Indian shares rose on Wednesday, with energy and financial stocks accounting for nearly half the gains in the index amid expectations that Reliance Industries Ltd will report a good set of numbers for the quarter ended December.
The broader NSE Nifty advanced 0.12 percent to 10,899.60 as of 0501 GMT, while the benchmark BSE Sensex gained 0.14 percent to 36,367.37.
"Expectations from Reliance is good, Jio's foothold in the industry is perceived as a positive by the market," said Saurabh Jain, assistant vice-president (Research) at SMC Global Securities.
"Besides, early numbers have suggested that Indian ITs are doing well, the momentum in digital space seen in 2018 will continue this year, so there is overall positivity."
Reliance Industries shares rose as much as 1.36 percent, their highest in four weeks and on track for a second straight session of gains. The Indian conglomerate is due to report its quarterly results on Thursday.
Gains in the financial sector were driven by ICICI Bank and State Bank of India, both rising as much as 1.6 percent and 1.56 percent, respectively.
India's annual retail price inflation declined to its lowest level since June 2017, government data showed on Monday. The Reserve Bank of India's (RBI) Monetary Policy Committee, which mainly monitors retail inflation data and kept interest rates unchanged last month, will have a leeway to soften its monetary stance at its next meeting, economists said.
"Financials are doing well after inflation data hinted at favourable conditions and at a possibility of talks of an interest rate cut." Jain added.
Shares of Zee Entertainment Enterprises Ltd were among the top three gainers on the NSE Nifty, rising as much as 4.15 percent after the company's December-quarter net profit jumped.
Etihad Airways has offered to invest in debt-laden Jet Airways Ltd at 150 rupees ($2.11) per share, along with an immediate release of $35 million after certain conditions are met, CNBC-TV18 reported. The stock plunged as much as 7.5 percent to 271.75 rupees.