However, gains were limited as investors watch-out for outcome of the Federal Reserve's monetary policy announcement on Wednesday. Investors have priced in at least another 75 basis point increase in rates at the end of a 2-day Federal Open Market Committee's meeting on Wednesday.
At closing bell, the benchmark S&P/ASX200 index was up 86.51 points, or 1.29%, to 6,806.43. The broader All Ordinaries index added 81.42 points, or 1.17%, to 7,030.05.
Total 9 of 11 sectors were lower along with the S&P/ASX 200 Index. Utilities sector was the worst performer, falling 1.4%, followed by information technology (down 1.25%) and energy (down 1.14%) sectors. A-REIT was the best performing sector, gaining 0.92%
The top performing stocks in S&P/ASX200 index were NEW HOPE CORP and BRICKWORKS, up 8.8% and 5.7% respectively. The bottom performing stocks in S&P/ASX200 index were ABACUS PRPERTIES and TELIX PHARMACEUTICAL, down 2.2% and 2.1% respectively.
Energy stocks were higher, with gains led by New Hope Corp, up 8.8%, after the coal miner reported a massive jump in its annual profit on soaring thermal coal prices.
Materials were also higher, as base metal prices broadly rose on Tuesday, supported by expectations that top consumer China would ease COVID-19 curbs further. Rio Tinto, BHP Group advanced 2.5% and 3.6%, respectively, while Fortescue fell 0.9%.
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In company news, Shares of the retail wealth manager AMP declined 2% after the Australian federal court slapped with a A$14.5 million fine related to the previous charging of fees from corporate pension accounts without providing corresponding services.
Shares of AML3D surged 19% after the additive metal technology company expanded its existing contract with New York Stock Exchange-listed aircraft manufacturer Boeing.
ECONOMIC NEWS: The Reserve Bank of Australia (RBA)'s board members "saw the case for a slower pace of increase in interest rates as becoming stronger," according to minutes from its Sept. 6 meeting, where it raised its interest rate by 50 basis points to 2.25%. "The Board expects to increase interest rates further over the months ahead, but it is not on a pre-set path given the uncertainties surrounding the outlook for inflation and growth," it said in the minutes released on Tuesday. It added medium-term inflation expectations remained "well anchored." Future interest rate increases will be guided by data and the outlook for inflation and labor markets, the RBA said.
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