India stocks rebound after biggest drop in more than a month

Bloomberg

Indian stocks rose, rebounding from their steepest drop in more than a month, according to reports.
The S&P BSE Sensex Index added 1.2% to 32,108.35 as of 9:37 am in Mumbai, and the NSE Nifty 50 Index advanced by the same magnitude. Both gauges lost more than 5% as a nationwide lockdown was extended. The regional MSCI Asia Pacific Index excluding Japan added 0.6% on Tuesday as a number of economies move
towards easing lockdowns.
India’s Prime Minister Narendra Modi had extended stay-at-home orders for two weeks from May 4, while easing some restrictions and mulling ways to restart activity in Asia’s third-largest economy. The South Asian nation has reported 46,437 Covid-19 infections and 1,566 deaths, according to data compiled by Johns Hopkins University.
“The world is reopening slowly and that will help stock markets including India,” said Deven Choksey, a Mumbai-based strategist at KRChoksey Investment Managers Pvt. “Volatility will not go away anytime soon so trading will keep getting influenced by day-to-day developments on the virus.”
The India VIX Index, a measure of volatility expectations, jumped 28% on Monday, the most since March 12. It slipped 4.3% on Tuesday.