Indian shares rose on Tuesday as weaker-than-expected U.S. economic data released on Monday, including PMIs, have added to expectations that the Federal Reserve may rethink its rate trajectory.
Following a decision by the Reserve Bank of Australia (RBA) to once again pause its interest rate hiking cycle earlier today, investors grew optimistic that central banks would not push global economies into recession by raising interest rates.
Benchmark indexes Sensex and Nifty hit record closing highs for a fourth straight session, aided by robust inflows from foreign investors.
The benchmark S&P/BSE Sensex rose 274 points, or 0.42 percent, to 65,479.05 while the broader NSE Nifty index settled 66.45 points, or 0.34 percent, higher at 19,389.
Bajaj twin shares soared, with Bajaj Finance and Bajaj FinServ climbing 7.3 percent and 5.7 percent, respectively.
Among other prominent gainers, Hero MotoCorp jumped 4.7 percent, Tech Mahindra added 2.5 percent and Sun Pharma rose 2 percent.
Gold edged up in European trade and the dollar was little changed while oil prices rose over 1 percent after Saudi Arabia and Russia said they are extending cuts to the amount of oil they pump to the world to try to prop up prices.
