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“Our base case is that crude oil remains over $90-100. But if you are looking for a more medium term view, we quite like the non-ferrous space because given the transition happening in the global economy towards the renewable and EV space, it is quite positive for copper and aluminium.”

The Nifty IT index closed 0.38 per cent up at 32594.65.

Easing Treasury yields boosted megacaps, while investors awaited developments on a US funding bill and inflation data this week

Brent crude futures breached $97 a barrel, and was trading up $2.55 to $96.51 a barrel by 11:40 a.m. ET (1540 GMT). U.S. West Texas Intermediate crude futures (WTI) climbed $3.16 to $93.54. Both benchmarks touched their highest in intraday trading for this year.

​These countries put the most money on Dalal Street​

Stocks that were in focus include names like HUDCO which was up more than 3%, Thermax closed with gains of over 2% to hit a fresh lifetime high and Indian Bank pared gains and closed with gains of nearly 1% on Wednesday. All stocks hit a fresh all-time high.

The inclusion could serve to lower funding costs slightly, and support further development of domestic capital markets, Fitch said.However, the direct positive effects on India’s credit profile will likely be marginal in the near term, according to the ratings agency.

The market capitalisation of all listed companies on the BSE surged by Rs 1.53 lakh crore to Rs 319.68 lakh crore. The market breadth was skewed in favour of the bulls. About 2,007 stocks gained, 1,640 declined, and 152 remained unchanged on the BSE.

Indian frontline indices ended with gains on Wednesday led by a rise in FMCG, IT and pharma stocks.