BENGALURU: Indian shares recovered from mid-day losses to end higher on Tuesday, lifted by heavyweight Reliance Industries and metal stocks, while edible oil refiner Adani Wilmar surged more than 16% in its market debut.
The blue-chip NSE Nifty 50 index rose 0.31% to 17,266.75, while the S&P BSE Sensex closed 0.33% higher at 57,808.58, both snapping three straight sessions of losses. The indexes fell as much as 1% each earlier in the day.
While December-quarter earnings at Indian companies have been mostly strong, tensions between Russia and Ukraine, higher crude prices and global inflationary pressures have kept markets under pressure.
The Reserve Bank of India is expected to hold its repo rate steady and increase its reverse repo at the end of a three-day meeting on Thursday.
Meanwhile, the 10-year benchmark bond yield fell to 6.8092% from Monday's close of 6.8789% as India cancelled Feb. 11 auctions of government securities following a sharp rise in yields.
Among stocks, heavyweight non-bank lender Bajaj Finance and Bajaj Finserv advanced 1.8% each.
Reliance Industries, India's largest company by market value, rose 1.7%, while Tata Steel jumped 3.1% to its highest since mid-January.
The Nifty Metal index rose 0.8% to its strongest close since Jan. 17.
Adani Wilmar closed 16.6% higher at 268.25 rupees on its first day of trading, valuing the firm at 348.71 billion rupees ($4.67 billion).
TVS Motor Co climbed 3% after the automaker posted quarterly results above market expectations.
Telecom operator Bharti Airtel closed slightly higher ahead of reporting better-than-expected quarterly revenue, helped by tariff hikes and additions to its 4G subscriber base.
Energy stocks capped gains, with ONGC dropping 3%. The Nifty Energy index slipped 1.3%.