India recovers from Covid-19, Asian markets turned mixed

Indian markets started the day with an almost 0,6% increase. It resulted from the drop in coronavirus cases. In addition, microeconomic data was better than expected, which improved sentiment. 

At the beginning of the trading day, Sensex increased by 0.6% to 49,025.92. At the same time, Nifty added 0.55% to 14,75c8 points.

V.K. Vijayakumar, a strategist at Geojit Financial Services, stated that India’s coronavirus data improved steadily, decreasing infections. This indicates that the present increase in lockdowns will be temporary, and the market is likely to ignore it. 

Hang Seng index grew by 0.59% 

Asian share markets turned mixed on Monday. It was a result of data on Chinese retail sales, which missed expectations. However, industrial output stayed stable. 

Besides, new coronavirus infections in several countries lowered optimism about economic recovery.

Among the stock markets which performed positively were Hong Kong, Sydney, Shanghai, and wellington. 

On the other hand, Taiwan had to tighten social distancing measures for the capital of the country and the surrounding areas. Also, Japan extended a state of emergency. 

China’s industrial production increased by 9.8 % year-on-year in April, matching expectations. Retail sales advanced by 17.7%, falling short of estimates of 24.9%. Fixed asset investment gained an annual 19.9%, beating forecasts.

China’s Shanghai Composite index hiked by 27.24 points, or 0.78%, to 3,517.62. At the same time, Hong Kong’s Hang Seng index grew by 0.59% at 28,194.09.

Australian markets surged, with energy companies and gold miners leading the increase. 

The benchmark S&P/ASX 200 hiked by 9.40 points, or 0.13%, to 7,023.60 despite fears of increasing Aussie-China tussles. The broader All Ordinaries index settled with a gain of 16.40 points, or 0.23%, at 7,255.80.

New Zealand shares saw modest gains as investors were encouraged by visitor arrivals and service sector activity data. The benchmark NZX-50 index advanced by 42.61 points, or 0.34%, to 12,410.47.