* BSE index up 0.22 pct, NSE index up 0.16 pct
* Stocks trading at 2-month high
* IT, consumer discretionary stocks rise
* ACC, Hero MotoCorp results eyed
MUMBAI, Oct 20 (Reuters) - Indian shares inched higher to two-month highs on Tuesday, tentatively heading to a fourth consecutive session of gains as investors remained hopeful about corporate earnings, although broader momentum was capped as Asian shares edged lower.
Bajaj Finance Ltd and Hindustan Zinc Ltd were among companies whose shares gained on Tuesday after reporting their July-September earnings.
Investors are now awaiting earnings from cement maker ACC Ltd and Hero MotoCorp later in the day.
But broader gains were capped as Asian markets were mostly lower after commodity prices languished, dampening risk sentiment.
"Earlier expectation was that second-quarter numbers would be bad but the numbers are not disappointing," said Alex Mathews, head of research at Geojit BNP Paribas.
The benchmark BSE index was up 0.22 percent, after earlier rising as much as 0.25 percent to its highest level since Aug. 21.
The broader NSE index was up 0.16 percent, having gained 2.1 percent in the previous three sessions.
Hopes about earnings continued to drive gains, with Tata Motors up 3.25 percent.
ICICI Bank rose 0.3 percent, while Axis Bank gained 0.8 percent.
But Reliance Industries was trading 0.54 percent lower after rising 5.6 percent on Monday. (Reporting by Karen Rebelo in Mumbai; Editing by Anand Basu)