On Tuesday (April 30th), most Asian stock markets remained in narrow fluctuations as investors digested a mixed bag of Chinese business activity data, while the Japanese market saw a wave of gains following the weekend closure.

After a slight rise on Wall Street overnight, Asian markets generally showed stability. However, due to investor caution ahead of this week's Federal Reserve meeting, US stock index futures remained flat during Asian trading.

As investors digested a series of mixed Purchasing Managers' Index (PMI) data for April, the China Shanghai Shenzhen 300 Index and the Shanghai Composite Index edged up slightly. Official data showed that manufacturing activity in April grew slightly lower than expected compared to March, but the decline in non-manufacturing activity exceeded expectations significantly.

While a private survey provided a more positive picture for the manufacturing sector, the comprehensive PMI data indicated a cooling off after a robust first quarter.

Nevertheless, the recovery in the Chinese market continued in April, with local indices expected to outperform other regions for the month. In April, the CSI 300 Index rose by 2.5%, and the Shanghai Composite Index rose by 2.6%.

On the day, the Hang Seng Index in Hong Kong rose by 0.6%, becoming the best-performing Asian index for April. Boosted by bargain-hunting and expectations of additional stimulus measures from the mainland, the Hang Seng Index rose by about 7.6% in April, hitting a five-month high.

The upward trend in the Hong Kong market also reflected an improved sentiment towards China. Apart from China, other Asian stock markets are set to see declines in April, as profit-taking in tech stocks and fading expectations of an early Fed rate cut weigh.

The Nikkei 225 Index rose by 1.3%, while the TOPIX Index rose by 2.1% after Monday's market holiday. However, amid intensified profit-taking sentiment and uncertainty about the Bank of Japan's plans, the Nikkei Index was one of the worst-performing indices in Asia. The Nikkei Index fell by over 5% in April, while the TOPIX Index fell by 0.9%.

South Korea's KOSPI Index rose by 0.6%, but due to declines in tech stocks, it fell by 1.5% in April.

After unexpected declines in retail sales in March, Australia's ASX 200 Index rose by 0.2%, signaling a downgrade in inflation expectations. Weak commodity prices and concerns about China led to a 3.2% decline in the ASX 200 Index in April.

Nifty 50 Index futures in India indicated a quiet start, after the index rose by 1% on the previous trading day. Continued confidence in the Indian economy is expected to drive a 1.5% increase in the Nifty 50 Index for April.

However, given the upcoming 2024 elections, investors are cautious about short-term volatility in the index.