Most of the Asian markets rose Tuesday as investors remained hopeful that the world's central banks would announce stimulus measures soon to help boost the global economic growth.

Japan's Nikkei Stock Average rose 0.51 percent or 44.03 points to 8679.47. Among major gainers were Sharp Corp (5.10 percent), Panasonic Corp (4.79 percent) and Canon Inc (4.31 percent).

The Chinese Shanghai Composite marginally fell 0.12 percent or 2.55 points to 2107.36. Hong Kong's Hang Seng was up 0.86 percent or 168.13 points to 19753.53. Among major gainers were PetroChina Co Ltd (2.30 percent) and Sino Land Co Ltd (1.68 percent).

South Korea's KOSPI Composite Index was up 1.43 percent or 26.45 points to 1870.24. Shares of Samsung Electronics Co Ltd rose 1.88 percent and those of Hyundai Motor Co advanced 2.15 percent.

India's BSE Sensex rose 0.32 percent or 55.63 points to 17199.31. Major gainers were Wipro Ltd (1.38 percent), Suzlon Energy Ltd (1.05 percent) and ICICI Bank (0.61 percent).

Investors are waiting for the Federal Open Market Committee's (FOMC) statement on the monetary policy Wednesday. Hope for additional stimulus measures at the FOMC meeting has intensified among market players. The FOMC is expected to announce easing measures to rejuvenate the faltering U.S. economy.

Investors are hoping that the debt crisis faced by the euro zone and the faltering U.S. economy would push the Fed to take these quantitative easing measures to regain the economic growth momentum.

Market focus is obviously on the European Central Bank monetary policy decision Thursday.

Market confidence was boosted as investors sensed that the ECB could announce monetary easing measures to strengthen the global economy. Investors felt that bold measures, including easing in the monetary policy, would give a much-needed thrust to boost liquidity in the European financial system.

Market sentiment was lifted after ECB President Mario Draghi hinted last week that the bank might restart sovereign bond purchases under its Securities Market Program (SMP), which had been dormant for about four months.