Mumbai: Indian shares nudged 0.3 per cent higher Wednesday, with Reliance Industries leading the gains, helped by small gains in Asia.
The 30-share BSE Index closed 0.27 per cent or 45.79 points higher to finish at 17,098.33, with 18 of its components gaining.
Investors remain cautious after the main index rose 3.4 per cent last week, posting the best weekly gains so far in 2010.
"Market may consolidate for a while. It cannot have a one-way movement," said Naresh Kumar Garg, CEO of Sahara Mutual Fund, referring to the steep rise after the February 26 federal budget.
Foreign funds have poured in around $1.8 billion in Indian equities, for the six sessions to March 8. Investors await the January-March quarter earnings for further cues.
Energy giant Reliance Industries, which has the highest weight on the Sensex, rose 1.8 per cent to Rs1,008.05. It had declined more than 3 per cent over the last four sessions.
Iron ore prices
Tata Steel, world's eighth largest steelmaker by output, edged 0.4 per cent lower after its vice-chairman said iron ore prices are headed as much as 35 per cent higher this year and will likely pressure the profit margins of steel companies.
Auto makers raced on expectations of good sales growth. India's top vehicle maker Tata Motors rose nearly 1 per cent while top utility vehicle maker and top motorbike maker Hero Honda rose 0.6 per cent and 2.9 per cent respectively.
