Strong economic data in China added to the positive sentiment on Japanese stocks.
China's economy grew at a steady 6.4 per cent pace in the first quarter.
The basic resources sector dropped 1.4 per cent.
Earnings expectations do offer some respite though, with possible downside risks.
Out of the top 10 stocks that pushed the index to a new high, seven are from the banking space.
Investors reacted immediately by buying the Australian dollar, often a liquid proxy for China plays, which pushed up 0.3 percent to a two-month top at
The mock trading session will be conducted from primary and BCP (Business Continuity Plan) site.
Total assets under management grew 3% to $6.52 trillion in the quarter through March 31.
There are a few reasons for the valuation gap to narrow.
Benchmark equity indices BSE Sensex and NSE Nifty scaled fresh life-time close highs on Tuesday.
MACD showed bullish crossovers on 97 counters, indicating that these stocks may log gains ahead.
The NSE Nifty50 index was trading 116.75 points up at 11,807.10.