Indian shares ended higher on Wednesday, as Reliance Industries extended recent gains on the back of lower oil prices, while auto makers gained on hopes they would benefit from a unified goods and services tax. The benchmark BSE index closed up 0.12 percent at 31,246.74. The broader NSE index ended 0.25 percent higher at 9,637.6. Reliance Industries gained 4.5 percent so far this week. Reliance Industries and automakers pushing the indexes slightly higher but a lack of clear drivers capped broader advances in other sectors.
Though markets largely welcomed the unveiling of a unified goods and services tax, other key events loom including the start of earnings reports later this month. Sentiment was also impacted as Asian markets were subdued as simmering tensions on the Korean peninsula supported safe-harbours. The MSCI's broadest index of Asia-Pacific shares outside Japan. "The markets are rangebound," said Neeraj Dewan, director of Quantum Securities.
Reliance Industries rallied for the third straight session as analysts pointed to positive expectations on its quarterly results, while Brent crude oil remained below $50 per barrel. Reliance stock rose as much as 1.55 percent to its highest since June 22. Automakers rose on hopes that the GST would lower their tax administration costs. Mahindra and Mahindra Ltd was among the top percentage gainers on the Nifty index. It jumped as much as 2.97 percent, its biggest intraday percentage gain in over a month.