Indian shares edged higher on Wednesday, led by index-heavyweights such as Reliance Industries but geopolitical worries following North Korea missile test continued to hamper global risk appetite.
The benchmark S&P BSE Sensex rose 0.11 percent at 31,245 while the broader Nifty advanced 0.25 percent at 9,637. Asian equities reversed early declines, led by gains in automakers and technology companies.
Safe haven gold advanced for a second day after North Korea's missile launch raised worries the reclusive nation is planning to build a device to attack mainland United States. US equity and bond markets are set to reopen after the July 4 holiday.
Back home, Reliance Industries rallied for a third straight session amidst expectations of better quarterly earnings. Shares rose as much as 1.6 percent. Other gainers included Mahindra and Mahindra, ONGC, Lupin and Tata Motors adding between 1 percent and 4 percent.
Confidence Petroleum gained 5 percent after the company said it got Rs 362 crore order from BPCL, HPCL and IOCL. ABC Bearings hit 20 percent upper circuit while Timken India rose 3 percent. ABC Bearing said its board approved merger with Timken India subject to approval by the National Company Law Tribunal.
Among the laggards, biscuit maker ITC fell for a second straight session, down 1.5 percent while software exporters such as Infosys and Wipro lost 1 percent and 1.4 percent, respectively.
Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.
