Indian shares closed slightly higher on Wednesday, with oil marketing companies leading gains, as crude prices retreated from the sharp surge earlier this week.
The broader NSE Nifty closed up 0.21% at 10,840.65, while the benchmark Sensex index rose 0.23% to 36,563.88.
Oil prices extended losses after Saudi Arabia assured that full production would be restored quickly after last weekend’s attacks on its facilities.
Bharat Petroleum Corporation Ltd ended 3.6% higher, while Indian Oil Corporation Ltd climbed 2.4%.
India’s cabinet on Wednesday banned production and import of electronic cigarettes, sending stocks of cigarette makers ITC Ltd and Godfrey Phillips India Ltd higher by 0.9% and 5.3%, respectively.
Steelmakers also contributed to gains, with JSW Steel Ltd and Tata Steel Ltd advancing 2.4% and 3.9%, respectively.