Most of the Asian markets rose Tuesday though investor optimism about stimulus measures reviving the global economy was undermined after the International Monetary Fund raised concerns about the global economic growth.

Chinese Shanghai Composite rose 1.79 percent or 37.11 points to 2111.53. Hong Kong's Hang Seng was up 1.23 percent or 255.59 points to 21080.15. Among the major gainers were PetroChina Co Ltd (2.72 percent) and CNOOC Ltd (2.08 percent).

Japan's Nikkei Stock Average was down 0.33 percent or 29.33 points to 8833.97. Among the major losers were Sharp Corp (8.47 percent), Mitsui OSK Lines Ltd (5.08 percent) and Oji Holdings Corp (3.46 percent).

South Korea’s KOSPI Composite Index gained 0.41 percent or 8.11 points to 1990. Shares of Samsung Electronics Co Ltd rose 0.51 percent and those of LG Electronics Inc gained 1.17 percent.

India's BSE Sensex gained 0.67 percent or 124.69 points to 18833.67. Among the major gainers were United Spirits Ltd (2.78 percent), Lanco Infratech Ltd (1.91 percent) and Axis Bank Ltd (1.51 percent).

The IMF lowered the global growth forecast citing the debt crisis affecting the euro zone and the faltering U.S. economy. According to the World Economic Outlook released by the IMF Tuesday, the global economy will grow 3.3 percent in 2012, down from 3.5 percent growth it announced in July.

"A key issue is whether the global economy is just hitting another bout of turbulence in what was always expected to be a slow and bumpy recovery or whether the current slowdown has a more lasting component," the report said.

The IMF also gave the warning that policymakers in the U.S. and Europe would have to take necessary measures on an urgent basis to avert a further decline in the growth. “The answer depends on whether European and U.S. policy makers deal proactively with their major short-term economic challenges,” the report added.

According to the IMF, the U.S. is expected to grow at 2.2 percent in 2012 while the euro area economy is forecast to shrink 0.4 percent this year. The IMF also cut the forecast for global growth in 2013 to 3.6 percent, down from 3.9 percent estimated in July.

Growth estimates for India (4.9 percent in 2012, 6 percent in 2013), China (7.8 percent in 2012, 8.2 percent in 2013) and Brazil (2.5 percent in 2012, 4 percent in 2013) were also cut by the IMF.