Indian shares rebounded sharply on Tuesday after three-day consolidation with Sensex surging over 250 points and the Nifty jumping over 70 points to regain the 9,200 mark. Despite mixed global cues, benchmark indices jumped on Tuesday as metal and energy shares witnessed buying interest. The metal sub-index of National Stock Exchange was up nearly 2 per cent led by gains in Hindalco and Tata Steel, which were up 4.13 and 2.3 per cent respectively. Analysts expect metal companies to report strong earnings growth for the March quarter.
Other than metal, energy, banking, FMCG shares also supported gains in the market.
Gruh Finance, which reported better-than-estimated earnings for the March quarter jumped over 8 per cent to Rs 399.45. TCS, India's biggest IT outsourcer, which will report its earnings later in the day was trading flat.
Among the 51 shares in Nifty, Hindalco was the top gainer followed by Adani Ports & SEZ, Tata Steel and Bank of Baroda.
Meanwhile, Coal India was the top loser in Nifty down 0.73 per cent. Mahindra & Mahindra, Sun Pharma, Cipla were the other major losers in the Nifty.
Asian stocks pulled back on Tuesday, and the dollar gave up the gains it had clocked on the U.S. Treasury Secretary's comments in support of a stronger currency, as escalating tensions over North Korea dragged sentiment lower. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.6 percent. (With agency inputs)
Overnight, US shares rose after three straight sessions of losses as investors shifted their focus to earnings and the greenback steadied after Treasury Secretary Steven Mnuchin said dollar strength is good over long periods of time.
The Dow Jones Industrial Average rose 183.67 points, or 0.9 percent, to 20,636.92, the S&P 500 gained 20.06 points, or 0.86 percent, to 2,349.01 and the Nasdaq Composite added 51.64 points, or 0.89 percent, to 5,856.79. (with agency inputs)