March 29 (Reuters) - Australian shares rose on Tuesday, led by technology and financial stocks, though weakness in mining and oil stocks capped gains amid concerns over a drop in commodity demand, as Shanghai imposed a lockdown to curb a spike in COVID-19 cases.

The S&P/ASX 200 index was up about 0.7% at 7,462.4 by 1050 GMT. The benchmark had closed 0.1% higher on Monday.

Tech stocks were among the top gainers, climbing as much as 3.4% in line with their U.S peers on the Nasdaq Composite Index , with Xero Ltd and ASX-listed shares of Block Inc rising 2.8% and 6.5%, respectively.

Financials were also up 0.7%, touching their highest since Nov. 16, with the country's "Big Four" banks gaining in the range of 0.1% to 1.4%.

Investors are mulling the prospects of more interest rate hikes, as global inflationary pressures continue to weigh amid geopolitical tensions and coronavirus concerns.

On the flip side, miners lost about 0.6%, as sentiment was soured due to heightened COVID-19 curbs in China's financial hub Shanghai even as iron ore prices surged.

Index heavyweights including Rio Tinto Ltd, Fortescue Metals Group and BHP Group Ltd lost between 0.6% and 1.5%.

A fall in oil prices due to supply crunches arising from a lockdown in Shanghai weighed on energy stocks, with Woodside Petroleum and Santos Ltd losing 2.3% and 1.5%, respectively.

Gold stocks also fell about 0.8%, following a slip in bullion prices, with Newcrest Mining Ltd down 0.4%

New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 11,959.2.

(Reporting by Archishma Iyer in Bengaluru; Editing by Rashmi Aich)