India’s benchmark index hit a record high on Wednesday morning, buoyed by a jump in the share price of the country’s largest private bank.
The Nifty 50 added 0.7 per cent in early trading, driven higher by a 3.2 per cent rise in HDFC Bank, the index’s largest constituent.
US index-maker MSCI is expected to increase its weighting for HDFC in the MSCI Emerging Markets index, which investors anticipate will lead to a higher share price.
Elsewhere in Asia, China’s offshore currency fell to Rmb7.31 per dollar after the country’s central bank continued weakening the renminbi-dollar daily fixing rate.
Hong Kong stocks led gains in the region as Chinese tech and property companies listed in the city rallied.
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