Indian shares rose for a second consecutive session on Tuesday as investors were cautiously optimistic that Democrat Hillary Clinton would win the US elections. The broader NSE index ended 0.55 percent higher at 8,543.55, while the benchmark BSE index closed up 0.48 percent at 27,591.14. Investors have tended to see Clinton as a more status quo candidate than her Republican rival Donald Trump, and view her as offering greater certainty and stability for markets.
Most Asian stock markets rose, with MSCI's broadest index of Asia-Pacific shares outside Japan gaining 0.4 percent. "Given the big event tomorrow, I don't think we are going to see much of an excitement in the market (today)," said Gaurang Shah, vice president, Geojit BNP Paribas Financial Services.
Among the gainers, ICICI Bank Ltd rose as much as 3.14 percent, after the lender on Monday reported a better-than-expected quarterly profit, helped by gains from a stake sale in a life insurance arm and lower tax expenses. Tata Motors Ltd rose as much as 5.54 percent, on track to record its biggest single-day percentage gain in more than two months.
Credit Suisse upgraded Tata Motors to "outperform" from "neutral" saying depreciation in sterling will drive "multiyear outperformance" in its shares, while naming the auto maker as its top pick among Indian autos. Among the losers, the Nifty Pharma index was down 1 percent, after rising as much as 3.26 percent in the previous session. Sun Pharmaceutical Industries Ltd and Cipla Ltd were among the biggest losers on the index. Varun Beverages Ltd fell as much as 6 percent on its market debut after the company's 11.5-billion-rupee initial public offering. Meanwhile, ITC Ltd fell 1.68 percent after a three-day winning streak, among the top percentage losers on the NSE.