were listless as Wall Street looked to find its footing after an uneven start to the month.

Futures for the Dow Jones Industrial Average were roughly flat. S&P 500 futures and Nasdaq 100 futures ticked up less than 0.1% each.

The Dow fell more than 115 points, or 0.3%, on the first trading day of June. The S&P 500 and Nasdaq Composite both rose modestly on Monday.

— CNBC’s Jesse Pound and Charmaine Jacob contributed to this report.

South Korea CPI rises at slowest pace in 10 months

South Korea’s consumer inflation slowed in May, official data showed, with the pace of increase coming in below expectations.

The consumer price index increased 2.7% in May from a year ago, rising at its slowest pace since July, according to LSEG data.

The number was also smaller than a 2.9% increase in April and a gain of 2.8% expected by a Reuters poll of economists.

South Korea’s core CPI, which excludes volatile food and energy products, gained 2.2% year-over-year in May.

— Shreyashi Sanyal

CNBC Pro: The market has ‘completely missed’ this critical AI chip stock, says fund manager

A U.S. company that provides electronic design software to chip makers, has been “completely missed” by investors, according to Clare Pleydell-Bouverie, fund manager at Liontrust.

The company has tools for engineers to find and fix problems in the design of computer chips before they are manufactured.

Pleydell-Bouverie said the company is a “key enabler of [AI growth], and that’s been completely missed by the market.”

— Ganesh Rao

CNBC Pro: Here are top alternatives to Nvidia that are still cheap, according to the pros

Nvidia shares keep smashing records. But Nvidia isn’t the only one benefitting from bullish sentiment on AI — other tech names also got a boost, leading the Nasdaq to close at a record high.

Is it too late to buy into the AI boom? We asked the pros which are the best stock alternatives to Nvidia that are still cheap.

— Weizhen Tan

Goldman’s Kaplan says no rate cut until at least September

Goldman Sachs vice chairman and former Dallas Fed President Robert Kaplan told CNBC on Monday that he does not see a rate cut this summer unless something “shocking” happens.

“I think September is the first month where a cut is a possibility, but I think the Fed would need to see at least a few more months of improvement in inflation. If they see it, September is possible,” Kaplan said on “Closing Bell.”

The central bank’s next policy decision is due out June 12.

— Jesse Pound

GameStop rises in extended trading after latest Reddit post

Shares of GameStop were up 3% in after-hours trading, building on a 21% gain during regular market hours.

The latest move came after another Reddit post that appeared to be from Keith Gill, aka Roaring Kitty. The post appeared to show that Gill still holds his GameStop shares and call options positions in the stock after Monday’s rally.

CNBC has not independently verified the Reddit post.

— Jesse Pound, Yun Li

Source : cnbc

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