Indian Shares Rebound on Tuesday

The BSE Sensex closed 560 points higher at 60,655 on Tuesday, more than offsetting the decline from the previous session with support from tech shares and auto manufacturers, despite data continuously pointing to foreign selling of Indian equities.

Maruti Suzuki led the auto producers and jumped 1.4%, while Reliance industries set the pace for energy shares with a 1.5% gain on the session after New Delhi cut its windfall tax on locally produced crude oil.

On the other hand, banks extended their decline with the State Bank of India and IndusInd Bank dropping 1.6% and 0.7%, respectively.

Reopening hopes from China continued to drive investors to reallocate capital out of India, as foreign portfolio investors offloaded Indian shares for the seventeenth consecutive session.