TOKYO, March 1 (Reuters) - Japanese shares rose on Tuesday, buoyed by bargain hunting for beaten-down stocks, while optimism about a positive outcome from the planned talks between Russia and Ukraine also boosted sentiment.

By 0205 GMT, the Nikkei share average rose 1.6% to 26,953.42, after crossing the 27,000 level for the first time since Feb. 18. The broader Topix advanced 1.07% to 1,907.13.

"Investors have been trying to see a sign for better developments of the Russia's invasion into Ukraine, including a ceasefire. Also, they believed in a positive effect of powerful Western sanctions against Russia," Ikuo Mitsui, fund manager at Aizawa Securities.

"They also bought back cheap stocks so that also lifted the market today."

Mitsui OSK Lines surged 6.75% after the shipping firm announced a share split.

Online broker Monex Group surged 17.85% after a regulatory filing showed Hong Kong-based activist fund Oasis Management has bought a 5.08% stake in the firm.

Toyota Motor shares inched up 0.19%, after the auto maker announced it suspended domestic factory operations due to a suspected cyber attack at one of its suppliers.

Staffing agency Recruit Holdings, up 3.05%, was the best performer among the 30 core Topix names, followed by technology start-up SoftBank Group, which rose 2.67%.

Mitsui & Co Ltd fell 0.72% and was the worst performer among the 30 core Topix names, followed by drugmaker Astellas Pharma, losing 0.65%.

(Reporting by Junko Fujita; Editing by Rashmi Aich)