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Sensex, Nifty Log Fresh Record Highs

Indian shares rose on Tuesday to reach fresh record highs as risk sentiment improved on the back of U.S.-China trade deal optimism and upbeat trade data from China.

Investors shrugged off data showing high retail inflation, which reduces the chances of a rate cut by the Reserve Bank of India to boost economic growth.

The benchmark S&P BSE Sensex traded flat before rising in the last hour of trade to end the session up by 92.94 points, or 0.22 percent, at 41,952.63.

The broader NSE Nifty index rose by 32.75 points, or 0.27 percent, to 12,362.30.

Among the prominent gainers, Cipla, ITC, Hero MotoCorp, Britannia and Vedanta surged 2-3 percent.

Yes Bank slumped 8.3 percent to extend losses from the previous session after the private sector lender rejected Erwin Singh Braich's $1.2 billion investment offer and said it would raise Rs 10,000 crore by issuing securities.

IndusInd Bank lost 4 percent after the lender posted healthy quarterly earnings but reported higher provisions for bad loans.

Globally, other Asian markets ended broadly higher and European stocks were trading flat in early trade as risk sentiment continued improving on the back of U.S.-China trade deal optimism and upbeat trade data from China.

Market participants welcomed signs of a thawing in relations between the United States and China after the U.S. Treasury Department dropped China's designation as a currency manipulator and China pledged to buy nearly an additional $80 billion of U.S. manufactured goods over the next two years.

The phase one U.S.-China trade deal is due to be signed at the White House on Wednesday. U.S. Trade Representative Robert Lighthizer told Fox Business that the Chinese translation of the deal's text was almost done.

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