By Ambar Warrick 

-- Most Asian stock markets rose on Thursday, with technology shares gaining the most after the Federal Reserve’s latest meeting drove up expectations for an eventual dovish tilt by the central bank, while Indian markets lagged amid renewed losses in Adani Group.

Technology-heavy bourses were the best performers for the day, with the index and the rising 1.1% and 0.8%, respectively. Hong Kong’s index also advanced 0.4%. 

The Federal Reserve as expected on Wednesday, and signaled that it will keep hiking rates to curb inflation. But this spurred expectations that the ensuing economic fallout will push the bank into by as soon as late-2023. 

Most risk-driven markets rallied on this notion, with also gaining overnight. The tech-heavy logged the biggest gains among its peers.

The prospect of a Fed pivot is especially attractive to Asian equities, after they were battered by surging interest rates through 2022. 

Indian stocks lagged their peers, with the and indexes trading in a flat-to-low range. Losses were centered largely around firms under the Adani Group along with industrials and bank stocks exposed to the conglomerate, after it abruptly by its flagship firm, Ltd (NS:). 

Indian markets were also digesting the 2023 budget, which was released on Wednesday. The budget outlined more income tax breaks, and also flagged increased government spending this year.

Consumer goods giant Ltd (NS:) was the best performer on both Indian indexes, rising 5.5% to a record high, while tech heavyweights including Ltd (NS:) and Ltd (NS:) also gained.

Chinese stocks lagged their peers amid lingering uncertainty over an economic recovery in the country this year. and PMI data sets released this week painted a mixed picture of the economy after Beijing relaxed most anti-COVID measures earlier this year.

The index fell 0.3%, with losses in major investment houses and industrial stocks weighing the most, while the index rose 0.1% as strength in major technology stocks helped offset broader losses.

Focus now turns to upcoming central bank meetings in the and the , which are expected to result in more interest rate hikes. Markets are also awaiting a slew of earnings from major Chinese firms in the coming weeks.