Sensex closes higher after late rally

Indian shares posted sharp gains in the last hour of trade on Wednesday, with index heavyweights such as Reliance Industries Ltd and Housing Development Finance Corporation Ltd shouldering most of the gains.

Snapping three sessions of losses, the broader Nifty closed 1.3 percent higher at 11,726.15, while the benchmark Sensex ended up 1.27 percent at 39,054.68. Both indexes saw their best session since March 12.

Nifty is also 130 points shy of an all-time high hit last week.

Oil prices fell from around six-month highs after a report allayed concerns about tightening supply. Higher crude prices had put pressure on domestic share markets and the rupee in recent days.

Conglomerate Reliance Industries rose 1.9 percent, while Housing Development Finance Corp climbed 2.4 percent. HDFC Bank Ltd, the country's top lender by market value, was up 1.5 percent.

Shares of UltraTech Cement Ltd reversed course to rise 4.7 percent to end at their best close since Aug. 31, after the cement maker reported a jump in March-quarter profit.