Nifty at nearly three-year high; telecom stocks surge

Reuters Market Eye - The Nifty gains 0.32 percent after earlier hitting its highest intraday level since November 2010, while the BSE Sensex is up 0.3 percent.

Shares of telecom operators gain after July-Sept results are in line with expectations.

Tata Communications Ltd gains over 9 percent after it posts a consolidated net profit in the September-quarter from a net loss a year earlier.

Bharti Airtel Ltd is up 4.6 percent after its September-quarter operating margins came at 32 percent, meeting some analysts' estimates.

Dr.Reddy's Laboratories Ltd gains 3.5 percent a day ahead of its July-September earnings.

(Reporting by Abhishek Vishnoi)