However, market gains capped as traders look ahead to the Federal Reserve's monetary policy meeting announcement as well as US Labor Department's closely watched monthly jobs report.

The Fed's two-day policy meeting would begin on Tuesday. An array of recent U.S. economic data reinforced expectations of rate cuts not happening before September. Traders are awiaitng for the post-meeting statement as well as Chair Jerome Powell's press conference which may give hints about interest rate moves to come.

At closing bell, the benchmark S&P/ASX200 index advanced 26.73 points, or 0.35%, to 7,664.10. The broader All Ordinaries index was up 25.39 points, or 0.32%, to 7,932.

Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. A-REIT was the best performing sector, gaining +0.85%, followed by consumer discretionary (up 0.8%), healthcare (up 0.45%), financial (up 0.43%), and materials (up 0.4%), while industrial was bottom performer, falling 0.53%.

The best-performing stocks in S&P/ASX200 index were ARCADIUM LITHIUM PLC and IGO LIMITED, up 8.39% and 7.33% respectively. The bottom performing stocks in S&P/ASX200 index were WORLEY and MEGAPORT, down 7.48% and 4.26% respectively.

Shares in internet service and mobile phone provider TPG closed 3.4 per cent higher on the back of a landmark agreement Monday with telco Optus to triple the company?s national 4G and 5G coverage.

ECONOMIC NEWS: The Australian Bureau of Statistics said on Tuesday that the total value of retail sales in Australia was down a seasonally adjusted 0.4% on month at A$35.663 billion in March. On a yearly basis, retail sales rose 0.8%.

Meanwhile, the Reserve Bank of Australia said on Tuesday that Private sector credit in Australia was up 0.3% on month in March, down from 0.5% in February. On a yearly basis, credit gained 5.1%. Housing credit rose 0.4% on month and 4.3% on year, while personal credit gained 0.3% on month and 2.9% on year and business credit added 0.5% on month and 7% on year. Broad money was up 0.3% on month and 4.9% on year.

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