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Sensex, Nifty End Modestly Higher

Indian shares rose for the third day running on Tuesday as earnings optimism coupled with signs that Covid-19 cases in India are decreasing helped investors shrug off muted global cues.

India's Covid-19 situation seems to be improving as daily infections have been declining after peaking in mid-September. The country reported a near three-month low of 46,790 new infections in the last 24 hours.

The benchmark S&P BSE Sensex rose 112.77 points, or 0.28 percent, to 40,544.37, while the broader NSE Nifty index ended up 23.75 points, or 0.20 percent, at 11,896.80.

IT stocks paced the gainers, with HCL Technologies surging 4.3 percent and Tech Mahindra rising 3.2 percent.

Asian Paints jumped 3 percent and Bharti Airtel advanced 2 percent, while HDFC Bank added 1.8 percent after reporting a strong financial performance for the September quarter.

Credit ratings major S&P said the private sector lender has ample capital buffers to withstand economic shocks and its asset quality will remain superior to the industry over the next two years.

Vedanta rallied 3.3 percent despite Moody's placing the company's rating under review for a downgrade.

ACC gained about 1 percent after the cement manufacturer posted 20 percent year-on-year growth in consolidated net profit for the September quarter.

On the flip side, Britannia Industries plunged 5.8 percent after the FMCG company reported weak quarterly results on a sequential basis.

UPL, IOC, GAIL and ONGC fell 2-3 percent.

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