Indian shares rose on Tuesday, with the Nifty 50 index gaining 0.46% and the S&P BSE Sensex rising by 0.40%, driven by strong March-quarter earnings and foreign fund inflows. Information technology, metals, and oil and gas stocks led the gains, rising over 1% each. This was the sixth consecutive session of gains for the Nifty and the highest level for the Sensex since December 2022. Foreign institutional investors extended their buying streak for the third session, adding equities worth 33.04 billion rupees ($403.6 million). Analysts expect the upward momentum to continue, with the Nifty heading towards 18,200 levels. However, global equities were subdued ahead of the expected 25 basis-point rate hike by the US Federal Reserve on Wednesday. Among individual stocks, Mahindra & Mahindra Financial Services reported a 13.8% rise in consolidated profit in the March quarter and saw its shares rise by nearly 3%, while Oil and Natural Gas Corp Ltd gained 3.37% after the Indian government reduced the windfall tax on crude oil. Hero MotoCorp Ltd was the top loser, dropping over 2% after posting a decline in total sales in April.
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