The NSE Nifty 50 index ended the day 1.16 percent higher at 14,653.05, while the S&P BSE Sensex rose 1.15 percent to 48,944.14.

As investors anticipated a slew of blue-chip corporate earnings later this week, Indian shares closed higher on Tuesday, boosted by rises in banks and metal stocks.

The NSE Nifty 50 index ended the day 1.16 percent higher at 14,653.05, while the S&P BSE Sensex rose 1.15 percent to 48,944.14.

As domestic COVID-19 cases have continued to rise, the two indexes have withdrawn 5.0 percent and 6.8 percent from record highs set in February. On Tuesday, the country announced 323,144 new cases, the sixth consecutive day with over 300,000 new cases.

Hindustan Unilever Ltd and Reliance Industries Ltd, both benchmark heavyweights, are expected to report results later this week.

“The market expects decent, if not great, corporate performance, and we’ve already seen some earnings upgrades,” said Anita Gandhi, director at Arihant Capital Markets.

“The downward trend in cases in Mumbai, India’s financial capital, is also seen as a positive sign, despite the fact that cases are increasing elsewhere.”

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Since Maharashtra placed a lockdown on April 14, 19 cases in Mumbai have decreased, and cities such as Delhi and Bengaluru are following suit.

Support from other countries and private sector players was also helping to boost sentiment, Gandhi said, as Britain and France donated medical supplies and local media announced the establishment of a task force by 40 U.S. corporations to assist in resource mobilisation.

Metal stocks led gains across sectors, rising 2.7 percent, with Tata Steel jumping 3.9 percent.

State-owned banks increased by 2.3 percent, while private banks increased by 1.4 percent.

Energy stocks finished the day higher as well, with Reliance Industries gaining 2.6 percent.

Maruti Suzuki India Ltd, the country’s largest carmaker, saw its stock drop more than 1% after the company announced a drop in quarterly profit on Tuesday.