Indian shares gained on Tuesday, boosted by IT and energy stocks. The 50-share Nifty index rose 70 points to end at 10,700, while the benchmark Sensex advanced 114 points to close at 35,379.

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The US market will be shut on Wednesday on the occasion of Independence Day.

Oil prices edged up on Wednesday, lifted by a report of declining US fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States. US West Texas Intermediate (WTI) crude futures were at $74.60 a barrel at 0044 GMT, up 46 cents, or 0.6 percent, from their last settlement. Brent crude futures were at $77.82 per barrel, up 6 cents from their last close.

New orders for US-made goods unexpectedly rose in May, pointing to a strengthening manufacturing sector, but business spending on equipment appeared to have slowed further in the second quarter.

US President Donald Trump said on Tuesday his administration is working to bring other motorcycle companies to the United States, following Harley-Davidson Inc's decision to shift some production for European customers overseas.

Markets regulator Sebi on Tuesday enhanced the overseas investment limit of alternative investment funds and venture capital funds to $750 million from the current $500 million. The decision has been taken in consultation with the Reserve Bank of India, the Securities and Exchange Board of India (Sebi) said in a circular.

The rupee on Tuesday made a strong comeback against the US dollar after taking a hammering yesterday, recouping by a steep 23 paise to end at 68.57 on fresh dollar selling by exporters and corporates.

As India's public sector banks grapple with non-performing assets (NPA), interim finance minister Piyush Goyal on Tuesday said the country has not lived up to the high expectations and standard required of banking.

Major US trading partners including the European Union, China and Japan voiced deep concern at the World Trade Organization (WTO) on Tuesday about possible US measures imposing additional duties on imported autos and parts.

The foreign ministers of Iran and five world powers still party to the 2015 nuclear deal will meet in Vienna on Friday for talks on the troubled accord, state media in Tehran said.

Saudi Arabia's cabinet on Tuesday affirmed the kingdom's readiness to deploy its spare oil production capacity to maintain market balance and stability, a statement carried by state news agency SPA said.