Indian shares rose more than 1% on Wednesday, led by gains in oil producersand refiners following the government's move to slash windfall taxes on crude and fuel exports.
The NSE Nifty 50 index gained 1% to 16,513, while the S&P BSE Sensex was up 1.2% at 55,439.18.
The Centre has cut the windfall tax on oil producers and refiners and exempted gasoline from an export levy less than a month after it imposed the two charges.
Energy index rally
Reliance Industries jumped 4.3%, while shares of oil producers Vedanta Ltd, Oil and Natural Gas Corp , Oil India Ltd gained between 2.8% and 7.0%.
The Nifty energy index gained 1.7%.