Indian shares closed 0.6 percent higher on Wednesday as investors remained bullish ahead of major earnings in the next few sessions, with firmer global markets also boosting sentiment. "Today is no different. We are tracking the US, Asian and European markets," said Arun Kejriwal, director of research firm KRIS. "We seem to be following the same trend every day in the past few sessions."
The 30-share BSE index rose 0.55 percent, or 99.09 points to 17,977.23, with 19 of its components closing in the green. Metal and auto stocks led the gains in the Indian market with technology stocks also advancing. The metal makers firmed up further as metal futures continued to gain on the London Metal Exchange.
Tata Steel, the world's seventh largest steelmaker, was up 4 percent at 529.95 rupees, Sterlite Industries gained 4.3 percent to 173.30 rupees, while Hindalco Industries rose 2.3 percent to 156.25 rupees. Auto stocks gained on hopes of robust earnings in the next few days, given the strong sales volumes in the last few months. Top software firm Tata Consultancy Services, which reported a forecast-beating earnings last week and said it was seeing strong demand, rose as much as 1.5 percent while Wipro Ltd, which reports earnings on Friday, ended 1.8 percent higher. Infosys gained 0.3 percent.
Index heavyweight Reliance Industries, which had declined in the past three sessions, was up 0.5 percent at 1,058.25 rupees. Largest lender State Bank of India and HDFC Bank bucked the gaining trend over concerns of a rise in interest rates later this month and closed down 0.5 percent each. The 50-share NSE Nifty index closed up 0.6 percent at 5,399.35 points. In the broader market, advancing shares outpaced declining ones in the ratio of 1.1:1, with 399.4 million shares changing hands.