BENGALURUb - Indian shares gained on Tuesday, on course to snap two sessions of losses, as the number of new coronavirus infections fell and some Chinese factories slowly resumed operations.
The broader NSE Nifty 50 index was up 1.01% at 12,141.25 by 0400 GMT, while the benchmark S&P BSE Sensex rose 1% to 41,390.50.
Asian shares opened higher after the U.S. markers closed at record highs. The MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.9%.
While the death toll from the coronavirus epidemic in China has climbed above 1,000, the 2,097 new cases on Monday were down from 2,618 the previous day as Chinese workers and factories slowly returned to work.
Global markets have moved ahead as they felt the virus would not impact them much in the long term, said Vinod Nair, head of research at Geojit Financial Services.
There are opportunities for India, and some sectors could also benefit from the generally lower oil prices, he added.
Global benchmark Brent crude has lost 7.3% so far this month as the coronavirus outbreak threatened demand from top consumer China.
In domestic markets, metal stocks were among the best performers, boosted by a more than 5% jump in Chinese iron ore and steel futures.
The Nifty metals index rose 1.2%%, with sector heavyweight Tata Steel gaining 1.4%.
State-owned banks also underpinned the bullish sentiment, with the Nifty PSU index rising about 1%.
State-owned gas producer GAIL (India) Ltd firmed 3.5% and topped the blue-chip gainers, followed by Tata Motors, which rose 3.4%.
Drugmaker Cipla Ltd was among the few laggards on the Nifty, as it fell 0.3%.