CNBC-TV18 Closing Bell: Sensex, Nifty settle with gains led by Reliance Industries, telecom stocks

Strong buying interest was seen in the PSU banks stocks with the Nifty PSU Bank index up over 4.5 percent. Investors remained bullish on particularly in Oriental Bank of Commerce, which surged 19 percent and Syndicate Bank, up 15 percent.

Central Bank of India gained over 10 percent followed by Union Bank, J&K Bank, up in the range of 7 to 10 percent. Punjab National Bank and State Bank of India (SBI) advanced in the range of 1 to 3 percent.

Investor sentiment in the stocks improved after the Supreme Court last week cleared the way for global steel giant Arcelor Mittal's Rs 42,000 crore acquisition of debt-laden Essar Steel, after a two-year-long legal battle that tested India's bankruptcy law.

Bharti Infratel, Bharti Airtel, Axis Bank, Reliance Industries and Power Grid rose between 2 and 11 percent.

Shares of telecom operators Bharti Airtel and Vodafone India rose on Tuesday after both the firms announced intent to hike mobile phone calls and data tariffs from December. The two companies said they need to hike tariffs for the viability of operations.

Bharti Airtel rose almost 9 percent, while another Bharti group firm, Bharti Infratel rose 11 percent. Vodafone Idea shares settled 38 percent higher. The stock has risen almost 100 percent in the last three days.

"We would see corporate earnings reviving slowly. We expect high double-digit earnings growth in H2FY21, which would be likely the starting point of a long-term earnings upside," Sanjiv Bhasin, director at IIFL said in an interview with CNBC-TV18.

Reliance Industries' shares on Tuesday touched a new 52-week high of Rs 1511.90, rising as much as 3.6 percent, pushing the company's market cap over Rs 9.5 lakh crore. The stock settled 3.6 percent higher as investors factor in price hike in Jio as well.

Shares of Zee Learn were locked at 10 percent upper circuit, quoting at Rs 25.45 apiece on Tuesday. The Essel Group scrip moved higher on a report that EuroKids, a leading playschool chain in the country controlled by US private equity firm KKR, is in talks to acquire Kidzee from Zee Learn for Rs 1,000-1,200 crore.

Yes Bank, M&M, ZEEL, Tata Consultancy Services (TCS) and Tata Steel declined between 1 and 2.6 percent.

SBI Life Insurance shares fell as much as 6.5 percent after a block deal on the National Stock Exchange saw 2.7 percent stake in the company changing hands at Rs 948.4 apiece. The block deal price was a steep discount of over 5 percent from its Monday's closing price of Rs 1,000.05.

Elsewhere in Asia, indices ended with gains as investors maintained bets that the United States and China can reach a deal to end their damaging trade war.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, with Shanghai blue chips gaining 1 percent and Hong Kong's Hang Seng up 1.4 percent.

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