Sharma made 73 off 43 balls while Tendulkar scored 54 off 47 deliveries as Mumbai Indians rode on their 96-run third-wicket stand to get past the 160-run mark.
Kieron Pollard (19 off 10) played an useful cameo towards the end.
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Opting to bat, Mumbai made a change up the order and sent Dwayne Smith along with Tendulkar to open the innings in place of skipper Ricky Ponting. But there was no difference in the result as they lost a wicket early yet again.
Smith departed after scoring eight runs, smartly caught by Yadav in the second attempt at mid-off off Roelof van der Merwe in the fourth over.
Mumbai adopted a cautious approach initially but soon they were dealt a severe blow in the form of its most prolific batsman this season, Dinesh Karthik.
Karthik should consider himself little unlucky as he was run out after a terrific Tendulkar straight drive deflected off bowler Yadav's hand on to the stumps as Mumbai slumped to 22 for two in 5.1 overs.
But then came in Sharma and together with Tendulkar he not only steadied the ship, but also gave momentum to Mumbai's innings.
It was Tendulkar who held together Mumbai's innings and gave Sharma the license to free his arms from the other end.
Tendulkar made his intentions clear when he pulled Ajit Agarkar for a mighty six in the seventh over and then played a beautiful paddle sweep off Shahbaz Nadeem.
The duo of Tendulkar and Sharma mixed caution with aggression and did not let go any bad delivery that came their way as Mumbai reached 57 at the halfway mark.
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