Asian markets rally as House gives final approval to Biden’s pandemic bill

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Asian markets moved higher on March 11 following robust gains on Wall Street overnight after falling bond yields and a new stimulus package spurred investors to snap up stocks that will benefit from a faster recovery.

Hang Seng advanced 449 points, or 1.51%, to 29,344 in the afternoon trade, while Nikke and Shanghai also gained 0.60% and 2.36%, respectively.

The blue-chip Dow jumped 464.28 points, or 1.5%, to close at a record high of 32,297.02. The S&P 500 added 0.6% to 3,898.81, led by energy and financials. The Nasdaq Composite closed less than 0.1% lower at 13,068.83 after gaining as much as 1.6% earlier in the day.

House Democrats passed a $1.9 trillion coronavirus relief bill, sending it to President Joe Biden, who is expected to sign on March 12. Biden said checks of up to $1,400 should start going out this month.

On the other hand, domestic equity market are shut on account of Mahashivratri. The benchmark BSE Sensex and NSE Nifty index gained for the third session in a row on Wednesday, tracking a rebound in broader Asian markets as easing in bond yields calmed investor jitters globally.

At the closing bell, the BSE gauge Sensex quoted 254.03 points or 0.50% higher at 51,279.51 – taking its three-session gains to 874.19 points or 1.73%.

While the NSE barometer Nifty closed higher by 76.40 points or 0.51% at 15,174.80 – aggregating its three-day gains to 276.70 points or 1.85%.