Indian shares rose more than 1 per cent on Tuesday as heavyweights Reliance and Housing Development Finance Corp provided a boost, with investors eyeing upbeat global cues ahead of a new presidency under U.S. President-elect Joe Biden.

The blue-chip NSE Nifty 50 index gained 1.2 per cent to 14,447 and the benchmark S&P BSE Sensex climbed 1.2 per cent to 49,118.09 by 0540 GMT. The Nifty and the Sensex had hit record highs last week before sliding in the past two sessions.

“A new US president is taking over and a lot of positive announcements are coming in, which could keep the markets alive,” Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai, said, referring to stimulus plans under Biden’s regime.

Janet Yellen, Biden’s nominee to run the Treasury Department, is also set to tell the Senate Finance Committee that the government must “act big” with its next coronavirus relief package.

Among individual shares and sectors, Reliance Industries, which has lost about 9 per cent since October, rose 2 per cent , while Housing Development Finance Corp gained 1.7 per cent , making them the top boosts to the Nifty 50 index.

“High, delivery-based buying in these stocks indicate their improving prospects,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“Further ‘big stimulus’ (in the U.S.) along with the huge liquidity created by the unprecedented monetary stimulus can keep markets buoyant. But, there is a risk of bubble valuation,” he said.