06:36 AM EDT, 06/04/2024 (MT Newswires) -- Asian stock markets were choppy on the downside Tuesday, with China-exposed exchanges gaining but Mumbai's Sensex tumbling 5.5% on election results.

India's equities markets sold off as ongoing vote-counting tallies suggested Prime Minister Narendra Modi's alliance is unlikely to win an overwhelming majority as predicted by exit polls over the weekend.

On the other exchanges, Hong Kong and Shanghai gained on real estate issues, and Tokyo finished in the red. Other regional trading floors also lagged.

In Japan, the Nikkei 225 opened lower and could not recover, finishing off 0.2% as a stronger yen undercut export issues.

The benchmark Nikkei 225 fell 85.57 to 38,837.46, as losing issues outnumbered gainers 135 to 87.

Leading the upside was musical equipment maker Yamaha, up 5.8%, while China Bank fell 5.9%

In other news, Japan's Ministry of Land, Infrastructure, Transport and Tourism ordered Toyota Motor, Mazda Motor, and Yamaha Motor to suspend shipments of some vehicles due to certification issues. Auto issues declined during trading.

In Hong Kong, the Hang Seng Index opened lower but edged into the green, finishing up 0.2% on strength in property stocks.

The broad gauge Hang Seng rose 41.07 to 38,444.11, as gaining issues outnumbered losers to 54 to 22. The Hang Seng TECH Index gained 0.3% while the Mainland Properties Index rose 2.5%.

Leading the upside was knitwear maker Shenzhou International, gaining 7.6%, while Li Auto lost 3.3%.

On the mainland, the Shanghai Composite rose 0.4% to 3,091.20.

In other news, property shares in Hong Kong and Shanghai rose after Citigroup analysts released a note suggesting China's real estate markets had stabilized, reported the South China Morning Post.

On the other regional exchanges, the S. Korean KOSPI fell 0.8%; the Taiwan TWSE declined 0.8%; the Australian ASX 200 declined 0.3%; the Singapore Straits Times Index fell 0.3%, and the Thai Set declined 0.6%.