Shares of Nippon India ETF Hang Seng BeES were locked at the upper circuit on Tuesday, January 13, tracking strong gains in the Hong Kong equity market and a broader risk-on sentiment across Asian markets.
The ETF, which mirrors the performance of Hong Kong’s Hang Seng Index, surged after the benchmark index touched a two-month high, rising around 1% during the morning session and hitting its strongest level since mid-November 2025.
Rally in Hong Kong equities lifts ETF sentiment
The sharp move in Hang Seng BeES comes amid renewed investor confidence in Hong Kong equities. Healthcare and energy stocks led the rally in Hong Kong, supporting gains in heavyweight index constituents that form a large part of the ETF’s underlying portfolio.
Positive developments such as strategic global partnerships, including deals involving Chinese biotech firms, added to optimism, while easing risk perception around China-linked assets helped attract fresh flows.
Asia-wide risk-on mood adds momentum
The rally in Hong Kong coincided with a broader Asian market uptrend, with Japanese equities outperforming on optimism around artificial intelligence-led growth. The improved sentiment across Asian markets spilled over into Hong Kong-focused instruments traded in India.
Although mainland Chinese indices such as the CSI300 and Shanghai Composite traded largely flat after recent highs, sustained strength in Hong Kong stocks was sufficient to push the India-listed ETF sharply higher.
Why the ETF hit the upper circuit
Hang Seng BeES is a passive ETF, and its price movement closely follows changes in the Hang Seng Index. The sharp rise in the underlying index, combined with strong buying interest and limited intraday liquidity, led the ETF to hit its upper circuit limit during Indian market hours.
The move reflects global cues rather than any India-specific development, with the ETF acting as a direct proxy for Hong Kong market performance.
