Indian shares rose nearly 1 percent on Tuesday, reversing losses from the previous session, as investors took heart from strong quarterly earnings, but the rupee weakened as hopes for a yuan revaluation faded. The 30-share Mumbai Stock Exchange index rose 0.93 percent to 6,162.98 points after a late rally. "As the index trended lower, we saw some buying support come in as investors were encouraged by the good numbers today and bought specific stocks rather than across sectors," said Deven Choksey, chairman of KRC Shares & Securities Ltd.
India's second-biggest bus and truck maker, Ashok Leyland Ltd, rose 8.4 percent after its net profit rose 41 percent from a year ago. India's top power producer, National Thermal Power Corp Ltd, rose 3.4 percent after it said net profit rose 67 percent.
Software services firms rose on a stronger US dollar, seen as positive for the export-dependent sector. Asian currencies came under pressure after a Chinese official said the country needed time to make its currency more flexible.
Tata Consultancy Services Ltd, the biggest exporter, rose 1.2 percent and Wipro Ltd, the No 3 exporter, rose 1.5 percent.
Steel makers shone on firm regional prices, with Steel Authority of India Ltd rising nearly 6 percent and Tata Iron and Steel Co rising 2.1 percent.
The market is closed on Wednesday for a national holiday.
Bonds drifted as an absence of leads left traders disinclined to buy. Traders are waiting for the government to announce its next sale of bonds worth 50 billion rupees, likely between February 1 and 8. The benchmark 10-year yield closed at 6.7572 percent against 6.7457 percent on Monday.