Indian shares rose 0.37 percent on Wednesday on fund buying in index-heavyweight stocks on a fourth straight day of gains, dealers said. The benchmark 30-share Sensex index closed up 59.88 points to 16,183.55, the highest since June 2008.
Reliance Industries, the largest private sector firm which accounts for 13 percent of the index, lifted an otherwise largely rangebound market. "Buying was sporadic, we could see a minor correction through profit taking. The near-term sentiment appears bullish on hopes for the global recovery," said Bhaskar Kapadia, a partner with brokerage Pyramid Securities.
Gainers led losers 2,243 to 589 on turnover of 60.42 billion rupees (1.24 billion dollars). Reliance Industries gained 94.2 rupees or 4.54 percent to 2,169.35 while Hindalco added 4.75 rupees or 4.14 percent to 119.6. HDFC advanced 32.9 rupees or 3.12 percent to 2,258.1 and TCS gained 6.7 rupees or 1.21 percent to 560.5.
Industrial Finance Corp of India (IFCI) rose 1.8 rupees or 3.12 percent to 59.45, on media reports that the government had asked it to induct a strategic partner, after it failed to sell a 26 percent stake in 2007.