(RTTNews) - Indian shares were modestly higher on Tuesday after major U.S. indexes rallied to new records overnight on relief that interest rates are finally heading back down and that the economy is on a solid footing.
The benchmark S&P/BSE Sensex was up 222 points, or 0.3 percent, at 82,195 in early trade while the broader NSE Nifty index was up 47 points, or 0.2 percent, at 25,175.
Reliance Industries dropped half a percent. The company reported a decline in profits for the third consecutive quarter, as its oils-to-chemicals business underperformed once again.
HCL Technologies gained 1 percent on reporting an 11 percent rise in its Q2 net profit.
Bharti Airtel added 1 percent on reports the telecom major has awarded a new multi-billion-dollar contract to buy 5G equipment to Swedish telecom gear maker Ericsson.
ONGC and Oil India both fell around 1 percent as oil prices fell nearly 3 percent in Asian trading, extending losses for a third straight session after reports emerged that Israel may avoid targeting Iran's crude infrastructure.
State-run oil companies such as BPCL, HPCL and IOC surged 2-4 percent.
