Indian shares ended little changed on Tuesday after hitting a six-month intraday high, as losses in index heavyweight Reliance Industries countered optimism around US-China trade talks and a potential coronavirus vaccine.
The NSE Nifty 50 index rose as much as 0.52 per cent to its best intraday level since late February in early trade, but ended just 0.05 per cent higher at 11,472.25 for a third straight day of gains.
The S&P BSE Sensex closed up 0.12 per cent at 38,843.88, after having crossed the 39,000-level in early trading for the first time since March 2.
Conglomerate Reliance Industries Ltd, India's largest firm by market value, fell 0.7 per cent after a modest rise on Monday. The stock has more than doubled in value since late March on a slew of foreign investments into Reliance's digital arm.
The top four boosts on the Nifty 50 were all financial stocks. Bajaj Finance jumped 4.8 per cent, while ICICI Bank Ltd, State Bank of India and Kotak Mahindra Bank gained between 1.1 per cent and 3.4 per cent.
Analysts said Tuesday's rise reflected an upbeat global mood in the absence of any major domestic catalysts, following recent gains on better-than-feared corporate earnings and management commentary.
Other global shares also rose, propped up by the United States and China saying they are still committed to their Phase 1 trade deal, and increased optimism around Covid-19 vaccine development.
Shares in Adani Enterprises Ltd ended 23.7 per cent higher following a report on Monday that the conglomerate was in talks to buy out some of its partners in the entity that runs Mumbai's international airport.