Indian shares posted strong gains on Tuesday, with heavyweight metal companies, financials and automakers leading the surge amid expectations the ongoing deadly surge in the Covid-19 cases will likely peak in mid-May.
Over the past 24 hours, India recorded 323,144 new coronavirus cases, slightly below a worldwide peak of 352,991 reached on Monday.
The benchmark 30-share BSE Sensex ended up 557.63 points, or 1.15 percent, at 48,944.14, extending gains for the second day running.
The broader NSE Nifty index climbed 168.05 points, or 1.16 percent, to 14,653.05.
Bajaj Finance, Divis Laboratories, Larsen & Toubro, Tata Steel and Hindalco jumped 3-5 percent in the Nifty pack, while HDFC Life tumbled as much as 3.6 percent on muted Q4 earnings.
Maruti Suzuki India and SBI Life fell 1.3 percent and 1.6 percent, respectively.
Castrol India advanced 1.8 percent after its quarterly profit nearly doubled on higher sales.
SBI Cards jumped 3.6 percent after its March quarter profit jumped to Rs 175 crore from Rs 84 crore in the same period last year.
Mphasis lost about 1 percent after Blackstone Group Inc. offered to take a controlling stake in the company.