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The Indian benchmark indices pared some of the gains made in the morning trade, but still managed to close at a high. Sensex ended the day 177.04 points, or 0.28%, higher at 62,681.84, and Nifty gained 55.20 points, or 0.30%, at 18,618.

The gains in the indices were driven mostly by FMCG and metal stocks. FMCG, Pharma and Metal indices rose 0.5-1 percent each, while selling was seen in the auto, realty and capital good stocks.

Also read: As FMCG stocks see uptick, BNP Paribas suggests these shares to buy, hold

HUL, JSW Steel, Hero Moto, Cipla and Britannia were the top Nifty gainers. On the other hand, IndusInd Bank, Coal India, Bajaj Finserv, Maruti Suzuki and Power Grid Corporation were the major losers.

"Defensives returned in favour as FMCG, Pharma, IT stocks were sought after in what seems like rotational buying. Metal stocks seem to be coming back in favour as nationwide unrest in China over Covid curbs are easing. Broad markets, however, underperformed as buying action was limited to the top 100-odd scrips," said Deepak Jasani, Head of Retail Research, HDFC Securities told Mint.

Mid and smallcap stocks even today refrained from participating in the up move with BSE midcap and smallcap indices falling 0.3-0.4 percent each.

Through the day, the market breadth was positive but in the last hour of the trade it inched towards the negative with 1,752 shares declining and 1,725 shares advancing out of the total 3,627 shares that traded on BSE. 150 shares remained unchanged.

Indian benchmark indices continued their strong run for the sixth day in a row scaling new highs. Besides a general optimistic domestic outlook, global cues also helped the trend on Tuesday for the indices to reach new peaks.

Asian stocks rose for the most part following news that Covid restrictions in China will be lifted sooner than expected amidst widespread protests in the country that had kept investors on their toes over the weekend and Monday.

Also read: From IRFC, RVNL to Ircon: Why railways stocks have been rallying?

Japan's Nikkei closed at a one-week low on Tuesday with Eisai stocks slumping after a report that a woman died in a trial of the company's Alzheimer's disease treatment. The Nikkei share average slipped 0.48%.

"Continued FPI buying in India has boosted the mainline indices, which may continue to do well for the next 2 months with some intermittent corrections. For Nifty, 18,530 could offer support in the near term, while 18,800 could be a resistance point," said Jasani of HDFC Securities.

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