Major Asian bourses barring India gave a thumbs-up to Democrat Barack Obama's victory, which has raised expectations of new economic measures to tackle the financial crisis.
European stocks, however, slipped into red after a flurry of disappointing corporate announcements, including steel maker ArcelorMittal cutting its full-year forecast. Adding to the gloom, French banking major BNP Paribas posted a steep decline in third quarter profits while brewer Carlsberg slashed its future outlook.
In the Asian region, Japanese benchmark Nikkei 225 and Hong Kong's Hang Seng jumped in the range of 3-4 per cent.
The gains in Asian markets, except India, followed the overnight rally on the Wall Street triggered by hopes of a new leadership at the White House. The Dow Jones Industrial Average closed higher three per cent at 9.625.28 points while S&P 500 closed above the 1,000 level, rising four per cent, on November 4.
Continuing its gain for the second straight day, Nikkei 225 climbed 4.46 per cent to 9,521.24 points. The index had jumped over six per cent on November 4.
Further, Hong Kong's Hang Seng Index advanced 3.17 per cent to close at 14,840.16 points.
India's 30-share Sensex declined 4.81 per cent to close at 10,120.01 points. On the other hand, all the major European indices -- UK's FTSE 100, Germany's Dax and France's Cac 40 dropped as much as two per cent, following a flurry of disappointing corporate news.
London Stock Exchange's FTSE 100 declined 2.96 per cent to 4,502.29 points while Dax skid 2.27 per cent to 5,158.08 points. Further, Cac 40 plunged 3.10 per cent to 3,576.63 points.
The world's largest steel maker ArcelorMittal today slashed its earnings' outlook for the fourth quarter this year due to increased production cuts. In addition, French banking giant BNP Paribas posted a 56 per cent decline in third-quarter profits, after being battered by the financial turmoil. Brewer Carlsberg said it would slash its full-year outlook despite reporting a rise in profit for the third quarter.
Meanwhile, a day after the Australia's apex bank reduced the key interest rate to 5.25 per cent from 6 per cent, the country's S&P/ ASX 200 Index traded in the positive zone. The index grew about three per cent to 4,336.60 points.
Singapore's Straits Times Index, South Korea's Kospi and China's Shanghai SE Composite IX too ended the day with more than two per cent gains.
