Indian market snapped the losing streak with Reliance Industries and select financials seeing a move higher in the trade on Thursday.

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The Sensex gained 224.50 points to end at 38,243, snapping the losing streak of six sessions, while Nifty advanced 60 points to 11,537.

Broader markets also gained on the similar line as frontliners. Nifty Bank saw a gain of 93 points to close at 27,469 and Nifty Midcap Index edging 82 points higher to 19,327.

Reliance was the top contributor to the Nifty gain, followed by Kotak Mahindra Bank, HDFC twins and Sun Pharma. On the losing side, Zee Entertainment was amongst the top losers after Morgan Stanley downgraded the stock to underweight.

Tata Motors saw a gain for the second day after seeing a healthy JRL sales growth in the US and the UK. Export-orient pharma sector also had a positive outing on the back of weakening rupee. All the four stocks (Sun Pharma, Lupin, Dr Reddy’s and Cipla) saw a gain in the range of 0.3-2.5 percent.

On the currency front, the rupee hit a record low of 72.11 against the US dollar before seeing a minor recovery.

In the futures market, Nifty 11,500 and 11,400 Put options saw an addition of 6-7 lakh shares in the open interest with premiums falling 10-11 percent each. Nifty 11,650 Call option added a little more than 1 lakh shares in the open interest with premium moving 12 percent higher.

Nifty September Futures closed with a premium of 10 points against a premium of 41 points on Wednesday.

Asia's stock indexes were largely lower on Thursday, on continued emerging markets fears, and following a sell-off in tech stocks overnight on Wall Street.

The Nikkei 225 saw a decline of 0.4 percent to close at 22,488, as the electricity generator and distributor Hokkaido Electric Power's stock fell by 6.4 percent on the back of a powerful earthquake which left residents of the island without electricity.

South Korea's KOSPI also ended the day lower by 0.2 percent at 2,288, as major tech names such as Samsung Electronics and SK Hynix saw losses. Samsung Publishing, however, surged ahead for another consecutive day. The company continued its winning streak since its cover of the children's song "Baby Shark" cracked the top 40 on the UK charts late last month, closing higher by 13.2 percent.

Down Under, the ASX 200 slid 1.1 percent to close at 6,160, with the telecommunications sector ended up by 2.6 percent after Telstra lowered its guidance for fiscal 2019 to account for the release of the corporate plan for Australia's National Broadband Network. Telstra's shares closed 3.3 percent higher for the trading day.

Over in the Greater China region, Hong Kong's Hang Seng index was down by 1 percent and on the mainland, the Shanghai composite ended the trading day down by 0.5 percent at around 2,692, while the Shenzhen composite was 0.7 percent down to close at about 1,432.