BENGALURU, April 26 Reuters Indian shares followed Asian peers higher on Tuesday, snapping two sessions of sharp losses, with investors awaiting a set of earnings from domestic companies before placing fresh bets.

The NSE Nifty 50 index was up 1.32 at 17,179.55, as of 0440 GMT, while the SP BSE Sensex rose 1.31 to 57,321.57.

Both the indexes fell more than 1 in each of the last two sessions as prospects of aggressive rate hikes by the U.S. Federal Reserve and surging inflation hit risk appetite.

We are seeing a phase of consolidation, our fundamentals have not changed and we will largely react in line with global stocks. So, we are seeing a rebound, said Ajit Mishra, vice president, research at Religare Broking.

Unless we see some dramatic improvement on the global front, we don39;t expect a major directional move in domestic markets.

Asian shares rose on Tuesday, with MSCI39;s broadest index of AsiaPacific shares outside Japan adding 0.8, though global growth fears stoked by China39;s stringent COVID19 curbs and rate hike bets weighed on stocks.

In India, all major Nifty subindexes climbed, with the Nifty Auto index leading the pack with its 2.4 rise.

Car maker Maruti Suzuki India, which is set to post results later this week, rose 2 to a near eightweek high. Good earnings, positive demand outlook and new model newsflow should drive outperformance, Morgan Stanley said in a note.

Mahindra CIE Automotive surged 10 after its Marchquarter net profit jumped….