Most of the Asian markets rose Friday as investor confidence was lifted after Spain announced budget cuts to control the rising debt pressure affecting the country’s economy.

Chinese Shanghai Composite rose 0.38 percent or 7.85 points to 2064.17. Hong Kong's Hang Seng was up 0.58 percent or 119.61 points to 20881.90. Among the major gainers were China Overseas Land & Investment Ltd (1.34 percent) and COSCO Pacific Ltd (0.92 percent).

South Korea’s KOSPI Composite Index gained 0.24 percent or 4.84 points to 1993.54. Shares of Samsung Electronics Co Ltd rose 1.05 percent and those of LG Electronics Inc dropped 1.15 percent.

Japan's Nikkei Stock Average was down 0.34 percent or 30.43 points to 8919.44. Among the major losers were Pioneer Corp (3.92 percent), Teijin Ltd (3.57 percent) and IHI Corp (2.81 percent).

India's BSE Sensex gained 0.88 percent or 162.99 points to 18742.49. Among the major gainers were Lanco Infratech Ltd (4.39 percent), Tata Power Co (3.20 percent) and Syndicate Bank (2.29 percent).

In its budget for 2013 presented Thursday, the Spanish government announced cuts on spending which is expected to slim down the deficit faced by the country. According to the government, the 7.3 percent cut on spending is expected to result in budget savings of 13 billion euros ($16.25 billion) in 2013. The deficit is hoped to be reduced by 0.77 percent of gross domestic product in 2013. There is also an 8.9 percent cut in the budgets for the government ministries.

The budget, which Deputy Prime Minister Soraya Saenz de Santamaria termed as a crisis budget designed to exit the crisis, also includes a freeze in public sector pay and a new independent authority to monitor the government finances.

However, Spain’s troubles would be far from over. The government would have to eventually implement more austerity measures to meet its existing fiscal targets.

Market participants expect Spain to ask for a bailout under the enhanced conditions credit line, which will trigger the bond purchasing operation by the European Central Bank. Investors sense policy measures are needed for paving the way for a rescue program with the ECB support.