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By Shubham Batra

Oct 28 (Reuters) -The UK's benchmark FTSE 100 stock index rose on Tuesday, led by heavyweight financials, after HSBC third-quarter profit beat estimates and it launched a $3 billion buyback plan, while losses in industrial metal miners capped further gains.

The blue-chip FTSE 100 .FTSE rose 0.2%, as of 0830 GMT, while the midcap FTSE 250 index .FTMC fell 0.3%.

HSBC Holdings HSBA.L jumped 3.4% after the lender turned in a better-than-expected third-quarter profit on rising wealth and wholesale banking revenue.

It lifted the banking sector .FTNMX301010, up 2.2%, in early trade, with peers Standard Chartered STAN.L and Prudential PRU.L also climbing 1.7% and 0.6%, respectively.

Industrial metal miners .FTNMX551020, however, fell 0.6% after base metals traded in a tight range as markets awaited a key meeting next week in China for more details stimulus measures and the outcome of the U.S. presidential election.

The oil and gas sector .FTNMX601010 fell 0.2%, dragged by a 1% drop in BP BP.L, after the energy giant reported a 30% drop in third-quarter profit to $2.3 billion, the lowest in almost four years.

Among other movers, Pearson PSON.L was up nearly 2%, after the British education company reported a 5% growth in underlying sales in its third quarter, boosted by stronger performance in assessment and qualifications.

Meanwhile, prices in British shops fell at the fastest pace in more than three years this month but this week's budget announcement by Finance Minister Rachel Reeves could help spur a return of inflation.

Reeves is scheduled to present the new government's budget on Oct. 30, where she will set out her first tax and spending plans, which must address a difficult fiscal picture without raising major taxes on workers.

Reporting by Shubham Batra in Bengaluru; Editing by Rashmi Aich

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