BENGALURU, March 16 Reuters Indian shares rose on Tuesday, supported by gains in IT stocks, while global equities advanced ahead of a slew of central bank meetings, starting with the U.S. Federal Reserve.

The NSE Nifty 50 index rose 0.51 to 15,005.85 by 0457 GMT, while the SP BSE Sensex climbed 0.61 to 50,703.15. Both the indexes shed about 0.7 each on Monday, hurt by surging COVID19 cases and weak economic data.

Investors in Indian equities have trimmed their positions in March due to a resurgence in domestic COVID19 infections and rising U.S. bond yields, bringing the monthly gains so far to just about 3 against a 6.6 jump in February.

We are now in a highly volatile phase where the market swings on a daily basis, responding to major triggers, said V.K. Vijayakumar, chief investment strategist at Geojit Financial Services.

Bearhammering and shortcovering are making markets excessively volatile.

Among individual shares and sectors, index heavyweights Infosys and Tata Consultancy Services were among the top boosts to the Nifty 50, adding more than 1.5 each.

That pushed the Nifty IT index 1.34 higher the biggest among sectoral indexes.

Asian Paints, which fell over 1 in the last two sessions, rose 2.8 and was the top percentage gainer on both the Nifty 50 and Sensex.

Bucking the trend, however, metal stocks declined 1.23, after closing 1.04 lower in the previous session.

Tata Communications slid 6.2 after the telecommunication services provider said the…