Asian markets bounced surged in the trade as fifteen economies in the region signed a deal that formed the world's largest trade alliance. Australia, meanwhile, halted trading shortly after markets opened.

The Japanese Nikkei 225 gained 1.65 percent, while the Topix was up 1.42 percent, the Hong Kong's Hang Sang was up 0.53 percent. The Regional Comprehensive Economic Partnership (RCEP) is made up of 10 Southeast Asian countries, along with South Korea, China, Japan, Australia and New Zealand. The RCEP is likely to move on getting rid of tariffs in the region.

The trade deal was mostly aimed to gradually reduce tariffs across many areas. The Regional Comprehensive Economic Partnership is now the world's largest trade bloc a deal that excludes the United States. It marks the first time that East Asian powers China, Japan and South Korea are in a single trade agreement. Commodity and Currency markets were a little more circumspect, but the dollar was down a tad against trade-exposed currencies and oil prices firmed after falling on Friday.

Back home, the Indian markets, the NSE and the BSE will remain closed on November 16 on account of Diwali Balipratipada. Wholesale commodity markets, including metal and bullion, are also closed. There is no trading activity in the forex and commodity futures markets either.

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