Sensex advances 300 points to 40,850 in opening session, Nifty eyes 12,000

Reliance Industries rose 0.9% after announcing it had expanded efforts with Qualcomm Inc to develop 5G solutions in India.

Indian shares rose on Wednesday, led by gains in banking and energy stocks, with broader Asian markets also higher on renewed hopes for a new US stimulus.

The Bombay Stock Exchange building, Mumbai.(HT Photo)

The NSE Nifty 50 index <.NSEI> rose 0.77% to 11,988.00 by 0353 GMT, while the S&P BSE Sensex <.BSESN> was up 0.78% at 40,858.85.

The Nifty Bank index <.NSEBANK> was up 1.1%, boosted by a 1.3% gain for lender HDFC Bank .

Reliance Industries rose 0.9% after announcing it had expanded efforts with Qualcomm Inc to develop 5G solutions in India.

The Nifty Energy index <.NIFTYENR> was up 0.9%

The White House and Democrats moved closer to an agreement on a new Covid-19 relief package as US President Donald Trump said he was willing to accept a large aid bill despite opposition from his own party.