Asian markets rally for second day in a row on Tuesday

Sentiments continued to remain bullish in the Asian region for second straight day and all the Asian equity indices snapped the day’s trade in the positive terrain on Tuesday, as investors taking positions in fundamentally strong stocks after intense selling through May, amid hopes that Greece will avoid exiting the euro-zone. Moreover, hopes that China will implement new stimulus policies to lift domestic demand and fast track some major construction projects too aided the regional sentiments. However, market-men remained cautious by euro-zone woes as attention turned to Spain, where a growing banking and borrowing crisis has raised fears the country could be forced to ask for a bailout.

Meanwhile, Chinese index Shanghai Composite ended up 1.20 percent led by consumer stocks after Chinese Premier Wen Jiabao called for a faster opening of the country’s services sector while, Hong Kong benchmark rose 1.35 percent, lifted by hopes Chinese authorities will announce fresh monetary easing measures. In addition, Japanese Nikkei reversed its early losses to close with a gain of over 0.70 percent after Japan and China said they would allow direct trading in each other's currencies for the first time. However, Nikkei had made a start in red on report that unemployment unexpectedly rose in the country. The unemployment rate increased to 4.6 percent in April from 4.5 percent in March, the first increase in three months.