Bullish sentiment characterized the A-share market on the last trading day of May, with benchmark indexes consolidating gains amid more economic stimulus policies and better control of the latest COVID-19 resurgence, insiders said on Tuesday.

The Shanghai Composite Index gained 1.19 percent while the Shenzhen Component Index closed 1.92 percent higher. The tech-heavy ChiNext in Shenzhen jumped 2.33 percent.

The trading value on the Shanghai and Shenzhen bourses totaled 930 billion yuan ($140 billion). The northbound capital-the amount of capital used by overseas investors buying into the A-share market via the stock connect mechanisms between Shanghai, Shenzhen and Hong Kong-reported a net inflow of 14 billion yuan.

The 33 measures which the State Council, China's Cabinet, released on Tuesday imparted impetus to the stock market. The central government reiterated its resolve to drive economic growth through fiscal support, monetary policy adjustments, consumption and a stable supply chain.

Thanks to the green energy development plan jointly released by the National Development and Reform Commission and the National Energy Administration on Monday, A-share wind power companies reported the strongest daily increase of 4.2 percent on average on Tuesday.

As the Shanghai municipal government announced on Tuesday that the city will resume normal production and life on Wednesday, shares of consumption-related companies rallied. The food and beverage sector reported an average 3.25 percent increase on Tuesday, the consumer electronics sector rose by 3.01 percent and the beauty care sector by 2.47 percent.

Listed State-owned enterprises reported noticeable gains for the second consecutive day on Tuesday, further buoying the indexes, thanks to their large market cap. More than 10 listed SOEs, including COSCO Shipping Technology, saw their prices rise by the daily limit of 10 percent.

The rally came after the State Council released on Friday a work plan to further improve the quality of State-controlled listed companies.

Efforts should be made to nurture flagship SOEs that are competitive and influential in the market. A number of industry leaders stand out from their peers on the back of their talent pool, expertise, high-quality products and brand prestige, the plan stated.

Analysts from Guosheng Securities wrote to their clients on Tuesday that they expect the downbeat market mood to brighten as the impact of the epidemic resurgence on trading wanes and supportive policies get implemented faster. More capital, they wrote, will flow back into the stock market more rapidly. The odds are high for the benchmark A-share indexes to rebound in the mid- to long-term.

In an interview in late May, Vincent Mortier, chief investment officer of Amundi SA, a France-based asset management firm, suggested investors should go overweight on Chinese equities because of their value in the mid term. Onshore Chinese shares exposed to domestic activities, including those in the consumer discretionary, industrial and healthcare sectors, will present the most opportunities, he said.