Nifty, Sensex end higher on slowing COVID-19 cases, HDFC Bank boost

Indian shares ended higher on Tuesday as a slowdown in daily COVID-19 cases stoked hopes of easing restrictions to revive economic growth, while HDFC Bank's shares boosted gains on upbeat commentary from a ratings agency.

The NSE Nifty 50 index closed up 0.2 per cent at 11,896.8, while the S&P BSE Sensex ended 0.28per cent higher at 40,544.37.

India posted its lowest daily coronavirus caseload in nearly three months, data from the health ministry showed on Tuesday, as new cases maintained a decreasing trend from a peak in September.

Shares in HDFC Bank Ltd rose as much as 2 per cent after ratings agency S&P said the lender's asset quality over the next two years would remain superior to the industry despite likely deterioration from the pandemic.

The Nifty Bank Index, which slipped as much as 0.9per cent e arlier in the day, ended the session 0.19per cent higher and extended gains for a third straight day.

IT stocks were among the top gainers on the Nifty 50, led by gains in HCL Technologies Ltd and Tech Mahindra Ltd , which rose 4.1 per cent and 3.1 per cent, respectively. The Nifty IT Index ended 1.4 per cent higher.

Hindustan Unilever Ltd ended the day 0.2 per cent lower after the consumer giant reported a quarterly profit that missed estimates.

Oberoi Realty rose as much as 20 per cent to its highest since March after J.P.Morgan raised its price target and earnings estimate for the firm, helping the Nifty Realty Index end 3.9 per cent higher.